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Local News
ISCA Comments on IAASB’s Post-Exposure Consultation: Invitation to Comment Before IAASB Finalizes Narrow Scope Amendments to ISQMs and ISAs as a Result of Revisions to Definitions of Listed Entity and Public Interest Entity (PIE) in the IESBA Code
27 Mar 2025
We are generally supportive of IAASB’s revised position and provided the following comments: • To allow early adoption of the amendments to provide firms an option to align the definition of PTE across the ethics standards (effective from 15 December 2024) and auditing standards. • To apply the differential auditing requirements to PIEs conditionally, based on risk profile and jurisdictional scope.
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Local News
ISCA Issues Audit Bulletin (AB) 7 Considerations over External Confirmation Procedures
12 Feb 2025
ISCA developed AB 7 to highlight certain key considerations for the auditor when designing and performing external confirmation procedures.
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Local News
ISCA Invites Comments on IAASB’s Post-Exposure Consultation: Invitation to Comment Before IAASB Finalizes Narrow Scope Amendments to ISQMs and ISAs as a Result of Revisions to Definitions of Listed Entity and Public Interest Entity in the IESBA Code
11 Feb 2025
This consultation sets out the IAASB’s final position, rationale, and pathway to broader differential requirements relating to the definitions of listed and public interest entities in the ISQMs and ISAs.
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Local News
ISCA Issues Updated SSA 260 (Revised) and SSA 700 (Revised) Arising from Revised ACRA Code
12 Dec 2024
The amendments operationalise the revisions to the ACRA Code that require a firm to publicly disclose when it has applied the independence requirements for public interest entities (PIEs).
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Local News
ISCA Issues Updated Audit Guidance Statements (AGSs) as a Result of Conforming Amendments Arising from SSA 600 (Revised)
05 Nov 2024
The conforming amendments are made to: • reflect enhanced requirements for group audits under the auditor’s responsibilities section of illustrative auditor’s reports across the AGSs • update group audit requirements under AGS 12 Group Audits - Inaccessibility of Component Auditors’ Work Papers and Other Considerations
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Local News
ISCA Issues Audit Bulletin (AB) 6 Key Revisions to Group Audits - SSA 600 (Revised)
17 Oct 2024
ISCA developed Audit Bulletin (AB) 6 to raise awareness of the key changes to SSA 600 (Revised) Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors) and provide guidance to address implementation challenges, including applying the new risk-based approach in planning and performing a group audit engagement.
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Local News
ISCA Issues Audit Bulletin (AB) 5 Reporting on Grants and Incentive Schemes - Considerations for Government Agencies
05 Sep 2024
To support government agencies in establishing reporting requirements for grants and incentive schemes, ISCA developed AB 5 to raise awareness on the different frameworks available for such reporting. AB 5 is also useful to practitioners in better understanding grants reporting under the various frameworks.
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Local News
ISCA Issues Updated Audit Guidance Statement (AGS) 1 (Revised Aug 2024), Sample Independent Auditor’s Reports
14 Aug 2024
ISCA has issued the updated Audit Guidance Statement (AGS) 1 (Revised Aug 2024), Sample Independent Auditor’s Reports. Appendix 5B, which pertains to an agreed-upon procedures report in connection with an example of an EDB tax scheme, has been updated to include procedures in relation to new reporting requirements.
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Local News
ISCA Comments on IAASB’s Exposure Draft: Proposed ISA 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
05 Jun 2024
The proposed revisions significantly strengthen the auditors’ responsibilities related to fraud. We shared concerns on how certain revisions may exacerbate the misunderstanding of the auditor’s responsibilities, further widening the expectation gap.
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Local News
ISCA Issues Audit Bulletin 4 Non-Consolidation of Subsidiaries - Considerations for the Auditor's Report (AB 4)
05 Apr 2024
This audit bulletin highlights key considerations for the auditor when assessing the effects of non-consolidation of subsidiaries on the auditor’s report, including illustrative examples on the types of audit opinions that may be issued.
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