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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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Local News
ISCA Comments on IAASB’s Exposure Draft: Proposed Narrow Scope Amendments to International Standards as a Result of the Revisions to the Definitions of Listed Entity and Public Interest Entity in the IESBA Code
05 Apr 2024
ISCA is supportive of the overarching objective and purpose to uphold public interest in extending differential auditing requirements to public interest entities. However, we highlighted that in determining the scope of entities to be subjected to additional requirements, focus should be given to the extent of public interest in the financial condition of an entity.
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Local News
ISCA Invites Comments on IAASB’s Exposure Draft: Proposed ISA 240 (Revised) The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements and Proposed Conforming and Consequential Amendments to Other ISAs
07 Feb 2024
The proposed revisions significantly strengthen the IAASB’s standard on auditors’ responsibilities related to fraud by defining the expectations in relation to fraud, delineating more robust procedures, and increasing transparency about the auditors’ responsibilities and fraud-related procedures in the auditor’s report. Please send your comments on the exposure draft to professionalstandards@isca.org.sg by 21 April 2024.
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Local News
IAASB Issues International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE)
17 Jan 2024
Built on the foundation of the International Standards on Auditing (ISAs), the ISA for LCE is a standalone global auditing standard designed specifically for smaller and less complex businesses. ISCA will be seeking feedback from the profession on the adoption of the standard in Singapore.
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