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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 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 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 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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Local News
ISCA Invites Comments on IAASB’s Exposure Draft: Proposed Narrow Scope Amendments to ISQMs, ISAs and ISRE 2400 (Revised) as a Result of the Revisions to the Definitions of Listed Entity and Public Interest Entity in the IESBA Code
09 Jan 2024
The objectives of these proposed revisions are: (1) To align definitions and requirements in IAASB standards with new definitions for publicly traded and public interest entities in the IESBA Code; and (2) To extend the applicability of existing differential requirements for listed entities to meet heightened stakeholder expectations regarding audits of public interest entities (PIE). Please send your comments on the exposure draft to professionalstandards@isca.org.sg by 12 February 2024.
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Local News
ISCA Comments on IAASB’s Exposure Draft: Proposed ISSA 5000 General Requirements for Sustainability Assurance Engagements and Proposed Conforming and Consequential Amendments to Other IAASB Standards
05 Dec 2023
ISCA welcomes the development of IAASB’s new sustainability assurance standard, which will serve to enhance confidence and trust in sustainability reporting. In our response, we highlighted areas where implementation guidance is needed to address practical application challenges, such as the application of materiality to sustainability information, which is wide-ranging with diverse user needs and expectations. Due to the relatively nascent state of sustainability assurance, we also provided recommendations on areas where requirements over risk assessment and fraud requirements can be tightened.
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Local News
ISCA Issues Updated Audit Bulletin 3 Implementation of Quality Management Standards (AB 3)
27 Nov 2023
The AB 3 has been updated to incorporate FAQ 5.2.1 to clarify on the requirements over when engagement quality reviews are mandatory.
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Local News
ISCA Comments on IAASB’s Exposure Draft: Proposed ISA 570 (Revised 202X) Going Concern and Proposed Conforming and Consequential Amendments to Other ISAs
24 Aug 2023
ISCA is supportive of the enhancements to strengthen the auditor’s evaluation of management’s going concern in response to the heightened risks surrounding this topic in recent years. However, new and enhanced requirements need to be balanced vis-à-vis the responsibilities borne by management and directors. In our comment letter, we highlighted practical challenges which the profession may face and proposed enhancing the level of disclosures on going concern.
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Local News, Audit Quality
Upholding Public Interest And Safeguarding Stakeholders' Trust
04 Aug 2023
Macroeconomic and geopolitical developments, as well as evolving business and audit environments, necessitate the need for the constant review of existing auditing and assurance standards to ensure that they remain fit-for-purpose. Here are some key developments on auditing and assurance standards.
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