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Local News
ISCA Issues Audit Bulletin 2 Bank Confirmations Through Digital Platforms (AB 2)
09 Feb 2022
Auditors are reminded of the requirements of SSA 505 External Confirmations when digital platforms are utilised to initiate or obtain bank confirmations. In particular, auditors shall maintain control over the external confirmation requests.
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Local News
ISCA Issues Audit Bulletin 1 Revised SSRS 4400, Agreed-Upon Procedures Engagements (AB 1)
28 Jan 2022
SSRS 4400 (Revised) is effective for agreed-upon procedures (AUP) engagements for which the terms of engagement are agreed on or after 1 January 2022. AB 1 provides a summary of the key changes arising from SSRS 4400 (Revised) and certain key considerations for practitioners applying SSRS 4400 (Revised) for AUP engagements, as well as for the users of such AUP reports.
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Local News
Revised Editions of Legislation
28 Jan 2022
The Law Revision Commission and the Attorney-General’s Chambers (AGC) have completed a universal revision of Singapore’s Acts of Parliament. The 2020 Revised Edition of Acts came into force on 31 December 2021.
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Local News
ISCA Comments on IAASB’s ED on Proposed ISA for Audits of Financial Statements of Less Complex Entities (ISA for LCE)
27 Jan 2022
ISCA highlighted the mixed views on the proposed ISA for LCE received through our outreach activities, which included a focus group organised to engage auditors to obtain their views on the feasibility of the standard.
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Local News
Revised Statement of Auditing Practice (SAP) 2, Auditors and Public Offering Documents
20 Jan 2022
SAP 2 has been updated to align to SSRS 4400 (Revised) Agreed-Upon Procedures Engagements. SAP 2 (Revised 2022) is effective for agreed-upon procedures engagements for which the terms of engagements are agreed on or after 20 January 2022.
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Local News, FR Local News
Room for Improvement in the Quality of Financial Statements prepared by Singapore Listed Companies for Audits
12 Jan 2022
The study commissioned by the Accounting and Corporate Regulatory Authority (ACRA) reveals that there is room for improvement in the quality of financial statements prepared by some Singapore-listed companies for audits, after a survey study of 412 listed companies from 2018 to 2020.
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Local News
ISCA Issues Quality Management Standards at the Firm and Engagement Level, including Engagement Quality Reviews
19 Oct 2021
ISCA issues three interrelated standards that address quality management, namely: • Singapore Standard on Quality Management (SSQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements (previously SSQC 1) • SSQM 2, Engagement Quality Reviews • Singapore Standard on Auditing (SSA) 220 (Revised), Quality Management for an Audit of Financial Statements The standards include a new proactive risk-based approach to effective quality management systems within firms that establish the foundation for consistent engagement quality, and are effective from 15 December 2022.
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Local News
ISCA Issues SSRS 4400 (Revised) Agreed-Upon Procedures Engagements
01 Sep 2021
SSRS 4400 (Revised) deals with the practitioner’s responsibilities when engaged to perform an AUP engagement, and the form and content of the AUP report. Revisions include new requirements for practitioner to exercise professional judgement throughout the engagement and usage of clear terminology in the AUP report. Effective for AUP engagements for which the terms of engagement are agreed on or after 1 January 2022.
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Local News
ISCA Issues Conforming Amendments to the ISCA Singapore Standards Arising from Revisions to Ethics Codes
01 Sep 2021
The conforming amendments align the ISCA Singapore Standards to the ACRA Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities and ISCA Code of Professional Conduct and Ethics. Effective as of 1 December 2021.
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Local News
ISCA Issues SSA 315 (Revised 2021) and Conforming Amendments to Other Singapore Standards
31 Aug 2021
SSA 315 (Revised 2021) deals with the auditor’s responsibility to identify and assess the risks of material misstatement in the financial statements. The amendments, which include enhancing the application of professional skepticism in audits, encourage a more robust risk assessment and thereby more focused responses to identified risks. Effective for audits of financial statements for periods beginning on or after 15 December 2021.
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