Embracing Transparency, Enhancing Value – A First Year Review of the Enhanced Auditor’s Report in Singapore

Annual reports help investors decide where to put their hard-earned money. More insightful disclosures can therefore improve corporate transparency and enhance investors’ decision-making. This in turn boosts the trust and confidence of investors and other stakeholders in capital markets.

Implementing SSA 720 (Revised) – Annual Report of a Statutory Board

Questions have been raised as to whether the annual report prepared by a statutory board as required by the relevant statutory board act is considered “other information” (OI) within the scope of SSA 720 (Revised), The Auditor’s Responsibilities Relating to Other Information.

New Investors’ Guide on the Enhanced Auditor’s Report

The Accounting Corporate Regulatory Authority (ACRA), the Institute of Singapore Chartered Accountants (ISCA) and the Securities Investors Association Singapore (SIAS) have jointly produced a Guide to help investors better engage company directors, management and auditors. This Guide on the enhanced...

Questionnaire on Understanding the Component Auditor

SSA 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors) states that if the group engagement team plans to request a component auditor to perform work on the financial information of a component, the group engagement team shall obtain an...

Material Inconsistencies in Other Information under SSA 720 (Revised) – Guidance with regard to Directors’ Statement

Section 201 (16) of the Companies Act requires the financial statements of a Singapore incorporated company to be accompanied by a Directors’ Statement. The Directors’ Statement accompanies the financial statements and the auditor’s report, and is therefore, other information (OI) within the scope...

ACCA-ISCA Report on Enhanced Auditor Reporting: All Aboard the Transparency Express!

This report, jointly produced by the Association of Chartered Certified Accountants (ACCA) and ISCA, draws on a roundtable held in Singapore in November 2015.  The roundtable involved directors from Singapore and Malaysia who chair and sit on various audit committees, and representatives from...

Robust Audit Planning – Essential Activities to Facilitate an Efficient Audit (Part 2)

In Part 1 of this two-part series, published in IS Chartered Accountant, May 2015 issue, we emphasised that planning is imperative to the effective conduct of an audit engagement and issuance of appropriate audit opinion. It is a critical, if not the most critical, process of the entire audit cycle....

Robust Audit Planning – Going Beyond Form/Checklist Filling (Part 1)

Rachel was a young and self-motivated audit assistant who joined a 15-headcount small and medium-sized practice (SMP) three months ago. She completed two audit engagements under the guidance of an audit senior, which gave her a great sense of accomplishment. In that three-month period, Rachel had...