The Auditing and Assurance Standards Committee (AASC) had commenced the revision of Audit Guidance Statement 1 (AGS 1) Sample Independent Auditor’s Reports in 2015. As the different Appendices in AGS 1 relate to different auditing and assurance standards which in turn had different effective dates, the AASC carried out revision for AGS 1 over three phases.
Phase 1 (completed) – The first phase involved the revision of Appendix 3 - Sample Independent Assurance Reports on SSAE 3000 (Revised) Assurance Engagements Other Than Audits or Reviews of Historical Financial Information, given that the revised SSAE 3000 would be effective for assurance reports dated on or after 15 December 2015.
Phase 2 (completed) – The second phase involves the revision of Appendix 1 and 4. Appendix 1 – Sample Independent Auditor’s Reports on SSA 700 (Revised) Forming an Opinion and Reporting on Financial Statements Appendix 4 – Sample Independent Auditor’s Supplementary Reports to Relevant Authorities. The sample assurance reports in the revised Appendix 1 and 4 would be effective for periods ending on or after 15 December 2016. Phase 3 (current) – The third phase involves the revision of Appendix 2 -Sample Independent Auditor’s Reports on Special Purpose Audits on SSA 800 (Revised) Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks and SSA 805 (Revised) Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement. The revision was also carried out to incorporate updates to relevant legislative and regulatory requirements and the amendments have been discussed with the relevant agencies.
As a further point to note, Appendix 2C - Major Exporter Scheme for New and Renewal Application of the extant AGS 1 has been removed as IRAS has advised that the positive assurance report in Appendix 2C is no longer required for businesses applying for or renewing their Major Exporter Scheme (MES) status. In practice, Appendix 2C has been replaced by the Assisted Self-Help Kit (ASK), which is issued by IRAS.
The sample independent auditor’s reports would be effective for periods ending on or after 15 December 2016.