SSA 720, which is based on ISA 720, deals with the auditor’s responsibilities relating to other information (OI). Over recent years, there have been significant developments in corporate reporting, as well as the importance ascribed by users to the information in annual reports beyond the audited financial statements and the auditor’s report thereon. Hence, the International Auditing and Assurance Standards Board (IAASB) sought to undertake this project to revise ISA 720 to ensure that it remains relevant in the context of today’s financial reporting environment.
The key changes from the extant standard are:
Under the standard, the auditor is required to:
The key localisation amendments are made to the illustrative reports to cater for a Singapore incorporated company. Conforming amendments are also made to 16 other SSAs, Audit Guidance Statement (AGS) 5 and AGS 10. They will be effective for audits of financial statements for periods ending on or after 15 December 2016, in line with the effective date for the new and revised auditor reporting standards.
ISCA takes a leading role in advocating the views and proposals of the audit community in Singapore. ISCA would hence like to seek views from key stakeholders in Singapore on the above proposal.
ISCA requires all comments to be submitted to firstname.lastname@example.org by 24 October 2015.
Please click here for the ED SSA 720, The Auditor’s Responsibilities Relating to Other Information.
Please click here for the Conforming Amendments relating to SSA 720 (Revised).