Singapore Standard on Auditing (SSA) 810 (Revised), Engagements to Report on Summary Financial Statements deals with the auditor’s responsibilities relating to an engagement to report on summary financial statements derived from financial statements audited in accordance with SSAs by that same auditor. The revised standard is based on the International Standard on Auditing (ISA) 810 (Revised) issued by the International Auditing and Assurance Standards Board (IAASB) and is effective for engagements to report on summary financial statements for periods ending on or after 15 December 2016, in line with the effective date of the new and revised auditor reporting standards.
Limited amendments are made to the extant standard arising from the new and revised auditor reporting standards. The changes include:
Amending extant requirements to address the information gap related to a material uncertainty related to going concern or an uncorrected material misstatement of other information being communicated in the auditor’s report on the audited financial statements;
Introducing a new requirement for the report to include a reference to any communication of key audit matters in the auditor’s report on the audited financial statements (i.e. limited to requiring a reference to the existence of such communication without needing to describe, repeat or otherwise refer to individual key audit matters);
Presenting the illustrative auditor’s reports in a manner consistent with those in SSA 700 (Revised) in terms of the layout and content, including the ordering of elements (for example, the Opinion section is now positioned first) and use of headings; and
Incorporating conforming amendments resulting from SSA 720 (Revised), The Auditor’s Responsibilities Relating to Other Information.
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.