In IS Chartered Accountant, April 2015, we illustrated the application of the new “small company” concept for companies which are not part of a group of companies. This article illustrates the applicability of the “small company” audit exemptions in the context of group companies. Read More

The Companies (Amendment) Act 2014 introduced the largest number of changes to the Companies Act since its enactment in 1967, in particular the “small company” audit exemption concept. The “small company” criteria recognise a broader group of stakeholders (for example, creditors, employees,... Read More

Confidence in audit quality and auditor’s independence is taking a hit. This article examines if the proposed audit market reforms, in particular auditor rotation and limitations on non-audit services, may turn things around with emphasis on safeguards of audit quality in the Singapore context. Read More

The Companies (Amendment) Act 2014 (Amendment Act) was passed by Parliament in October 2014, introducing the largest number of changes to the Companies Act since its enactment in 1967. The changes are intended to reduce the regulatory burden on companies, provide for greater business flexibility and... Read More

Business diversification makes good sense to provide a one-stop-shop for the client, and may possibly reduce cost through economies of scope. Furthermore, while audit revenue grows slowly, revenue from these non-audit services (NAS) grows rapidly to become significant contribution. However, the... Read More

In this article, we examine the policy interventions of mandatory audit firm rotation, partner rotation and re-tendering of the auditing contract. These policy interventions rest on the presumption that audit quality negatively correlates with audit tenure. We will summarise the current practice... Read More

This article is the first of a series of three articles analysing key aspects of the audit market reforms in major jurisdictions. There is an active conversation about audit market reforms among accounting professionals which often assumes that the participants understand the contexts of the... Read More

This paper examines the competing independence hypothesis and expertise hypothesis that produce ambiguous theoretical relationships for audit quality-audit tenure, and independence-provision of non- assurance services. It then reviews whether empirical literature resolves these conundrums, and also... Read More