The Institute of Singapore Chartered Accountants (the Institute) is pleased to publish the ISCA Audit Manual for Standalone Entities (Manual).
The Manual shall be read in conjunction with the Singapore Companies Act (Cap. 50), the applicable Singapore Standards on Auditing (SSAs), the applicable Singapore Financial Reporting Standards (FRS) and any other regulatory requirements that are deemed appropriate. The contents in this Manual are not substitutes for reading the SSAs but rather as a supplement to support consistent application of these standards.
This Manual is an illustrative guidance to assist auditing professionals in carrying out audits of a complete set of general purpose financial statements of Singapore incorporated standalone entities. The Manual is intended to help auditing professionals understand and effectively apply the SSAs on such audits. In the performance of their professional duties, it remains incumbent on them to exercise their professional judgment or seek independent professional advice and verification if necessary.
Due to the inherent dynamic nature of an audit of a complete set of general purpose financial statements, the use of the Manual, in whole or in part, shall not be presumed to assure compliance with the requirements expected and shall not be relied upon as containing, professional or expert advice.
Every audit engagement is different and the audit programs provided in this Manual shall be tailored to the circumstances of individual engagements before use.
All contents in this Manual are based on the SSAs in place as at July 2017. SSAs issued by the Institute after July 2017 are not incorporated in this Manual. It is the responsibility of the auditing professionals to ensure that they are using the most up-to-date standards and/or guidance available at the ISCA Knowledge Centre.
New: ISCA AMSE Version 1.1
The ISCA Audit Manual for Standalone Entities (ISCA AMSE) was first issued on 28 October 2016. It was updated in July 2017 to enhance its relevance and usefulness to the profession. ISCA AMSE Version 1.1 is effective with immediate effect from its issuance date on 31 August 2017.
Working paper reference
What has changed?
Amended for ease of use and to align to revised EP 200 Implementation Guidance (IG) 2 Illustrative Customer Due Diligence Templates
PAF 1.1 series
Amended based on EP 200 IG 2
Enhanced ease of use
Change in referencing from PAF 1.5 to PAF 1.3
Included list of indicators which may be indicative of suspicious transactions
Enhanced ease of use
Revised to align to revised EP 200 Implementation Guidance (IG) 2 Illustrative Customer Due Diligence Templates
Renamed as B1.2GT under Guidance Templates (GT)
Revised sample engagement letter based on SSA 210 Agreeing the Terms of Audit Engagements effective for periods ending on or after 15 December 2016
Renamed as B2.0GT under Guidance Templates
“Section Materiality” renamed as “Specific Materiality” to minimise confusion on the terms used and shifted to C3GN
Enhanced fraud related considerations
C6GN and respective audit programmes E to X
Risk considerations from respective audit programmes have been shifted to C6GN to assist preparers on matters to consider when performing preliminary analytical procedures
Slight amendments to enhance clarity
Included additional guidance on test of controls and suggested sample size
Respective audit programmes E to X
Audit Procedure Design Considerations – Determination of significant account balance has been changed from amounts more than overall materiality (OM) to amounts more than performance materiality (PM)
E6, F6, N6
Templates renamed as Guidance Templates
Included use of substantive analytical procedures for substantive strategy to reduce sample size and enhanced ease of use in the all-in-one template
GNs and GTs
All guidance notes and guidance templates have been clearly segregated for ease of use