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 (FRSs) 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 November 2019. SSAs issued by the Institute after November 2019 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.
Please click here for more information on the Licence Fees for the Use of the ISCA Audit Manual for Standalone Entities in Electronic Form (hereafter referred to as the “Licensed Materials”).
NEW: ISCA AMSE Version 1.3
The ISCA Audit Manual for Standalone Entities (ISCA AMSE) was first issued on 28 October 2016. It was last updated in November 2019 to enhance its relevance and usefulness to the profession. ISCA AMSE Version 1.3 is effective with immediate effect from its issuance date on 17 January 2020.
Working paper reference
What has changed?
All audit programmes
Included question on whether a separate ledger is in use and whether the engagement team had ensured that the subsidiary ledger agrees with the general ledger and had reviewed all adjusting journal entries, if any.
Included reference in Part 4 “Entity’s selection and application of accounting policies” to new forms C4.1 and C4.2.
Evaluation of significant accounting policy relating to revenue recognition.
S2.1 Revenue Addendum has been withdrawn. The previous audit procedures in S2.1 have been shifted to this new C4.1, except for procedures relating to presentation & disclosure which have been shifted to S2.
Evaluation of significant accounting policy for leases.
Audit programme for leases (as lessee).
I2, J2, O2, O2.0GN
Amended references made to finance lease and other editorial amendments.
The previous audit procedures relating to presentation & disclosure in S2.1 have been shifted to S2, and other editorial amendments.