ISCA Audit Manual for Standalone Entities

About this Manual:

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.

Important notices:

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 1.2

The ISCA Audit Manual for Standalone Entities (ISCA AMSE) was first issued on 28 October 2016. It was updated in November 2018 to enhance its relevance and usefulness to the profession. ISCA AMSE Version 1.2 is effective with immediate effect from its issuance date on 31 December 2018.

Key Changes

Working paper reference What has changed?


Added factors to consider when evaluating misstatements
B1.3 Expanded responsibilities of the auditor and management
C1 Included independence confirmation of engagement team at engagement level
C4 Enhanced to align with considerations under SSA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
D1 Amended considerations for applicability of Steps B and D
D1.1 – D1.2  Slight amendment to enhance clarity
E2 – U2, X2 Amended “Inherent Risk Factor” to “Risk Assessment Factor”
N2.1 (new)  Audit Programme for FRS 109 Financial Instruments
S2.1 (new) Audit Programme for FRS 115 Revenue from Contracts with Customers
V2 Enhanced to include considerations for “close call” situations
General      Editorial amendments

ISCA Audit Manual for Standalone Entities is now available for download for all ISCA Members on a complimentary basis.