Practical Guidance 11 – Audit of Long-Term Construction Contracts issued by The Institute of Singapore Chartered Accountants in September 2012, provided guidance to auditors on the audit procedures to be performed when auditing a company that engages in fixed-price construction contracts and uses... Read More

Companies in the business of construction of assets, rendering of services directly related to the construction of assets (e.g. those of project managers and architects) or are involved in contracts for the destruction or restoration of assets should apply Singapore Financial Reporting Standards... Read More

The identification and assessment of the risks of material misstatement in the financial statements during the planning stage of an audit affects the nature, timing and extent of the audit work to be performed to gather sufficient appropriate audit evidence.  The risk assessment forms the foundation... Read More

Before the sign-off of the auditor’s report, auditors have the responsibility of ensuring that all significant subsequent events that occurred between the date of the financial statements and the date of the auditor’s report have been adequately disclosed in and/or adjusted to the financial... Read More

Financial Reporting Standard (FRS) 18 Revenue states that for sale of goods, one of the criteria to recognise revenue is when the entity has transferred to the buyer the significant risks and rewards associated with ownership of the goods (FRS 18, paragraph 14a). The aim of this Practical Guidance... Read More

Accounts receivables and accounts payables are usually material balances on the face of the balance sheet of most entities. It is therefore important for auditors to identify the specific risks pertaining to the existence and/or completeness of accounts receivables and accounts payables balances so... Read More

For companies whose principal activities are mainly trading, import and export of goods and manufacturing, the inventory balance is usually a material item on the balance sheet. Coupled with the fact that some inventories may be more susceptible to the risk of obsolescence, it is important for... Read More

Revenue is used not only by the company’s management but also by various other external stakeholders such as investors and analysts to evaluate the financial performance and assess the risk of the company. Auditors may also use the revenue line item of the auditee’s income statement for audit... Read More