ISCA is the national accountancy body in Singapore and sets the professional standards of auditing and assurance for its members. ISCA’s Auditing and Assurance Standards Committee (AASC) develops Singapore’s auditing and assurance standards which serve the public interest in support of Singapore’s corporate governance and financial reporting framework. The auditing and assurance standard-setting process must be robust and credible, to promote public confidence in the standards developed from the process.
The Accounting and Corporate Regulatory Authority (ACRA) is responsible for the control and regulation of the public accounting profession in Singapore. The Public Accountants Oversight Committee (PAOC) is responsible for assisting ACRA in the discharge of this duty, and this includes a responsibility to assist ACRA in determining, prescribing and reviewing the standards, methods and procedures to be applied by public accountants when providing public accountancy services, which includes the audit and reporting on financial statements. In undertaking this function, ACRA adopts the standards issued by ISCA and in doing so, oversees the process followed by ISCA in developing and issuing the standards.
Singapore is committed to the adoption of international auditing and assurance standards. Recognising the need to align international standards with Singapore’s framework for corporate governance and financial reporting, PAOC has endorsed the AASC’s strategic direction, in relation to auditing and assurance standards, as follows:
To develop high quality auditing and assurance standards, which serve the public interest;
In furtherance of the above, to adopt the auditing and assurance standards and revisions to the same issued by the International Auditing and Assurance Standards Board (IAASB), with such amendments as are necessary to serve the public interest in Singapore and to conform with Singapore’s regulatory environment and statutory requirements, taking into account the benefits and intention of aligning as closely as possible with international standards;
To monitor policy and implementation issues relating to the development of auditing and assurance standards internationally and in Singapore and to give consideration to the need for guidance or additional requirements where appropriate and in the public interest;
To engage international bodies and promote Singapore’s interests in relation to auditing and assurance standards and, where appropriate, take a leading role in representing regional interests; and
To raise public awareness and understanding of the standard setting process and the standards, in particular to deepen stakeholder engagement and promote confidence in auditing and assurance standards.