Standard-Setting Process

The standard-setting process of ISCA is robust and essentially one that draws from the resources of the  International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board of the International Federation of Accountants (IFAC). ISCA’s Auditing and Assurance Standards Committee (AASC) adopts the auditing and assurance standards and revisions to the same issued by the 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. AASC also develops local standards to establish requirements for matters of relevance in Singapore not covered by the IAASB's standards. In addition, AASC issues guidance to provide practical assistance to auditors.

AASC adheres to a due process which takes into account feedback from key stakeholder groups, including preparers, users, and auditors of financial statements and also government agencies. All standards recommended by the AASC are issued after the approval of the ISCA Council and the concurrence of the Public Accountants Oversight Committee (PAOC). All guidance materials recommended by the AASC are issued after the approval of the ISCA Council.