AGSs are issued to promote best practices and provide practical assistance to professional accountants in public practice.
Professional accountants in public practice should consider the applicability of AGSs to their engagements. A professional accountant in public practice who has not applied the guidance included in a relevant AGS should be prepared to explain how:
the requirements in the SSAs; or
the basic principles and essential audit procedures in other auditing standards, addressed by the AGS,
ISCA has worked with the Singapore Economic Development Board (EDB) to develop an Agreed-Upon Procedures Report (AUP Report) for purposes of submission by companies of the Statements of Achievements in connection with incentives of the EDB.
The AUP Report sets out the agreed-upon procedures which auditors are required to perform in respect of incentive conditions relating to Total Business Expenditure or Total Business Spending, Fixed Asset Investment and Employment. The AUP Report has been developed based on the Singapore Standard on Related Services (SSRS) 4400 Engagements to Perform Agreed-upon Procedures Regarding Financial Information and with reference to Appendix 5A of the Audit Guidance Statement (AGS) 1 Sample Independent Auditor's Reports.