Audit Guidance Statements (AGSs)

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:

have been compiled with.

AGS Description   Last Update/Effective Date
  Preface Download May 06
1 Sample Independent Auditor’s Reports 1  Download Sep 19
2 Verification of Debtor Balances – Confirmation by Direct Communication (Withdrawn on 6 October 2015)    
3 Microfilm Records and their Audit Implications  (Withdrawn on 15 March 2010)    
4 Existence and Valuation of Inventories in the Context of the Historical Cost System Download Dec 18 (Periods beginning on or after 1 January 2018)
5 Audits of Entities in Specific Industries, Professions or Vocations 2 Download Nov 15 (Periods ending on or after 15 December 2016)
6 Bank Reports for Audit Purposes  Download May 06
7 Value for Money Auditing In a Statutory Board  (Withdrawn on 4 June 2015)    
8 Reports on the Internal Control Procedures of Service Organisations (Withdrawn on 25 February 2015)3 
9 Opinion on Receipts, Expenditure, Investment of Moneys and the Acquisition and Disposal of Assets by Statutory Boards Download Nov 19 (Periods beginning on or after 1 April 2018)
10 Joint Audits Download Nov 15 (Periods ending on or after 15 December 2016)
11 Comfort Letters and Due Diligence Meetings Download Dec 18 (Periods beginning on or after 1 January 2018)
12 Group Audits - Inaccessibility of Component Auditors’ Work Papers and Other Considerations Download Feb 2020
  1. 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.

    Please click here for the sample report.

  2. AGS 5 (Revised) is applicable with effect from 10 May 2014.

  3. Members should refer to SSAE 3402, Assurance Reports on Controls at a Service Organisation when issuing reports covering periods ending on or after 15 June 2012.