BEING THE VOICE FOR THE PROFESSION

More than 30 practitioners engaged ACRA and ISCA representatives at the virtual ACRA-ISCA Dialogue Session held on 8 October 2021.

The dialogue provided a platform for participating practitioners to provide their feedback on the ACRA’s Practice Monitoring Programme (PMP), an important regulatory instrument in promoting audit quality and providing assurance to the market on the quality of work of public accountants.

Prior to the session, ISCA rolled out a survey to all practitioners to obtain preliminary feedback on the PMP. Respondents provided comments which helped set a meaningful agenda for the dialogue and respondents to the survey also indicated their interest to join the dialogue. The event was attended by practitioners across various firm sizes.

At the dialogue session, ISCA shared the findings from the survey, the feedback raised and suggestions made by respondents. ACRA also clarified on the regulatory regime and shared more on the PMP inspection process, outcomes, as well as a peek into future enhancements to the PMP. The dialogue also provided a platform for ACRA and ISCA to share the various initiatives to support the sector on an ongoing basis.

ISCA provided comment letters for the following Consultation Papers (CP), Discussion Papers (DP), Exposure Drafts (ED), Request for Information (RFI) and Stakeholder Questionnaire (SQ), which have been issued by international standard-setters such as the IASB, the IAASB, IESBA and the IFRS Foundation, as well as our local regulators:

IASB

• ED: Lease Liability in a Sale and Leaseback (Proposed Amendments to IFRS 16)
• DP: Business Combinations under Common Control
• ED: COVID-19-Related Rent Concessions beyond 30 June 2021 (Proposed Amendment to IFRS 16)
• RFI: Post-implementation Review – IFRS 10, IFRS 11 and IFRS 12
• RFI: Third Agenda Consultation
• ED: Lack of Exchangeability (Proposed Amendments to IAS 21)
• ED: Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Proposed Amendment to IFRS 17)

IAASB

• DP: Fraud and Going Concern in an Audit of Financial Statements: Exploring the Differences Between Public Perceptions About the Role of the Auditor and the Auditor’s Responsibilities in a Financial Statement Audit

IFRS FOUNDATION TRUSTEES

• ED: Proposed Targeted Amendments to the IFRS Foundation Constitution to Accommodate an International Sustainability Standards Board to Set IFRS Sustainability Standards

IESBA

• ED: Proposed Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code
• ED: Proposed Quality Management-related Conforming Amendments to the Code
• SQ: Long Association Post-Implementation Review

ACRA

• CP: Proposed Amendments to the Accountants Act

SGX REGCO

• CP: Climate and Diversity: The Way Forward
• CP: Starting with a Common Set of Core ESG Metrics

ISCA plays an active role in providing feedback and suggestions for the Singapore Budget.

Prior to the implementation of the Singapore Budget 2021, the ISCA Pre-Budget 2021 Roundtable took place virtually on 14 January 2021. Co-chaired by Chairman of the Government Parliamentary Committee for Finance, Trade & Industry Mr Liang Eng Hwa and ISCA President Mr Kon Yin Tong, the Roundtable – themed “Emerging Stronger Together” – brought together leaders of trade associations and chambers (TACs) and accounting firms to discuss issues impacting Singapore businesses and provide recommendations regarding the The ISCA Pre-Budget Roundtable provided an opportunity for industry leaders and experts to provide feedback to the government on Budget 2021. Singapore Budget 2021. The insights and recommendations gathered from the Roundtable and the Pre-Budget focus group discussions held on 15 October 2020 were submitted to the Ministry of Finance (MOF) for consideration in its preparation of the Singapore Budget 2021.

After the Singapore Budget 2021 was announced, ISCA organised a virtual Post-Budget focus group discussion on 19 February 2021. The discussion involved representatives from selected TACs and accounting firms and provided feedback for MOF regarding the announced Budget via a comment letter. The insights from the Roundtable, the Singapore Budget 2021 and the Post-Budget focus group were published in IS Chartered Accountant Journal.