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ISCA Issues Updated Audit Bulletin 3 Implementation of Quality Management Standards (AB 3)

This audit bulletin contains frequently asked questions to assist firms in the implementation of the quality management standards[1].

AB 3 has been updated to incorporate FAQ 5.2.1 to clarify on the requirements over when engagement quality reviews are mandatory.



[1] The quality management standards comprise:

  • Singapore Standard on Quality Management (SSQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements (previously SSQC 1)
  • SSQM 2, Engagement Quality Reviews
  • Singapore Standard on Auditing (SSA) 220 (Revised), Quality Management for an Audit of Financial Statements

 


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