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What's trending
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ISCA Issues Audit Bulletin 4 Non-Consolidation of Subsidiaries - Considerations for the Auditor’s Report (AB 4)
This audit bulletin highlights key considerations for the auditor when assessing the effects of non-consolidation of subsidiaries on the auditor’s report, including illustrative examples on the types of audit opinions that may be issued.
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ISCA Comments on IAASB’s Exposure Draft: Proposed Narrow Scope Amendments to International Standards as a Result of the Revisions to the Definitions of Listed Entity and Public Interest Entity in the IESBA Code
ISCA is supportive of the overarching objective to uphold public interest in extending differential auditing requirements to public interest entities. However, we highlighted that in determining the scope of entities to be subjected to additional requirements, focus should be given to the extent of public interest in the financial condition of that entity.
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ISCA Comments on IAASB’s Exposure Draft: Proposed ISSA 5000 General Requirements for Sustainability Assurance Engagements and Proposed Conforming and Consequential Amendments to Other IAASB Standards
ISCA welcomes the development of IAASB’s new sustainability assurance standard, which will serve to enhance confidence and trust in sustainability reporting. In our response, we highlighted areas where implementation guidance is needed to address practical application challenges, such as the application of materiality to sustainability information, which is wide-ranging with diverse user needs and expectations. Due to the relatively nascent state of sustainability assurance, we also provided recommendations on areas where requirements over risk assessment and fraud requirements can be tightened.
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ISCA Comments on IAASB’s Exposure Draft: Proposed ISA 570 (Revised 202X) Going Concern and Proposed Conforming and Consequential Amendments to Other ISAs
ISCA is supportive of the enhancements to strengthen the auditor’s evaluation of management’s going concern in response to the heightened risks surrounding this topic in recent years. However, new and enhanced requirements need to be balanced vis-à-vis the responsibilities borne by management and directors. In our comment letter, we highlighted practical challenges which the profession may face and proposed enhancing the level of disclosures on going concern.
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ISCA Issues Updated Audit Guidance Statement 1 (Revised Apr 2023), Sample Independent Auditor’s Reports
Appendix 5A, which pertains to an agreed-upon procedures report in connection with an example of an EDB grant scheme, has been updated to include procedures in relation to new reporting requirements.
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ISCA Issues Technical Bulletin 1 Addressing Climate-Related Risks in Financial Statements and Audits of such Financial Statements (TB 1)
Arising from the strong focus on climate globally and in Singapore, TB 1 provides guidance on climate-related risk considerations in financial reporting and audits of financial statements. It also includes an example of a Singapore entity in the transportation industry to illustrate how climate-related risks could affect how the principles of the financial reporting standards and auditing standards are applied.
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Due Process
The standard-setting process of ISCA is robust and essentially one that draws from the resources of the IAASB.
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Standards & Guidance
ISCA's pronouncements relating to auditing and assurance govern audit, review, other assurance and related services engagements.
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Open for Comments
Read about proposed changes to the auditing and assurance standards in Singapore and our views on them!
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Resources
ISCA supports the profession by providing a wide range of resources on various audit and assurance topics.
Hot Topics
Information and insights on key topical issues in the auditing and assurance landscape
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News & events
Latest updates on local and international developments!
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