This practical and timely workshop provides you with a salient update on the recent and upcoming changes in Singapore Standards on Auditing (SSA), Singapore’s Audit Guidance Statement (AGS) and Singapore Standards on Related Services (SSRA).
SSA 315 (Revised 2021) - Identifying and Assessing the Risks of Material Misstatement
- SSA 315 (Revised 2021) deals with the auditor’s responsibility to identify and assess the risks of material misstatement in the financial statements. The amendments, which include enhancing the application of professional skepticism in audits, encourage a more robust risk assessment and thereby more focused responses to identified risks. Effective for audits of financial statements for periods beginning on or after 15 December 2021.
Audit Guidance Statement (AGS) 13, Data Analytics in a Financial Statements Audit
- To enhance the quality of audits and more effectively deal with large volumes of data, data analytics tools and techniques are increasingly employed in the audit of financial statements. AGS 13 provides guidance for auditors on the key principles and illustrative examples of the application of data analytics in the audit of financial statements
Updated Audit Guidance Statement (AGS) 1 – Sample Independent Auditor’s Reports
- Main updates relate to revised sample reports in relation to:
- Housing Developers (Project Account) Rules, where an additional licence condition has been imposed over mortgages, charges or encumbrances on the land and/or building project;
- Payment Services Act, which replaces the Money-changing and Remittance Business Act and the Payment Systems (0versight) Act in regulating payment services.
Singapore Standards on Related Services (SSRS)
- SSRS 4400 (Revised) deals with the practitioner’s responsibilities when engaged to perform an Agreed-Upon-Procedures (AUP) engagement, and the form and content of the AUP report. Revisions include new requirements for practitioner to exercise professional judgement throughout the engagement and usage of clear terminology in the AUP report. Effective for AUP engagements for which the terms of engagement are agreed on or after 1 January 2022.
Quality Management Standards at the Firm and Engagement Level, including Engagement Quality Reviews
- ISCA issues three interrelated standards that address quality management, namely:
- 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.
- The standards include a new proactive risk-based approach to effective quality management systems within firms that establish the foundation for consistent engagement quality, and are effective from 15 December 2022.
Practical cases will be used to illustrate the applications and implications of the changes and updates.
This workshop qualifies for 7 CPE hours in Auditing Standards, Pronouncements and Methodology (Category 3).
Audit Professionals in Public Accounting Firms
Chee Hay Kheong Daniel
Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 13 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with MNCs, managing their operations in Singapore and Asia.
Daniel is a highly sought-after seminar trainer. He was an Adjunct Professor in the School of Business, Singapore University of Social Sciences and an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He served as a committee member of both the IT Committee and the Examination Committee of ISCA, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).