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Elements of SSQC 1 – Acceptance and Continuance of Client Relationships and Specific Engagements
“Acceptance and Continuance of Client Relationships and Specific Engagements” is one of the six important elements contained within Singapore Standard on Quality Control 1 (SSQC 1). Chalked to improve quality of work performed by public accounting firms in the audit profession, SSQC 1 puts forth various measures that promote firm-wide quality controls. According to this [...]
Post-Balance Sheet Events Review – Highlights of Technical Clinic
In the last five years of the practice monitoring programme (PMP), post-balance sheet events review (PBSE) performed by the public accountants, particularly those in the small and medium-sized practices (SMPs), has been an area with frequent findings. Why is PBSE important? What are the challenges faced by SMPs in this area and how should challenges [...]
Raising the Financial Reporting Quality of Construction Companies – A Holistic Approach
Properly prepared, financial statements provide useful information which enables companies to monitor their financial health and evaluate their financial performances over a period of time. Useful business analytical ratios and projections can also be churned out using this financial information. Additionally, management can use such outputs as a basis to chart appropriate strategies and business [...]
The Compilation Standard – Benefiting Both Companies and Practitioners
The recent global trend shows that more and more small and medium-sized entities (SMEs) are exempt from audit requirements. Notwithstanding that, SMEs may still find that a set of financial statements is able to serve the needs of certain stakeholders who may wish to receive a set of compiled financial statements or a set of [...]
Tendering Audit/Assurance Engagements via GeBIZ – Ownership of Working Papers
Government Electronic Business, or more commonly known as GeBIZ, is the Singapore government’s e-procurement portal where tenders from public agencies for audit or assurance engagements and the related tender documents are posted. As a practitioner, are you aware that your working papers may not belong to you if you undertake an engagement signed under a [...]