Related Party Disclosures Relating To Key Management Personnel Under Singapore Financial Reporting Standard 24 Related Party Disclosures (SFRS 24)

The Singapore Financial Reporting Standard (SFRS) 24 Related Party Disclosures requires disclosure of related party relationships, transactions and outstanding balances, including commitments, in financial statements. In view of these disclosure requirements and to enhance consistency among the profession, the Institute has developed a template as a guidance to auditors when obtaining confirmation of related party [...]

Practice Monitoring Programme – Common Findings for Non-PIE Segment

ACRA regulates, and facilitiates the development of, the public accountancy profession in Singapore. As an independent auditor regulatory authority, ACRA monitors the audit quality of public accountants through the Practice Monitoring Programme (“PMP”) since April 2005.

From the common PMP observations noted in 2010 and 2011 for the segment on non-public interest entities (“non-PIEs”), the Institute of Certified Public Accountants of Singapore has introduced various initiatives, including Audit Practice Guidance (“APG”) and seminars from its Continuing Professional Education (“CPE”) programme.

Public accountants who audit non-PIEs are encouraged to read the APG or attend relevant seminars should they encounter problems in the specific topics identified.

Audits of Group Financial Statements

Businesses range from a simple sole proprietor to a highly sophisticated corporation. With the growth of businesses, auditors face the challenge of providing their opinions on the group financial statements that in all material aspects, the financial statements are true and fair. The key questions addressed in clarified SSA 600 are ?To what extent can I rely on the work performed by the component auditors and what do I need to do in order to place such reliance??

Clarified SSAs – Unclear in the Past?

The suite of clarified Singapore Standards on Auditing (SSAs) has been issued. Why was this project undertaken in the first place? Were the auditing standards deficient or unclear previously? It is quite the opposite. The improvements in the auditing standards reflect keeping pace with and staying on top of fast-changing developments in the global and complex nature of businesses and the attendant implications to stakeholders. This article provides background information and a snapshot of this international Clarity Project.

Guardians of Governance

Audit committee members shoulder a responsibility to monitor risk oversight and protect shareholder interest, Helen Luk and Heda Bayron report.

Applying Auditing Standards

Stuart Hartey advises on how to run a cost-effective audit.

CPA Imposters

Non-CPA firms pose a threat to qualified accounting practitioners and businesses that use their services often land in troubles, write Ng I-Ching.