Governance and Transparency of Audit – A Critical Role for the Audit Committee
The market generally recognises the importance of the clear “pass/fail test” applied by the auditors to a company’s financial statements, but many commentators believe that the audit could add more value and be better governed if there were more transparency between the audit committee, the auditor and the public. Please click here for full article.
Related Parties and Financial Statements: Who, What and Why – Highlights of Technical Clinic
Related parties (RPs) are not independent of each other and therefore users of the financial statements are generally interested to understand the relationship between RPs and the potential financial impact of the transactions entered into with RPs on the financial statements. With the growing complexity of corporate structures and operations, there is also an increasing [...]
SSQC 1 Application – Tips and Resources for Cost-Effective Implementation
Singapore Standard on Quality Control 1 (SSQC 1) Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements focuses on quality control at the firm level, and other pronouncements issued by the Institute of Certified Public Accountants of Singapore (ICPAS) may set out additional standards and [...]
Elements of SSQC 1 – Leadership Responsibilities for Quality within the Firm
The leadership of a public accounting firm is one of the most important drivers to raise the quality of the firm’s work. The key to achieving quality in every engagement of the firm is premised upon a strong commitment to quality control by the firm’s leadership. In view of the paramount importance of the leadership, [...]
Profit and Loss – Highlights of Technical Clinic
Since year 2008, common deficiencies relating to profit and loss components, for accounting firms that audit the non-public interest entities (non-PIE), were frequently highlighted in the practice monitoring programme. Mona Low, Managing Partner of Low, Yap & Associates, facilitated a lively discussion among fellow practitioners in a technical clinic on Profit and Loss. Please click [...]