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 [...]
Dealing with the Cancellation or Suspension of Registration as a Public Accountant
The purpose of this guide is to offer some practical suggestions for those who are facing cancellation or suspension of their licences to practise. If you have found yourself in such a situation, this brief publication should provide you with some suggestions of the steps that you should take to protect your position. This guide [...]
Practical Guidance 10 – Risk Assessment for Small Companies
The identification and assessment of the risks of material misstatement in the financial statements during the planning stage of an audit affects the nature, timing and extent of the audit work to be performed to gather sufficient appropriate audit evidence. The risk assessment forms the foundation of an efficient and effective audit. It is important [...]
Beyond Auditing Requirements: A Closer Look at Singapore Standard on Auditing (SSA) 710: Comparative Information – Corresponding Figures and Comparative Financial Statements
Where a modified auditor’s opinion was previously issued on the prior period financial statements but an unmodified report was issued in the current period on the current period financial statements, users of the financial statements may be interested to know how the prior period modification had been addressed or discharged. Does SSA 710 require this information to be disclosed?
Practical Guidance 9 – Subsequent Events Review
Before the sign-off of the auditor’s report, auditors have the responsibility of ensuring that all significant subsequent events that occurred between the date of the financial statements and the date of the auditor’s report have been adequately disclosed in and/or adjusted to the financial statements audited. This Practical Guidance aims to provide auditors with some [...]