This report provides an overview of the changes that will be seen in audit reporting in Singapore at the end of the financial year (on or after 15 December 2016). And draws together the views and opinions of directors' on those changes.
This report has been jointly produced by the Association of Chartered Certified Accountants (ACCA) and the Institute of Singapore Chartered Accountants (ISCA).
The findings draw from a roundtable held in Singapore in November 2015 attended by directors from Singapore and Malaysia, who lead various audit committees, plus representatives from the Accounting and Corporate Regulatory Authority, International Auditing and Assurance Standards Board, as well as ISCA Auditing and Assurance Standards Committee.
All aboard the transparency express, provides the background and reasons for the changes to the auditor’s report, and highlights the directors’ reflection of the changes and the factors they consider to be critical to successful implementation of the enhanced auditor reporting regime.
A key theme through the discussions is the importance of having a tri-partite approach where directors and audit committees, management, and auditors all work together to ensure that the enhanced auditor’s report achieves its objective of improving its communicative value to users.
This report provides a useful reference for directors. Many of the views summarised in the report will help them consider how the enhanced auditor’s report will support their governance and financial reporting responsibilities, and how they should recalibrate their involvement in the audit reporting process.