ISCA Audit Manual for
About this Manual:
The Manual shall be read in conjunction with the Singapore Companies Act 1967, the applicable Singapore Standards on Auditing (SSAs), the applicable Singapore Financial Reporting Standards (FRSs) and any other regulatory requirements that are deemed appropriate. The contents in this Manual are not substitutes for reading the SSAs but rather as a supplement to support consistent application of these standards.
This Manual is an illustrative guidance to assist auditing professionals in carrying out audits of a complete set of general purpose financial statements of Singapore incorporated standalone entities. The Manual is intended to help auditing professionals understand and effectively apply the SSAs on such audits. In the performance of their professional duties, it remains incumbent on them to exercise their professional judgment or seek independent professional advice and verification if necessary.
- Due to the inherent dynamic nature of an audit of a complete set of general purpose financial statements, the use of the Manual, in whole or in part, shall not be presumed to assure compliance with the requirements expected and shall not be relied upon as containing, professional or expert advice.
- Every audit engagement is different and the audit programs provided in this Manual shall be tailored to the circumstances of individual engagements before use.
- All contents in this Manual are based on the SSAs in place as at 31 December 2022. SSAs issued by the Institute and effective after 31 December 2022 are not incorporated in this Manual. It is the responsibility of the auditing professionals to ensure that they are using the most up-to-date standards and/or guidance available at the ISCA Knowledge Centre.
Please click here for more information on the Licence Fees for the Use of the ISCA Audit Manual for Standalone Entities in Electronic Form (hereafter referred to as the “Licensed Materials”).
ISCA AMSE Version 1.4
The ISCA Audit Manual for Standalone Entities (ISCA AMSE) was first issued on 28 October 2016. It was last updated in January 2023 to enhance its relevance and usefulness to the profession.
The following audit programmes have been updated in Version 1.4 and are effective with immediate effect from their issuance date on 31 January 2023:
- Guidance Notes
- C3 to C6
- C7.1 to C7.2
- C8 to C8.2
- F2, F5
- G2, G5
- I2, I5
- J2, J2Sup
- N2, N5
- S2, S5
- T2, T5
Working paper reference
What has changed?
Updated guidance notes and conforming amendments in relation to SSA 315 (Revised 2021) Identifying and Assessing the Risks of Material Misstatement effective for audits of financial statements for periods beginning on or after 15 December 2022.
Other editorial amendments to enhance clarity.
Amended performance materiality computation for each assertion arising from revised table of risk assessment factor.
Amended sample size computation arising from revised table of risk assessment factor.
Included the disclosure of fair value hierarchy of investment property measured based on fair value model in Section 2(b).
Editorial amendments to enhance clarity.