How many auditing standards are there in Singapore?
Singapore Standards on Auditing (SSAs) The SSA has 7 main series starting from the 200 series to the 800 series.
What are audit standards?
Auditing standards are guidelines applied by auditors in deciding whether financial statements have been prepared according to GAAP.
What are the types of audit standards?
The three mandatory elements are the Definition of Internal Auditing, the Code of Ethics, and the International Standards for the Professional Practice of Internal Auditing (Standards).
How many standards are there in auditing?
ICAI has issued 43 Engagement and Quality Control Standards (formerly known as Auditing and Assurance Standards) covering various topics relating to auditing and other engagements. All Chartered Accountants in India are required to adhere to all these standards.
Who sets auditing standards in Singapore?
The Institute of Singapore Chartered Accountants (ISCA) through its Auditing and Assurance Standards Committee (AASC) is responsible for setting auditing standards in Singapore.
What is audit in Singapore?
A statutory audit is a type of external audit usually conducted annually to meet a specific set of regulations set by the legislation. Such an audit is required by the laws of the stipulated governing Act .
What are the three main sets of auditing standards?
The 10 standards in the GAAS are grouped into three categories: general standards, standards of field work, and standards of reporting.
What are the three general standards of auditing?
GAAS come in three categories: general standards, standards of fieldwork, and standards of reporting. Keep in mind that the GAAS are the minimum standards you use for auditing private companies.
Is ISCA a member of IFAC?
In addition to being a Member of IFAC, ISCA is also a full member of the ASEAN Federation of Accountants.
What is the audit process in Singapore?
Legal requirements of statutory audit in Singapore: In Singapore, all companies are required to appoint an auditor within 3 months of its incorporation unless exempted from an audit. The audit exemptions applies for companies that falls under the “Small Company” or “Small Group” category.
Who needs audited in Singapore?
Small company criteria A total annual revenue of not more than SGD10 million. It’s total assets in the financial year do not exceed SGD10 million. The total number of employees in the financial year is not more than 50.