Course Description

Synopsis:

This module presents the highlights of the 2023 ISCA Mini Conferences on "Updates on Professional Standards 2023".

The programme for this session includes:

Part 1: Topical Accounting Updates

• The year 2023 has been marked with rising interest rates and general fears of recession. This segment will provide insights into how recent macroeconomic changes, including the international tax reform, may affect financial reporting. In addition, you will gain a snapshot of various ISCA technical guidance issued in 2022 and 2023.

Part 2: Updates on Auditing Standards

• Macroeconomic and geopolitical developments, as well as evolving business and audit environments, necessitate the need for the constant review of existing auditing and assurance standards to ensure that they remain fit-for-purpose. SSA 600 (Revised), which deals with special considerations that apply to a group audit, has been revised and is effective for audits of group financial statements for periods beginning on or after 15 December 2023. This session will also cover standards dealing with going concern, audit evidence, audits for less complex entities and sustainability assurance. Watch to learn about these important updates.

Part 3: Revisions to the Ethics Code Relating to Engagement Team and Group Audits

• The ethics code has been revised with the effective date of 15 December 2023 to address independence considerations in group audits. Watch to find out the key changes to the ethics code.

Part 4: Turning Climate Ambition into Action in Singapore - Recommendations to Advance Climate Reporting by the Sustainability Report Advisory Committee (SRAC)

• In June 2022, ACRA and Singapore Exchange Regulation (SGX RegCo) set up a Sustainability Reporting Advisory Committee (SRAC) to advise on a roadmap for a wider implementation of sustainability reporting. Watch to learn more about the public consultation on the recommendations by the SRAC to advance climate reporting in Singapore.

Part 5: Environmental Credits and Related Accounting Implications

• Since Singapore’s introduction of carbon taxes in 2019, there has been increasing interest in carbon credits. In 2022, it was announced that Singapore-based companies will be allowed to offset up to 5% of their taxable carbon emissions through the purchase of high-quality international carbon credits starting from 2024. In this segment, you will gain insights into the latest developments surrounding environmental credits and some possible related accounting implications to take note of.

Intended For:

• Audit Professionals / PAIP 
• Finance Professionals  / PAIB 
• Public Sector Finance
• C-suite & Directors

Competency Mapping:

• CPE Category 1 = 1.0 Hour
• CPE Category 2 = 0.5 Hour
• CPE Category 3 = 0.5 Hour