The Audit Code of Practice serves as a fouNDAtional document for audit firms operating in Singapore, establishing mandatory procedures and quality standards for audit engagements. This code is designed to ensure compliance with Singapore's regulatory requirements, including ACRA guidelines, SSAs, and international standards. It provides comprehensive guidance on audit methodology, independence requirements, quality control procedures, and documentation standards. The code is particularly crucial given Singapore's position as a global financial hub and its strict regulatory environment. It helps audit firms maintain consistent quality across engagements while meeting both local and international standards.
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1. Introduction and Scope: Purpose of the code, scope of application, and authority
2. Definitions: Key terms used tHRoughout the code of practice
3. Professional Standards and Ethics: FuNDAmental principles, independence requirements, and ethical obligations
4. Quality Control Framework: Firm-wide quality control policies and procedures
5. Audit Methodology: Standard audit procedures, documentation requirements, and reporting standards
6. Client Acceptance and Continuance: Procedures for evaluating and accepting client relationships
7. Documentation Requirements: Standards for audit documentation and record retention
1. Industry-Specific Guidelines: Specific requirements for different industries when code applies to multiple sectors
2. Cross-Border Considerations: Guidelines for international audits when firm conducts cross-border operations
3. Technology and Data Protection: Guidelines for use of audit software and data protection measures
1. Independence Checklist: Detailed checklist for evaluating auditor independence
2. Quality Control Forms: Standard forms for quality control procedures
3. Documentation Templates: Standard templates for audit documentation
4. Regulatory References: List of applicable laws, regulations, and professional standards
5. Risk Assessment Guidelines: Detailed procedures for assessing audit risks
6. Reporting Templates: Standard formats for different types of audit reports
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