Special Purpose Audit and Other Assurance Engagements
We conduct special purpose audits and other assurance engagements to provide an opinion or conclusion on financial information beyond the scope of regular financial statements audit. These engagements are typically tailored to meet the unique clients or stakeholders and may involve various types of financial information, depending on the specific purpose.
The type of special purpose audits and other assurance engagements that we provide are:
Special Purpose Audits under (i) Singapore Standards on Auditing (“SSA”) 800 (Revised) Audits of Financial Statements prepared in accordance with Special Purpose Frameworks or (ii) 805 (Revised) Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.
Singapore Standards on Related Services (“SSRS”) 4400 (Revised) Agreed-Upon Procedures Engagements
Singapore Standards on Review Engagements (“SSRE”) 2400 (Revised) Engagements to Review Historical Financial Statements
Singapore Standards on Assurance Engagements (SSAE) 3000 (Revised) Assurance Engagements other than Audits or Reviews of Historical Financial Information
SSA800 Audits of Financial Statements prepared in accordance with Special Purpose Frameworks / SSA 805 (Revised) Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
These SSAs address specific issues that arise when applying the other Singapore Standards on Auditing to the audit of financial statements that have been prepared using a specialised framework for a particular purpose. SSA800 covers complete financial statements set in such frameworks, while SSA805 focuses on audits of single financial statement or a specific element, account or item within them.
The following are some examples where these SSAs are applied:
1. Maritime Sector Incentive Approved International Shipping Enterprise Scheme
2. Fund Raising Appeal by Societies
3. Claim Form
4. Licensee’s Annual Gross Turnover
SSRS 4400 Agreed-Upon Procedures Engagements
The procedures to be performed under this Standard are defined by stakeholders, and can be on financial or non-financial subject matters. The Agreed-Upon Procedures (“AUP”) are designed to address the specific concerns or areas of interest of the stakeholders.
The following are some examples where this Standard is applied:
1. Economic Development Board (“EDB”) Grant Scheme
2. EDB Tax Incentive Scheme
3. Enterprise Singapore Global Trader Programme
SSRE 2400 Engagements to Review Historical Financial Statements
The review of historical financial statements is a limited assurance engagement.
This Standard is applied when we are tasked with conducting a review of historical financial statements for which we are not the auditors of the entity's financial statements. The scope of our work includes conducting inquiries and analytical procedures to acquire adequate and relevant evidence to form a conclusion regarding the financial statements in their entirety.
SSAE 3000 Assurance Engagements other than Audits or Reviews of Historical Financial Information
This Standard pertains to assurance engagements that are not audits or reviews of historical financial statements, as those are covered by SSAs and SSREs. Assurance engagements encompass attestation engagements, where a third party assesses the subject matter against criteria, as well as direct engagements, where the practitioner directly assesses the subject matter against the criteria. This SSAE is specific to reasonable and limited assurance attestation engagements, and may also be applied to reasonable and limited assurance direct engagements, adapted and supplemented as necessary in the engagement circumstances.
The following are some examples where this Standard is used:
1. Project accounts and license condition on mortgages, charges or encumbrances
2. Payment Services Act 2019