Institute of Singapore Chartered Accountants

The responsibility for quality assurance reviews in Singapore rests with the Public Accountants Oversight Committee (PAOC), operating under the authority of the Accounting and Corporate Regulatory Authority (ACRA). Under the Accountants Act 2004, all public accountants and public accounting entities are subject to mandatory quality assurance reviews under ACRA’s Practice Monitoring Programme. For inspections of audits of non-public interest entities, review responsibilities are delegated to the Institute of Singapore Chartered Accountants (ISCA) under ACRA’s oversight. As noted in the jurisdiction adoption assessment, the Practice Monitoring Programme is aligned with the requirements of SMO 1.

ISCA actively supports the implementation and ongoing effectiveness of the quality assurance framework in Singapore. In addition to the mandatory Practice Monitoring Programme, ISCA operates a voluntary Quality Assurance Review Programme for its members. The programme includes reviews of engagement files for compliance with the Singapore Standards on Auditing, firm-level systems of quality management under Singapore Standards on Quality Management (SSQM 1 and SSQM 2), and adherence to ISCA’s ethical pronouncements. Upon completion of the review, a report setting out findings and recommended action plans is provided to the public accountant.

To support implementation of quality management requirements, particularly following the adoption of SSQM 1 and SSQM 2, ISCA has maintained extensive implementation support activities for members. These include panel discussions at the Practitioners Conference and Small and Medium Practices Symposium, development of a quality management toolkit comprising risk examples, suggested policies and procedures, implementation guidance, templates and forms, as well as dedicated workshops, webinars, and audit bulletins addressing practical implementation challenges.

ISCA also publishes technical guidance and articles on quality management and offers continuing professional development programmes covering quality management standards and common findings arising from practice monitoring reviews. These programmes are reviewed regularly to ensure continued relevance to members’ needs.

Through these well-established and ongoing processes, ISCA maintains a mature framework to support the quality assurance review system in Singapore and continues to review and enhance its activities in line with SMO 1 requirements.

Current Status: Sustain

In Singapore, initial professional development and continuing professional development requirements for professional accountants are established and implemented through a shared framework involving the Accounting and Corporate Regulatory Authority (ACRA) and the Institute of Singapore Chartered Accountants (ISCA).

ISCA administers the Singapore Chartered Accountant Qualification, which serves as the principal professional qualification pathway for Chartered Accountants in Singapore. The qualification is structured using a learning outcomes approach and has been developed in line with the International Education Standards (IES), including the requirements relating to professional knowledge, professional skills, and professional values, ethics, and attitudes. The programme incorporates mandatory practical experience requirements and final assessments, and has been periodically updated to reflect revisions to the IES as well as developments in the profession and market needs.

ISCA reports that the qualification framework has undergone regular reviews, including enhancements made to align with evolving industry developments and reciprocity arrangements with international professional accountancy organizations, including the Institute of Chartered Accountants in England and Wales, the Institute of Chartered Accountants of Scotland, and Chartered Accountants Ireland. The Institute confirms that the qualification remains aligned with the latest IES requirements.

ISCA is also responsible for establishing continuing professional development requirements for its members. Compliance is monitored through continuing professional development audits, including random selection of members for review. In addition, ISCA offers an extensive programme of seminars, courses, conferences, and technical learning resources to support members’ ongoing professional development.

The Institute continues to expand its learning offerings, including capability development initiatives focused on technology, human capital, business leadership, and quality assurance. It also regularly reviews its continuing professional development delivery model, including the introduction of more flexible and bite-sized learning formats to respond to members’ evolving needs.

Through these well-established and continuously reviewed processes, ISCA maintains an effective framework to support the implementation of the International Education Standards and continues to enhance professional development pathways in line with SMO 2 requirements.

Current Status: Sustain

Under the Accountants Act 2004, the Accounting and Corporate Regulatory Authority (ACRA), through its Public Accountants Oversight Committee (PAOC), is responsible for approving auditing standards to be applied in Singapore.

The Institute of Singapore Chartered Accountants (ISCA), through its Auditing and Assurance Standards Committee, develops and issues the Singapore Standards on Auditing (SSA), which are based on the International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB). The standards are issued following review by the ISCA Council and approval by the PAOC. As noted in the jurisdiction adoption assessment, the SSA continue to be updated in line with the latest ISA revisions, including standards effective through 2024 and 2025.

ISCA maintains an ongoing process to ensure that the Singapore Standards on Auditing remain current and continue to incorporate new and revised IAASB pronouncements. The Institute actively monitors the IAASB work programme and updates members through its Audit and Assurance webpage, the ISCA Journal, technical publications, and regular electronic communications.

To support implementation, ISCA offers continuing professional development courses, training workshops, technical seminars, and practical audit sessions covering new and revised auditing standards and related topics. These offerings are reviewed periodically to ensure they reflect the latest developments in auditing and assurance standards.

In addition to adopting international standards, ISCA develops supplementary Singapore-specific guidance, including authoritative Statements of Auditing Practice on matters of local relevance not specifically addressed in ISA, non-authoritative Audit Guidance Statements providing practical assistance to auditors, and Auditing Bulletins addressing emerging issues and implementation challenges.

ISCA also provides targeted support for small and medium practices through its Small and Medium Practices Learning Roadmap, which includes practical audit workshops, application guidance on the ISCA Audit Manual, and technical updates on the Singapore Standards on Auditing.

The Institute actively contributes to the development of international standards through the submission of comment letters on IAASB exposure drafts and participation in regional and international roundtable discussions, including initiatives organized jointly with IFAC, the IAASB, and the ASEAN Federation of Accountants.

Through these well-established and continuously enhanced processes, ISCA maintains an effective framework to support the implementation and ongoing application of auditing standards in line with SMO 3 requirements.

Current Status: Sustain

In Singapore, both the Accounting and Corporate Regulatory Authority (ACRA) and the Institute of Singapore Chartered Accountants (ISCA) are responsible for establishing ethical requirements for professional accountants.

Under the Accountants Act 2004 and the related regulatory framework, ACRA establishes ethical requirements for registered public accountants and public accounting entities through its Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities.

ISCA issues Ethics Pronouncement (EP) 100 Code of Professional Conduct and Ethics, which applies to all members of the Institute, including both public accountants and professional accountants in business. As noted in the jurisdiction adoption assessment, EP 100 is maintained in line with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants, including subsequent revisions and updates effective through 2024 and 2025, together with Singapore-specific provisions where necessary to reflect the local legal and regulatory environment.

The ISCA Ethics Committee is responsible for overseeing the due process for updates to the Code. Where revisions involve matters that may materially affect public accountants or audit firms, ISCA consults ACRA and the Public Accountants Oversight Committee as appropriate before recommending revisions to the ISCA Council for approval.

ISCA actively supports implementation of ethical requirements through technical guidance, implementation publications, seminars, workshops, and continuing professional development programmes. This includes issuing implementation guidance on matters such as public interest entities and emerging ethics considerations, as well as regular ethics-focused sessions at practitioner conferences and other professional events.

The Institute also raises awareness of developments in ethics and the IESBA Code through its website, monthly journal, technical alerts, and dedicated standards and guidance resources available to members and the public.

In addition, ISCA actively contributes to the international standard-setting process through regular submissions of comment letters and responses to International Ethics Standards Board for Accountants consultations and exposure drafts.

Through these well-established and continuously updated processes, ISCA maintains a mature framework to support the adoption, implementation, and ongoing application of ethical requirements in line with SMO 4.

Current Status: Sustain

Under the Accountancy Functions (Consolidation) Act 2022 and the related public sector financial reporting framework, the Accountant-General of Singapore is the legal authority responsible for prescribing accounting standards for statutory boards. Statutory boards are required to prepare their financial statements in accordance with Statutory Board Financial Reporting Standards (SB-FRS).

As noted in the jurisdiction adoption assessment, SB-FRS are accrual-based standards derived primarily from Singapore Financial Reporting Standards and adapted to reflect the specific operational context of statutory boards. In developing these standards, relevant pronouncements of the International Public Sector Accounting Standards Board are considered where appropriate, including selected IPSAS concepts and standards. Public sector accounting standards in Singapore are therefore assessed as Partially Adopted at the jurisdiction level.

Within the scope of its mandate, the Institute of Singapore Chartered Accountants (ISCA) continues to support the implementation and understanding of public sector financial reporting requirements. The Institute actively contributes to strengthening the capabilities of members working in the public sector, as well as the wider public finance community, through training programmes, conferences, technical seminars, and professional development initiatives on accounting and public sector finance topics.

ISCA also disseminates updates on developments issued by the International Public Sector Accounting Standards Board, including news, technical updates, and thought leadership materials, to raise awareness among members and support continued professional competence in public sector reporting.

Given the nature of its mandate and the legal and regulatory framework in Singapore, ISCA is not the direct standard-setting authority for public sector accounting standards. Nevertheless, it maintains well-established and ongoing processes to support awareness, implementation, and capacity building in this area, consistent with SMO 5 requirements.

Current Status: Sustain

The responsibility for the investigation and discipline of professional accountants in Singapore rests with the Accounting and Corporate Regulatory Authority (ACRA), through the Public Accountants Oversight Committee (PAOC), and the Institute of Singapore Chartered Accountants (ISCA).

Under the Accountants Act 2004, ACRA is responsible for the investigation and discipline of registered public accountants, accounting corporations, accounting firms, and accounting limited liability partnerships. The regulatory framework includes mechanisms for complaints, investigations, hearings, sanctions, and appeal processes, and is linked to findings arising from the Practice Monitoring Programme.

ISCA maintains a separate investigative and disciplinary mechanism covering all its members, including both public accountants and non-public professional accountants. As noted in the jurisdiction adoption assessment, the Institute reports that its investigative and disciplinary framework is aligned with the requirements of SMO 6.

To promote transparency and public confidence, ISCA makes information on its complaints process, investigation procedures, disciplinary actions, and sanctions publicly available through its website. This includes guidance on how complaints may be initiated as well as summaries of disciplinary decisions and outcomes where appropriate.

ISCA also continues to raise awareness of its professional and ethical obligations through member communications, technical guidance, and ongoing professional development activities, thereby supporting prevention as well as enforcement.

Through these well-established and continuously maintained processes, ISCA sustains an effective investigative and disciplinary framework in line with SMO 6 requirements.

Current Status: Sustain

Under the Accountancy Functions (Consolidation) Act 2022, the Accounting Standards Committee is responsible for formulating accounting standards in Singapore. As noted in the jurisdiction adoption assessment, Singapore Financial Reporting Standards (International) are equivalent to IFRS Accounting Standards issued by the International Accounting Standards Board and are required for all Singapore-incorporated listed companies. Other national standards are closely aligned with IFRS and adapted where necessary to reflect local circumstances.

Although the Institute of Singapore Chartered Accountants (ISCA) is not responsible for setting accounting standards, it plays an active role in supporting the implementation and application of financial reporting standards in Singapore. ISCA’s Professional Standards function provides technical support on accounting matters and regularly communicates developments in national and international standards to members and the wider accounting community.

ISCA’s Financial Reporting Committee contributes to the advancement of financial reporting by identifying and discussing emerging issues, issuing technical guidance on local accounting matters, and facilitating dialogue among stakeholders. The Institute also participates in the international standard-setting process by reviewing and responding to exposure drafts issued by the International Accounting Standards Board and submitting comment letters reflecting perspectives from Singapore.

To support implementation, ISCA offers continuing professional development programmes covering new and revised financial reporting standards and disseminates technical updates, publications, and guidance through its website, professional journals, and other communication channels.

Through these well-established and ongoing activities, ISCA maintains a strong framework to support the adoption, implementation, and consistent application of financial reporting standards in line with SMO 7 requirements.

Current Status: Sustain