- Koh Management
- Apr 15
- 4 min read
1. Understanding the Regulatory Landscape in Singapore
The Singapore Financial Reporting Standards (SFRS),
The Code of Professional Conduct and Ethics by the Institute of Singapore Chartered Accountants (ISCA),
Anti-money laundering (AML) compliance guidelines,
Sector-specific audit mandates (e.g., charities, MCSTs, financial institutions).
2. Technical Competence and Industry Knowledge
ISCA-accredited audit professionals,
Up-to-date knowledge on evolving standards and regulations (e.g., changes in SFRS or IFRS),
Industry specialization that allows auditors to understand the unique risk areas and financial treatments relevant to that sector.
3. Risk-Based Audit Approach
Thorough understanding of the client’s business model,
Evaluation of internal controls,
Identification and assessment of inherent and control risks,
Use of data analytics to detect anomalies or trends.
4. Use of Technology in Auditing
Real-time collaboration and data sharing,
Automated sampling and testing procedures,
Advanced analytical tools to identify unusual transactions,
Secure portals for document uploads and communication.
5. Communication and Client Service
Regular updates throughout the audit process,
Clear timelines and deliverables,
Constructive discussions on audit findings and recommendations,
Availability to answer follow-up questions even after the audit is completed.
6. Compliance with Ethical Standards
Maintaining independence from audit clients,
Avoiding conflicts of interest,
Disclosing any potential biases upfront,
Adhering strictly to ISCA’s Code of Professional Conduct and Ethics.
7. Timeliness and Efficiency
8. Post-Audit Support and Advisory
9. Reputation and Track Record
ISCA-registered public accounting firm status,
Strong client testimonials,
Referrals from professional networks or industry associations,
Clear and informative website detailing services and expertise.