Technical Highlights
AUDITING AND ASSURANCE ISCA Issues Updated Audit Bulletin (AB) 3 Implementation Of Quality Management Standards This audit bulletin contains frequently asked questions to assist firms in the implementation of the quality management standards. AB 3 has been updated to incorporate FAQ 5.2.1 to clarify on the requirements over when engagement quality reviews are mandatory. ISCA […]
The Changing Landscape Of Payment Methods
TAKEAWAYS There has been rapid growth in new types of payment services. Of particular interest to the Monetary Authority Singapore (MAS) are the e-money issuance services and digital payment token (“DPT”) services. E-money, according to the Payment Services Act (the “Act”), includes a prepayment of an electronically stored monetary value for the purpose of future […]
ISCA Conference 2023: No Organisation Is Immune To Fraud
As with many aspects of modern life, technology is a double-edged sword – all the more so when it comes to fraud. The rapid evolution and adoption of technology has accelerated, especially in the past two years, due to remote working practices. As such, fraud has evolved from simple invoice manipulation to many different looks […]
ISCA Conference 2023: Lessons From Fraud Cases In Hong Kong
Like Singapore, Hong Kong is a major international financial centre that sees large volumes of transactions go through its financial systems daily. Unsurprisingly, a lot of the money-laundering cases in Hong Kong are also similar to Singapore’s. This was revealed by Vivian Lee, Superintendent, Money Laundering Expert Cadre, Hong Kong Police Force, in her presentation […]
ISCA Conference 2023: What Keeps CFOs Up At Night
The integration of generative artificial intelligence (AI) and advanced data analytics were the top priorities for finance leaders in the next three years, according to a live poll conducted by Yiong Yim Ming, Group Chief Financial Officer, City Developments Limited, who was moderating the session titled “The C-suite Agenda: Top Priorities For The CFO In […]
ISCA Conference 2023: Improving Audit Quality In 2024
In the afternoon segment of the ISCA Conference 2023, two separate tracks ran concurrently, highlighting the different aspects that accounting and audit professionals will be focusing on in 2024. One of these tracks centred on audit quality, fraud, mergers & acquisitions (M&A) challenges, and issues to look out for in 2024. The first of five […]
ISCA Conference 2023: Building Trust Through Sustainability Assurance
The afternoon session of ISCA Conference 2023 cast the spotlight on a hot-button topic – sustainability assurance. Tackling it at the event was Lee Bing Yi, Partner, Sustainability & Climate Change, Financial Services Assurance, PwC Singapore, who spoke about the “trust deficit” among investors when it comes to sustainability reporting. Referring to a PwC study, […]
ISCA Conference 2023: Driving Forces In M&A
An interesting topic of discussion came up in a fireside chat between moderator Marian Joraschkewitz, Managing Director and Corporate & Commercial Segment Leader for Asia for Marsh, and Paul Tan, Chairman of Nexia Singapore PAC. The session centred on mergers & acquisitions (M&As), which occur frequently in the region. The merger of two large practices […]
Impact Of Prompt Engineering On Accountants And Auditors
TAKEAWAYS Artificial intelligence is having a profound impact on the accounting and finance industry and is also revolutionising how products and services are being built and implemented. In accounting and finance, labour-intensive and time-consuming tasks such as audits, banking, tax preparation, bookkeeping, reporting, and payroll have been successfully automated. With the integration of emerging technologies […]
GST Missing Trader Fraud
TAKEAWAYS Businesses should understand their obligations and undertake the necessary due diligence to safeguard their own business transactions. The recent Goods and Services Tax (GST) Board of Review’s (the “Board”) decision in GHY v the Comptroller of GST [2023] SGGST 1 (“GHY”) relates to the disallowance of input tax claims for supplies that allegedly took […]
