On or about 2 January 2020, the Institute of Singapore Chartered Accountants (ISCA) has issued Ethics Pronouncement 100 Implementation Guidance 3 (EP 100 IG 3) to address the concerns that professional accountants may face when adopting the NOCLAR Pronouncements (Frequently Asked Questions on Responding to Non-Compliance with Laws and Regulations) in EP 100, which is expected to be effective as of 1 April 2020.
The ISCA Ethics Committee examined the concerns raised by relevant stakeholders; the following key areas are addressed in EP 100 IG 3:• addressing conflicts between NOCLAR requirements and existing laws and regulations
- addressing conflicts between NOCLAR requirements and existing laws and regulations
- what is considered “clearly inconsequential”
- the concept of “public interest”
- the professional clearance between predecessor and proposed successor auditors with respect to tipping-off
- the legal protection available to whistle-blowers, and
- the disclosure of NOCLAR to an appropriate authority with respect to group audit.
Kindly visit the ISCA website for more information.
Source: ISCA website, 2 January 2020