{"id":1614,"date":"2020-10-27T16:36:58","date_gmt":"2020-10-27T08:36:58","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=1614"},"modified":"2021-02-17T16:57:12","modified_gmt":"2021-02-17T08:57:12","slug":"survey-findings-of-audit-committee-members","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2020\/10\/27\/survey-findings-of-audit-committee-members\/","title":{"rendered":"ISCA&#8217;s Inaugural Survey finding of Audit Committee Members on Non-Assurance Services"},"content":{"rendered":"\n<p>On or about 22 October 2020, the Institute of Singapore Chartered Accountants (\u201cISCA\u201d) has published a <em>\u201cAuditor Independence When Providing  Non-Assurance Services: Findings from Survey of Audit Committee  Members\u201d<\/em> after received feedback from an online survey conducted among  Singapore company directors. The survey sought views on the following: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Auditor independence when providing non-assurance services (NAS) to audit clients<\/li><li>ISCA recommendations to address NAS independence concerns.<\/li><\/ul>\n\n\n\n<p>ISCA Non-Assurance Services Working Group (NAS WG) surveyed Audit Committee Members in March 2020 and obtained their views on matters concerning auditor independence when providing NAS to audit clients; and on certain ISCA NAS WG\u2019s recommendations to address NAS independence concerns: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Confirmation by each network firm on whether the NAS fees earned by the network firm from the parent, penultimate parent, ultimate parent and sister entities of the audit client is less or more than 1% of the network firm\u2019s revenue;<\/li><li>Definition of \u201caudit-related services\u201d;<\/li><li>Setting a higher threshold to trigger TCWG\u2019s elevated approval on the provision of NAS;<\/li><li>TCWG\u2019s pre-approval on the provision of NAS;<\/li><li>Enhanced communication to TCWG and to public disclosure of audit fees; and<\/li><li>Additional safeguards to address threats to auditors\u2019 independence arising from NAS.<\/li><\/ul>\n\n\n\n<p>The key findings of the survey which addressed NAS independence concerns are as follows: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Information on NAS provided by network firms to upstream and sister entities is important<\/li><li>Threshold to trigger TCWG\u2019s review to cover only controlled entities<\/li><li>No elevated approval from TCWG on provision of NAS<\/li><li>Definition of \u201cAudit-Related Services\u201d<\/li><li>TCWG\u2019s pre-approval on provision of NAS.<\/li><\/ul>\n\n\n\n<p>Presently,\n under the ISCA\u2019s EP 100 Code of Professional Conduct and Ethics, there \nis a diversity in the interpretation and application of NAS and \nfee-related issues.<\/p>\n\n\n\n<p>Source: <em>ISCA<\/em>, 22 October 2020, accessed 26 October 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On or about 22 October 2020, the Institute of Singapore Chartered Accountants (\u201cISCA\u201d) has published a \u201cAuditor Independence When Providing Non-Assurance Services: Findings from Survey of Audit Committee Members\u201d after received feedback from an online survey conducted among Singapore company directors. The survey sought views on the following: Auditor independence when providing non-assurance services (NAS) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13,6],"tags":[],"class_list":["post-1614","post","type-post","status-publish","format-standard","hentry","category-auditing","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=1614"}],"version-history":[{"count":2,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1614\/revisions"}],"predecessor-version":[{"id":1616,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1614\/revisions\/1616"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=1614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=1614"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=1614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}