How many Singapore Standards on Auditing SSAs are there currently?
Singapore Standards on Auditing (SSAs)
The SSA has 7 main series starting from the 200 series to the 800 series.
What is SAI in auditing?
An independent and professional Supreme Audit Institution (SAI) is an important actor in a country’s accountability chain. It is a government entity whose external audit role is established by the constitution or supreme law-making body.
Do Singapore companies need to be audited?
The Singapore Companies Act states that every company must get its financial statements and accounting records audited by an auditor on an annual basis unless the company meets the Singapore audit exemption requirement.
What is an SSA Singapore?
A Social Service Agency (SSA) is a non-profit organisation that provides welfare services and/or services that benefit the community at large. SSAs are typically set up as societies, companies limited by guarantee or trusts.
What is SSA audit?
SSAs are written in the context of an audit of financial statements (i.e. historical financial information) by an independent auditor. Users are to adapt the SSAs, where appropriate, when applying to other audit engagements.
What accounting standards are used in Singapore?
In Singapore, accounting standards are known as Singapore Financial Reporting Standards (SFRS) and are based on the IFRS. All companies with financial period starting on or after 1 January 2003 have to comply with SFRS. Accrual-based accounting is one of the main principals of Singapore accounting standards.
What are the two types of government audit?
There are three types of audits in public sector auditing, viz., financial, compliance and performance.
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- Performance audits.
- Financial Audits.
- Compliance Audits.
- Audit of transactions.
- CCO based audits.
- District audit.
- Thematic audit.
- IT audit.
What are Intosai standards?
The ISSAIs are the authoritative international standards on public sector auditing. The purpose of the ISSAIs is to: ensure the quality of the audits conducted. strengthen the credibility of the audit reports for users.
Which companies are exempt from audit in Singapore?
Currently, a company is exempted from having its accounts audited if it is an exempt private company with annual revenue of $5 million or less.
(b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
- total annual revenue ≤ $10m;
- total assets ≤ $10m;
- no. of employees ≤ 50.
When should a company be audited Singapore?
In Singapore, all companies are required to appoint an auditor within 3 months of its incorporation unless exempted from an audit. The audit exemptions applies for companies that falls under the “Small Company” or “Small Group” category.
What does SSA stand for?
The Social Security Administration (SSA) began life as the Social Security Board (SSB).
What mean SSA?
The Social Security Administration
Program Description. The Social Security Administration (SSA) administers two programs that provide benefits based on disability: the Social Security disability insurance program (title II of the Social Security Act (Act)) and the Supplemental Security Income (SSI) program (title XVI of the Act).
How often are process audits carried out in SSA?
Audits usually are to be made annually, but not less frequently than every two years.
Is Singapore FRS same as IFRS?
All Singapore-incorporated companies listed on the Singapore Exchange are required to apply a new Singapore financial reporting framework that is identical to the IFRS for annual periods beginning on or after 1 January 2018.
Does Singapore follow GAAP?
Specifically, foreign companies whose equity securities have a primary listing in Singapore are required to apply SFRS, IFRS Standards, or US GAAP, while those with a secondary listing are required only to reconcile their financial statements to SFRS, IFRS Standards or US GAAP.
What are the 3 main types of audits?
What Is an Audit?
- There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits.
- External audits are commonly performed by Certified Public Accounting (CPA) firms and result in an auditor’s opinion which is included in the audit report.
What are the 4 types of audits?
Four Different Types of Auditor Opinions
- Unqualified opinion-clean report.
- Qualified opinion-qualified report.
- Disclaimer of opinion-disclaimer report.
- Adverse opinion-adverse audit report.
What is INTOSAI p12?
INTOSAI-P – 12 – The Value and Benefits of Supreme Audit Institutions – making a difference to the lives of citizens. Home> The Value and Benefits of Supreme Audit Institutions – making a difference to the lives of citizens.
What is the purpose of issai 200?
FINANCIAL AUDITING
ISSAI 200 provides the fundamental principles for an audit of financial statements prepared in accordance with a financial reporting framework.
Which companies are not required to be audited?
All companies that are not required to have audited financial statements must have their financial statements independently reviewed (with the exception of companies where all the shareholders are also directors and therefore are not required to obtain an audit or a review).
Who needs to get audited?
As per section 44AB, following persons are compulsorily required to get their accounts audited : A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore.
What companies need to be audited Singapore?
Which company is required to be audited?
As per Companies Act, 2013, every company, irrespective of its sales turnover or nature of business or capital must have its book of accounts audited each financial year.
What does the SSA do today?
Social Security administers the Supplemental Security Income (SSI) program, which pays monthly benefits to people with limited income and resources who are disabled, blind, or age 65 or older. Blind or disabled children may also get SSI.
What is a SSA check?
It provides monthly payments to meet basic needs for food, clothing, and shelter. The base monthly federal amount varies depending on your living arrangement and countable income. Not everyone gets the same amount. You may get more if you live in a state that adds money to the federal SSI payment.