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ISCA Issues New COVID-19 Technical FAQs

Uncertainties brought about by COVID-19 on Singapore’s businesses have implications on going concern assessments and potentially increases the risk of financial reporting fraud. Remote working arrangements due to Singapore’s circuit breaker measures also have an impact on the operation of internal controls. The new FAQs issued provide guidance on the audit considerations over these areas, as well as on engagement administration matters such as archiving audit files during Singapore’s circuit breaker period and signing auditor’s report electronically.

New FAQs will continue to be issued to address challenges arising from the evolving COVID-19 situation.