Why rule 10 matters
PMP under Part V, sections 32–38, of the Accountants Act assesses whether public-accountancy services comply with prescribed standards, methods, procedures and requirements. Rule 10 requires compliance with auditing standards and professional or technical pronouncements issued or adopted by PAOC. Failure to comply means failure of PMP. The source defines services as audit/reporting on financial statements and other acts written law reserves to a public accountant.
SSAs may be used for all audits
PAOC adopts ISCA’s Singapore Standards on Auditing, which the footnote says may be applied for all audits. The direction explains that SSAs are adopted from and largely similar to ISAs. Similarity is the rationale for a specified ISA alternative, not unrestricted substitution in every engagement.
ISAs: two permitted listing categories
International Standards on Auditing, attributed in the source to IFAC, are adopted for audits of local entities listed overseas and foreign entities listed in Singapore. A foreign entity is incorporated or otherwise established outside Singapore. The cross-border capital-market explanation does not extend ISA eligibility to every foreign-owned local entity.
Historical applicability
Issued on 28 August 2018 with immediate effect and updated as of 1 July 2023, the PDF is expressly headed for ongoing audits and inspections conducted before 1 July 2023. That limitation must remain visible; this article does not relabel it as an undated standard for all current inspections.
Official source
This article independently explains the substantive contents of the official PDF, including the relevant conditions, procedures and annexes. The linked document remains the authoritative source for its original wording, and later changes should be checked separately.
Read the official PDF ↗