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Audit And Assurance: Principles And Practices In Singapore 3rd Edition


Audit and Assurance – Principles and Practices in Singapore (3rd Edition) is the definitive and practical guide to conducting audits in Singapore.

It is written by Dr Ernest Kan, a long-time and current audit practitioner with over 30 years of professional experience in financial reporting, audits of financial reports and corporate governance. Dr Kan’s experience spans several national and multinational private sector companies in diverse industries and includes Singapore statutory boards. This book distills his extensive experience into a highly practical guide giving sound advice on audit principles and useful references for both auditors and students.

The 2013 edition of Audit and Assurance – Principles and Practices in Singapore is up-to-date with the prevailing rules, regulations, as well as auditing and assurance standards relevant to the audit profession. In this third edition of the book, more examples and illustrations have been added and three new chapters to provide guidance in the area of quality control, group audits and audit of investments.

This edition also incorporates valuable input from the Technical Knowledge Centre and Quality Assurance Division of the ICPAS (Institute of Certified Public Accountants of Singapore).

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Audit and Assurance: Principles and Practices in Singapore 5th Edition


Audit and Assurance: Principles and Practices in Singapore, 5th Edition serves as an ideal reference for audit professionals, financial readers, and students based on the auditing and assurance standards issued by the Institute of Singapore Chartered Accountants (ISCA), which are closely aligned to the international standards issued by the International Auditing and Assurance Standards Board (IAASB).

The book is a useful guide to keep abreast of changes in Singapore’s corporate regulations and auditing standards, trends in corporate governance, and technological developments impacting audit.

Key Features

This new edition of is updated based on the prevailing rules, regulations as well as the auditing and assurance standards and statements relevant to the audit profession, including:

Use of data analytics in audit (brand new chapter)
Future of audit, where audit and the profession need to evolve to adapt to the ever-changing IT and business landscapes including SMP digitisation and in time of a pandemic like COVID-19
Updates on Professional Ethics and Codes of Conduct including ISCA Code, AML Code and AQI disclosure
Changes made to SSA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, SSA 250 Consideration of Laws and Regulations in the Audit of Financial Statements and SSA 540 Auditing Accounting Estimates and Related Disclosures
Proposed changes made to SSA 315 (Revised 2021), Identifying and Assessing the Risks of Material Misstatement and Conforming and Consequential Amendments to Other Singapore Standards arising from SSA 315 (Revised 2021)


Dr Ernest Kan, a former ISCA President (2009 -2014), is the first ISCA member to be appointed to ICAEW’s Council in June 2021. Dr Kan was the Deputy Managing Partner (Markets) of Deloitte Singapore. As a Head of the Global IFRS & Offerings Services in Deloitte Southeast Asia and Singapore, Dr Kan has been involved in the financial audit, Initial Public Offerings and consultancy of national and multi-national companies in diverse sectors. He has conducted several acquisitions and due diligence reviews of companies in China, Hong Kong, Taiwan and ASEAN on behalf of Singapore companies. He was also SGX Chief Advisor (Capital Markets China).

Being a Financial Advisor to several companies with operations in the Asia Pacific region including China, Taiwan, Hong Kong and ASEAN, Dr Kan advised on reorganisation and restructuring and public listing on the Singapore Exchange, including IPO of mega REIT and Business Trust.

He is appointed Justice of the Peace by the President of the Republic of Singapore since September 2015. On the international front, Dr Kan is former Board member of the International Federation of Accountants (IFAC) and former Council member of the ASEAN Federation of Accountants (AFA).