The oversight of the audit profession: Supervising a supervisor

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General Auditing Standards. AS Independence.

Guide The oversight of the audit profession: Supervising a supervisor

AS Audit Risk. AS Audit Evidence. AS Supervision of the Audit Engagement. AS Using the Work of a Specialist.

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AS Audit Documentation. AS Engagement Quality Review. AS Communications with Audit Committees.

Audit Procedures. AS Audit Planning. AS Substantive Analytical Procedures. AS The Confirmation Process. AS Audit Sampling. AS Illegal Acts by Clients. AS Related Parties. AS Auditing Accounting Estimates. AS Auditing Inventories. If the application is unsuccessful, or if your AP is subjected to other orders such as prohibition from being an AP, or a restriction or suspension order, you and your AP should arrange for an alternative AP to ensure that you continue to obtain the necessary supervision.

However, the pupil will still be under the overall oversight of an audit principal who will be providing the declaration that the pupil has acquired the QAE independently and competently. The AP will make this declaration, after being reasonably satisfied that such declaration is true based on the particulars and records of QAE gained by the pupil under the direct supervision of other public accountants in the accounting entity.

Broadly, this category of firms would currently only apply to public accounting entities in the public interest entity PIE segment for which ACRA has conducted firm-level inspections. Upon receipt of the enquiry, ACRA will notify the public accounting entity on whether it has or has not met the requirements as such.


  1. Footnotes (AS 1201 - Supervision of the Audit Engagement):;
  2. Unschooling, Deschooling, Homeschooling, and Free Schools.
  3. Cinderella.....the Panto!;
  4. Silence of the Wings?

Pupils or aspiring pupils seeking to acquire qualifying audit experience in the firm may wish to ask their firm on whether it has met the requirements as such. I am a public accountant from a firm which has just implemented quality controls in accordance with the SSQC 1. ACRA does not carry out firm-level inspections at the request of firms. Should your firm be selected for a firm-level inspection, ACRA will notify your firm accordingly.

About the Transitional Arrangements If I apply to be a public accountant after 1 February under the new requirements, can I count the practical experience I have gained, before the announcement of the change, and before 1 February ? How is the new required practical experience different from the previously required practical experience? Under the previous rules, practical experience has to be acquired within 7 years of the application.

Will experience gained more than 5 years ago be recognised if I submit my application on or after 1 February ? The new requirements will apply if your application is received on or after 1 February , where only experience gained within the 5 years preceding the application may count towards meeting the requirements.

What are the requirements for a public accountant to be an AP? When and under which circumstances does a public accountant cease being an AP? The AP is subject to a hot review order and does not apply to the PAOC for consent to continue to be an AP 30 days after the order becomes effective 3.

The AP is subject to a hot review order and the PAOC refuses his or her application to continue to be an AP The date on which the PAOC informs the audit principal of its decision This is to ensure that the experience is gained in an environment in which audits are consistently performed in compliance with the Singapore Standards on Auditing. Do I, as an AP, have to directly supervise every pupil?

Supervision Received And Exercised

The public accountant s must however be the engagement partner s for the audit engagement in which the pupil has gained his or her experience. You should only do so, after being reasonably satisfied that such declaration is true based on the particulars and records of QAE gained by the pupil under the direct supervision of other public accountants in the accounting entity.

If your firm does not have such quality controls in place, you, as the AP would need to directly supervise the work of each pupil, subject to a maximum of 4 pupils at any point in time. The pupil should provide you records that you deem sufficient, for example the records of audit engagements kept by your audit firm. Do I have to ensure that the pupil is able to meet the total QAE requirement if there are other APs providing direct supervision to the pupil, or just the QAE gained under my direct supervision? You as the AP are only required to ensure that you duly sign-off on the period of experience which you have supervised the pupil for.

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  1. Accounting Supervisor LARPD Job Description.
  2. Audit Supervisor.
  3. Supervisory arrangements and supervision and control.
  4. Supervision of the Profession;

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