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  • Writer's pictureThomas Tsang

New ACRA Code

The new Accountants Act effective on 1 March 2021. One area regarding Tax calculations for the purpose of preparing accounting entrie.


section 604.5 A1

Preparing calculations of current and deferred tax liabilities (or assets) for an audit client for the purpose of preparing accounting entries that will be subsequently audited by the firm creates a self-review threats.


safeguards for not a public interest entities

a) using professionals who are not audit team members to perform the service; and

b) having an appropriate reviewer who was not involved in providing the service review the audit work or service performed.


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