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ACRA published its 14th Practice Monitoring Programme ( PMP ) report in October 2020. The report highlights common audit deficiencies noted during engagement inspections, including the following broad themes:

(i) Accounting estimates, including fair value measurement;
(ii) Group audits;
(iii) Revenue recognition;
(iv) Audit reports

Additionally, ACRA published its 2020 Report from the Financial Reporting Surveillance Programme ( FRSP ) which highlights several financial reporting deficiencies, including deficiencies in determining control in a business combination, interaction between provision and revenue recognition, and errors in directors’ statement.

Programme Outline

This timely and practical workshop will draw issues and learning points from the audit deficiencies identified in the PMP report and the FRSP Report, including:

Accounting estimates

  1. Expected credit loss for receivables
  2. Impairment for investment in subsidiaries, associates and joint ventures
  3. Construction contracts – revenue recognition over time
  4. Impairment for goodwill
  5. Inventories - provision of slow-moving/obsolete inventories

Group audits

  1. Inadequate work performed to obtain sufficient appropriate audit evidence regarding the component auditor’s work over the financial information of significant components of the group

Revenue recognition

  1. Failure to sufficiently understand the terms and conditions of contracts/arrangements and the impact on the accounting of revenue
  2. Failure to perform adequate/effective cut-off procedures to determine whether revenue was recorded in the appropriate period; and
  3. Failure to adequately design and perform audit procedures to respond to the risk of fraud related to revenue recognition

Auditors’ reports

  1. Omission to opine on the group financial statement for a consolidated set of accounts
  2. Basis for opinion paragraph being unclear such that the users of the financial statements might not understand how the auditor’s conclusion was reached
  3. Inappropriate type of opinion issued

Consolidated financial statements

  1. Determination of control in business combination

This workshop qualifies for 3 CPE hours in Financial Reporting Standards and Pronouncements (Category 1) and 4 CPE hours in Auditing Standards, Pronouncements and Methodology (Category 3).

Target Audience

Accountants and Auditors who would like to understand and avoid the common errors highlighted in the key areas of concerns in the PMP and FRSP Reports

Expert Speaker

Chee Hay Kheong Daniel

Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 15 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with MNCs, managing their operations in Singapore and Asia.

Daniel is a highly sought-after seminar trainer, and is currently an Adjunct Professor in the School of Business, Singapore University of Social Sciences. Prior to this, he was an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He served as a committee member of both the IT Committee and the Examination Committee of ISCA, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).  

This is a Face-to-Face event to be conducted on 13 April 2021.

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