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An audit fieldwork undertaken by the audit team can be demanding and challenging, and often requires practical knowledge and experience to succeed.  This highly practical workshop is specifically designed to equip audit professionals with the knowledge and skills to perform their audit tasks in the areas of revenue, prepayment and payroll. Practical cases and examples will be used to demonstrate direct application in real life.

Programme Outline

Risk assessment of revenue recognition

  • Understand the client’s sales process
    • How customers place orders
    • How customers are recorded
    • Delivery of goods or services
  • Understand the client’s process of generating sales invoices and recording sales invoices
  • Identify from the client’s sales process the timing when revenue is earned (in according with FRS 115 – Revenue from Contracts with Customers)
  • Compare the timing when revenue is earned and the timing when revenue is recorded in the accounting ledgers.
  • Identify the gap the between the timing of revenue is earned and the timing revenue is recorded, i.e. cutoff error.
  • Design audit procedures to identify the above cutoff errors.

Auditing Prepayment

  • Evaluating the nature of prepayment
    • What did the company make prepayment for
    • Does it make business sense to make such prepayment
  • Documenting the prepayment
  • How is prepayment recorded through the accounting system
  • Amortisation of prepayment
  • What happened after prepayment is made
  • How accounting system record the usage of the prepayment
  • How to audit the amortisation of the prepayment

Auditing payroll
Substantive procedures to:

  • Confirm employees in the payroll are bona fide
  • Confirm all employees are included in the payroll
  • Confirm gross pay is accurate
  • Confirm CPF – employees’ deduction is accurate
  • Confirm CPF – employers’ contribution is accurate
  • Confirm CPF is paid to CPF Board
  • Confirm the payroll costs are correctly posted to different accounts:
    • Payroll expenses
    • Inventory
    • Property, plant and equipment
    • Intangible assets
    • Research expenses

Practical cases will be used to illustrate the various concepts.

This workshop qualifies for 7 CPE hours in Auditing Standards, Pronouncements and Methodology (Category 3).

Target Audience

  • Audit assistants and audit seniors
  • Audit professionals directing, supervising and reviewing the work of the audit team
  • Auditors who would like to have practical knowledge or refresher in the audit of revenue, prepayment and payroll.

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 13 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. He was an Adjunct Professor in the School of Business, Singapore University of Social Sciences and 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).

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Our webinars operate on a 'one-connection-one-fee' basis, so you can have your whole team participate together in a boardroom setting for one cost effective price, using one registered log-in connection. The registered attendee will receive a CPD certificate.


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