ACCA – Wolters Kluwer Joint Event – ACRA’s 2021 PMP Findings: A Deeper Look at the Deficiencies and Practical Steps You can take to Avoid these Pitfalls

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Description

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ACRA published its 15th Practice Monitoring Programme’s public report in October 2021. Several common firm-wide deficiencies and deficiencies in audit engagement have been identified. This timely workshop discusses these deficiencies in depth and extract lessons to be learnt to avoid the same deficiencies in future audit engagement.

Programme Outline

Violation of independence requirements

• Non-compliances with firm’s independence policies
• Inaccurate/incomplete or untimely independence declarations
• Inadequate independence testing

Lapses in acceptance and continuance (“A&C”) process

• Client engagement risk classification

Engagement failings

• Allowance for inventory obsolescence
• Expected credit loss allowance for trade receivables
• Construction contracts:
• Percentage of completion method
• Provision for foreseeable losses
• Provision for liquidated damages
• Value in use – discounted cash flow for impairment test
• Going concern assessment
• Assessment of financial support
• Outcome of loan restructuring
• Evaluating cash flow forecast
• Audit report
• Not identifying all the components of financial statements
• Non-consolidation
• Inadequate “Basis for Modified Opinion” section

Case studies will used to illustrate the engagement deficiencies, and practical pointers will be shared on how you can avoid these pitfalls.

This workshop qualifies for 7.0 CPE hours in Auditing Standards, Pronouncements and Methodology (Category 3).

Target Audience

Audit Professionals in Public Accounting Firms

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. 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).