Description

This is a hybrid session. You have the option to attend this live in-person or online via zoom. Please select accordingly at registration.

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 trade receivables, trade payables, cash at bank and property, plant and equipment. Practical cases and examples will be used to demonstrate direct application in real life.

Programme Outline

General – types of external confirmation

• Positive confirmation
• Negative confirmation
• Confirming balances
• Blank confirmation
• Requesting for information

Trade receivables

• Selecting trade receivables for external confirmation
• Information to be included in external confirmation requests
• Reconciliation between external confirmation’s replies and ledger balances
• Alternative procedures for non-replies

Trade payables

• Selecting trade payables for external confirmation
• Information to be included in external confirmation requests
• Reconciliation between external confirmation’s replies and ledger balances
• Alternative procedures for non-replies

Cash at Bank

• Information to be included in external confirmation requests
• Audit procedures on bank reconciliation
• Items expected to be in the bank reconciliation
• Items not expected to be in the bank reconciliation
• Cross referencing the reconciling items in bank reconciliation to the reconciling items in the reconciliations of trade receivables and trade payables

Property, plant and equipment (PPE)

• Agreeing fixed assets listing to fixed assets register
• Audit procedures on new additions:
• Cost
• Rights
• Existence
• Audit procedures on disposal:
• Sales proceeds
• Profit or loss on disposal
• Audit procedures on depreciation
• Evaluating depreciation methods used
• Evaluating useful life estimates
• Recalculate depreciation charge

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 Trade Receivables & Payables, Cash at Bank and PPE

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).