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Description
“Failing to Plan is Planning to Fail”. Given the current economic uncertainty, planning an audit of financial statements with an understanding of the risks of the companies is critical. To identify and assess the risks of material misstatements of the financial statements, whether due to fraud or error, you need to have a proper understanding of your client’s business. This is important as it allows you to design and perform appropriate audit procedures to respond to those risks and obtain sufficient appropriate audit evidence to provide a basis of opinion.
This programme is designed specifically to give Auditors valuable insights on the appropriate procedures and actions to be taken when planning an audit assignment. Drawing from his vast audit experience, the Trainer will also share practical tips on how to avoid the common pitfalls during audit planning.
Programme Outline
- Introduction
- Fundamental concepts in Audit Planning
- The necessity of checking opening balances for new assignments
- Why it is critical to assess Audit Risks during Audit Planning?
- Importance of Audit Documentation & Audit Evidence
- What should be mentioned in the Engagement Letter?
- Audit of Key Areas: Assertions, Findings & Conclusions
- Complying with SSA240 The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements
- Getting an insight into how frauds may be committed
- Wrapping up the audit exit meeting with clients and reporting (management letter and audit report)
- Brief Overview of Ethics Pronouncement 200 –Anti-money Laundering & Countering Financing of Terrorism
- Audit Planning vs Performance Materiality ( by looking at different case studies )
- Analytical Audit Procedures
- Audit Sampling
- Accounting Estimates
This workshop qualifies for 7.0 CPE hours in Auditing Standards, Pronouncements and Methodology (Category 3).
What you will learn
At the end of this workshop, you will:
- Have a practical understanding of the common issues faced when planning an audit assignment
- Learn what the common pitfalls are in audit planning, and how to avoid or address them
Target Audience
Audit Partners, Managers & Seniors
Expert Speaker
Yeo Ek Khuan
Qualified as a Chartered Accountant with Arthur Young & Co, Australia, Ek Khuan continued his career with Foo Kon Tan Grant Thornton in Singapore, and then with BDO Singapore where he recently retired as a Senior Partner.
Ek Khuan was the Assistant Honorary Treasurer of the Association of Small & Medium Enterprises (ASME), and had represented ASME as a member of the Accounting Standards Council ( ASC ). He was a panel member of the Tax Feed Group of The Inland Revenue Authority of Singapore (IRAS) , and had served on many committees of The Institute of Chartered Accountants of Singapore, such as the Auditing Standards Committee and the Structured Practical Audit Training Committee.
Ek Khuan enjoys sharing his expertise and experience with fellow Audit Professionals in seminars and workshops, and currently lectures in Auditing as an Adjunct Faculty at The Singapore Institute of Technology (SIT).