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ACRA published its 16th Practice Monitoring Programme’s public report in October 2022. 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.
Lapses in acceptance and continuance (“A&C”) process
• Client engagement risk classification
Engagement failings
• Revenue recognition at a point at a point of time vs over time
• Revenue recognition: measuring progress towards completion
• Expected credit loss allowance for trade receivables
• Construction contracts:
o Percentage of completion method
o Provision for foreseeable losses
o Provision for liquidated damages
• Value in use – discounted cash flow for impairment test
• Going concern assessment
o Assessment of financial support
• Audit report
o Incomplete audit report
o Inadequate evidence to support audit opinion
o Inappropriate disclaimer of opinion
• Reliance on component auditor
• Reliance on work of expert
o Inadequate evaluation of method and assumptions by expert
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).
• Have a deeper understanding of the deficiencies identified in audit engagements
• Learn how to avoid these deficiencies in your audit engagements
• Audit Professionals in Public Accounting Firms
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).
This is a face-to-face event to be conducted on 13 January 2023. ACCA members will enjoy the members' fee of $374.00 (before prevailing GST rate). Kindly key in the promo code "ACCA23" during registration. You will be requested to furnish your ACCA membership number upon receipt of our confirmation.
