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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.
Revenue recognition and inventory provision have consistently been identified as areas where audit procedures could be improved.
Lessee accounting for leases is also a difficult area for auditors, particularly due to determination of whether there is a lease and the determination of lease term.
This workshop will cover and clarify the challenging issues faced and the audit procedures to be performed.
Programme Outline
- Does the audit client’s revenue contract contain one performance obligation or multiple performance obligations?
- What evidence is needed over the allocation of contract price to different performance obligations?
- How to evaluate whether the performance obligation should be recognised at a point time or over time?
- How to evaluate the appropriateness of the method used by the audit client in recognising revenue over time?
- How to evaluate the provision matrix used by audit clients in estimating the provision of obsolete inventory?
- How to evaluate whether audit client’s contract contains a lease or not?
- How to evaluate audit client’s basis for concluding there is no identifiable asset or there is no control and thus there is no lease?
This workshop qualifies for 7.0 CPE hours in Auditing Standards, Pronouncements and Methodology (Category 3).
What you will learn
- Understand the practical issues arising when auditing Revenue, Inventory Provision and Leases by Lessees
- Learn what are the audit procedures to be performed when auditing these areas
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).
This is a hybrid session. You have the option to attend this live in-person or online via Zoom. Please select accordingly at registration.