Auditing Updates 2023

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.

The in-person session on 11th December will be conducted at:
Singapore Marriott Tang Plaza Hotel
(Legacy Suite, Level 2)
320 Orchard Road
Singapore 238865

This practical and timely workshop provides you with a salient update on the recent and upcoming changes in Singapore Standards on Auditing (SSA), Singapore’s Audit Guidance Statement (AGS) and Singapore Standards on Related Services (SSRA).

Programme Outline

Amendments to FRS 1 and FRS Practice Statement 2: Disclosure of Accounting Policies – Implications on Auditor’s Report (SSA 700 and SSA 705)

• Amendment to FRS 1 in relation to disclosure of accounting policies
• Implications on auditor’s report

ISCA Technical Bulletin Technical Bulletin 1: Addressing Climate-Related Risks in Financial Statements and Audits of such Financial Statements

• What are climate-related risks?
• Which entities may be most affected?
• What are management’s responsibilities?
• What are the auditor’s responsibilities?
• Climate-related Risks – Illustrative Example
• Accounting and Auditing Considerations

SSA 315 (Revised 2021) - Identifying and Assessing the Risks of Material Misstatement

• SSA 315 (Revised 2021) deals with the auditor’s responsibility to identify and assess the risks of material misstatement in the financial statements. The amendments, which include enhancing the application of professional scepticism in audits, encourage a more robust risk assessment and thereby more focused responses to identified risks. Effective for audits of financial statements for periods beginning on or after 15 December 2021.

Quality Management Standards at the Firm and Engagement Level, including Engagement Quality Reviews

• ISCA issues three interrelated standards that address quality management, namely:
• Singapore Standard on Quality Management (SSQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements (previously SSQC 1)
• SSQM 2, Engagement Quality Reviews
• Singapore Standard on Auditing (SSA) 220 (Revised), Quality Management for an Audit of Financial Statements.

SSA 600 (Revised) Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors) (Updated in March 2023)

• Effective for audits of group financial statements for periods beginning on or after December 15, 2023
• Key changes
• Proactive risk-based approach to the audit of groups
• Clarification on how the requirements in SSA 220 (Revised) apply to group audits
• Removal of the definition of “significant components”
• Revised definition of a component.
• Further clarification on scope and the application of the standard to branches and divisions, shared service centres and non-controlled entities.

Practical cases will be used to illustrate the applications and implications of the changes and updates.

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

What you will learn

• Stay updated on the recent and upcoming changes in Singapore Standards on Auditing (SSA), Singapore’s Audit Guidance Statement (AGS) and Singapore Standards on Related Services (SSRA).
• Learn how these changes and updates impact your audit engagements

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).