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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.
The in-person session on 27th November will be conducted at:
Singapore Marriott Tang Plaza Hotel
(Ballroom 1, Level 3)
320 Orchard Road
Singapore 238865
The Auditor’s report on financial statements is a recurring area in the inspection failings reported by the ACRA’s Practice Monitoring Programme (PMP). Some of these deficiencies could be addressed by having a better understanding of the various requirements of Singapore Standards on Auditing (SSAs) on the Auditor’s Report.
Programme Outline
Unmodified Opinion
- What does an unmodified opinion mean?
- Under what conditions shall an unmodified opinion be issued?
- What are the requirements in an unmodified audit report for a company and for a group of companies?
Qualified Opinion
- What does a qualified opinion mean?
- Under what conditions shall a qualified opinion be issued?
- What would be considered an adequate Basis for Qualified Opinion explanation when a qualified opinion is issued?
Disclaimer of Opinion
- What does a disclaimer of opinion mean?
- Under what conditions shall a disclaimer of opinion be issued?
- What would be considered an adequate Basis for Disclaimer of Opinion explanation when a disclaimer of opinion is issued?
Adverse Opinion
- What does an adverse opinion mean?
- Under what conditions shall an adverse opinion be issued?
- What would be considered an adequate Basis for Adverse Opinion explanation when an adverse opinion is issued?
Other Information section
- What is the “Other Information” section of the audit report?
- “Other Information” section in relation to a listed company’s financial statements
- “Other Information” section in relation to a private company’s financial statements
- What are auditor’s responsibilities in relation to “Other Information”
Emphasis of Matter
- What is the “Emphasis of Matter” [EOM] section?
- Under what conditions shall the audit report include an EOM section?
Other Matter
- What is the “Other Matter” [OM] section of the audit report?
- Under what conditions shall the audit report include an OM section?
Material Uncertainty related to Going Concern
- What is the “material uncertainty related to going concern” [MUGC] section?
- Under what conditions shall the audit report include a MUGC section?
- What is considered a “close call” in relation to MUGC?
- What if the company is not a going concern?
How would issues in comparative figures affect auditor’s report
- Prior year’s issues continue to affect current year’s financial statements
- Prior year’s issues that do not affect current year’s financial statements
Subsequent events
- How would material subsequent events discovered after audit report date affect the audit report?
- Events after audit report date and before financial statements issue date
- Event after financial statements issue date
This workshop qualifies for 7.0 CPE hours in Auditing Standards, Pronouncements and Methodology (Category 3).
What you will learn
- Understand the Requirements set out in the Auditing Standards on the Auditor’s Report
- Avoid errors and omissions in the Auditor’s Reports flagged by ACRA
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.