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Description
ACRA has noted common observations from firm-level inspections. Whilst continuous efforts had been made by audit firms to improve on the number of lapses, ACRA still finds lapses in the final assembly of audit files.
Auditors are expected to look beyond the implementation as solely a matter of compliance with professional standards. All auditors should fully embrace the new suite of standards and take the opportunity to elevate the consistency and quality of your public accounting practices.
Non-compliance with the prescribed standards have been noted repeatedly. Such non-compliance can either be a deficiency in audit procedures or insufficient work performed to support the professional judgement such as accounting estimates applied by the auditors.
This timely and practical workshop is designed to address the common deficiencies and highlight areas of improvement to avoid the common mistakes.
Programme Outline
This workshop will highlight audit pitfalls in the auditing of financial statements through illustrative case studies. References will also be made to the pronouncements of ACRA and the publications of ISCA. Participants are also reminded of the requirements to constantly refer to the ISCA Audit Manual for Standalone Entities.
Significant Audit Areas of the Financial Statements:
- Property, Plant & Equipment
- Leases
- Equity Investments
- Inventories
- Projects or Contracts
- Cash & Bank balances
- Borrowings & Financial Liabilities
- Receivables & Reserve for Credit Losses [Doubtful Debts]
- Payables, Accruals & Provisions
- Deferred Tax Assets
- Capital & Reserves
- Income Statement –Transactions & Cut-offs
- Staff Costs & Directors’ Remuneration
This workshop qualifies for 7.0 CPE hours in Auditing Standards, Pronouncements and Methodology (Category 3).
What you will learn
By the end of the workshop, you will:
- Understand the audit deficiencies that are flagged out repeatedly
- Learn practical steps to address and correct the common mistakes and lapses
Target Audience
- Audit Professionals in Public Accounting Firms
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 has lectured as an Adjunct Faculty in NUS and SIT.