ACCA–Wolters Kluwer Joint Event – Audit Completion: Tackling Key Issues and Addressing Common Audit Deficiencies

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Description

The audit completion stage is critical, and one of the keys to successful completion is to plan for it right from the start of the audit and for someone to take ownership for driving the completion process. Inadequate audit planning can lead to inappropriate completion and documentation of the audit assignment, which in turn can create some unpleasant and unwanted consequences. It can turn the audit into a frustrating and demoralising experience for all concerned and lead to an unhappy client, resulting in a negative impact on quality and profitability.

The engagement partner will need to conclude that sufficient and appropriate audit evidence have been obtained in all material aspects to support the audit opinion, based on the work performed by the audit team.

Drawing from his vast audit experience, the Trainer will share on how technical issues should be documented and how to arrive at the appropriate conclusions on files to support the issue of a signed audit report. Common audit deficiencies in this area will also be addressed.

Programme Outline

• An in-depth look at the key requirements during Audit Completion:
• Post Balance Sheet Review
• Management Representation Letter
• Going Concern and gathering Evidence and the appropriate documentation to draw a conclusion of going concern situation
• Additional guidance on analytical review upon completion of field work in an audit – how is it different from the preliminary analytical review at the planning stage
• Justification Of Audit Opinion: Clean or Modified
• Audit Of Group Financial Statements (including the Work of The Component Auditors)
• Tips For Preparing a Better Set of Financial Statements: Common Areas of Non-Compliance
• Questions and Answers

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 :

• Have a practical understanding of how technical issues are documented
• Learn how to arrive at appropriate conclusions on files to support the issue of a signed audit report
• Be more alert to the potential pitfalls when completing your audit assignment
• Pick up simple but good techniques on documenting technical memos for audit qualifications and going concern matters

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.