CCH Learning SEA

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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 30th January will be conducted at:
Singapore Marriott Tang Plaza Hotel
(Ballroom 3, Level 3)
320 Orchard Road
Singapore 238865

ACRA published its 17th Practice Monitoring Programme’s public report in November 2023. Several common firm-wide deficiencies and deficiencies in audit engagement have been identified. This timely workshop discusses these deficiencies in depth and extract lessons to be learnt to avoid the same deficiencies in future audit engagement.

Programme Outline

Engagement failings

  • Accounting estimates, including fair value measurements
    • The difference between market value and fair value
    • The difference between valuation based on current use and the highest and best use
  • Expected credit loss allowance for trade receivables
    • Inappropriate to use blindly use provision loss rates provided by parent company
  • Going concern assessment
    • Assessment of financial support – audit procedures to obtain evidence to verify intent and ability of financial support from parent company or an individual shareholder
    • Situations when management’s assessment of going concern should go beyond 12 months
    • Material uncertainty related to going concern – existence?
    • Close call
  • Non-consolidation of subsidiary
    • Misstatements or limitation
    • Material or immaterial
    • Pervasive or not pervasive
  • Group audit – new SSA 600 (Revised) requirements
  • Opening balances – audit procedures to be performed

Case studies will used to illustrate the engagement deficiencies, and practical pointers will be shared on how you can avoid these pitfalls.

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

What you will learn

  • Have a deeper understanding of the deficiencies identified in audit engagement
  • Learn how to avoid the these deficiencies in your audit engagement

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.

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