CCH Learning SEA

Audit Series 2024: A Deeper Look at some Audit Hot Spots
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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.

This timely and practical workshop will take a deeper look at critical audit issues, and share how auditors can navigate them through the upcoming audit peak season.

Programme Outline

Risk assessment

  • Difference between the risks of material misstatement at the financial statements level and the risks of material misstatement at the assertion level
  • Linkage between the risks of material misstatement at the financial statements level and the risks of material misstatement at the assertion level
  • Identifying and assessing the risks of material misstatement at the financial statements level
  • Developing response to the risks of material misstatement at the financial statements level
  • Presumed fraud risk in revenue recognition: assessment and rebuttal
  • What are significant risks
  • Controls that are required to be identified:
    • Controls that address significant risks
    • Controls that address the risks of material misstatement at the assertion level
    • Controls over journal entries

Sampling

  • Determine sample size for test of controls
  • Evaluating deviations from test of controls
  • Determining sample size for test of details
  • Selecting confidence factors
  • Calculating sampling risk factor
  • Calculating performance materiality
  • Projecting sample misstatements

Audit procedures – subsequent events

  • Review of minutes and statutory records
  • Enquiry of management
  • Review of subsequent payment
  • Review of supplier invoices received after year end
  • Review of cash book transactions subsequent to year end
  • Review of journal entries
  • Review of significant contracts entered after year end
  • Review of post year end professional fee expense accounts

Related party relationships and related party transactions

  • Challenges in identifying related party relationships and related party transactions
  • Exercising professional skepticism in the audit of related party transactions

Cases

The following cases will be used to illustrate the practical application of the audit procedures:

  • FTX
  • Theranos
  • Tee International

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

What you will learn

  • Have a deeper understanding on the critical issues that may arise in your audit assignment
  • Learn how to navigate through the audit hot spots

Target Audience

  • Audit Professionals

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.

  • Mar 12
    • $588.60 incl. GST
    Tue, 9:00 AM - Tue, 5:00 PM Singapore 7.0 CPE Hours
    • $588.60 incl. GST
    • PD hours: 7

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