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Description

Besides deficiencies in audit performance, the most recent findings highlighted in the ACRA’s Practice Monitoring Programme (PMP) Report also offer insights on deficiencies in accounting and the preparation of financial statements.

The ACRA’s practice guidance issued highlighted the areas of accounting and financial statements to be reviewed by ACRA in the near future under the ACRA’s Financial Reporting Surveillance Programme (FRSP).

This practical workshop will cover learning points from the deficiencies and focus areas to identify pertinent accounting issues, the appropriate accounting treatment, and the appropriate audit procedures to be performed.

Programme Outline

  • Identification and disclosure of related party transactions, including the difference between related party transactions in accounting and interested person transactions in listing rules.
  • Common misstatements in estimating future cash flows for impairment assessment:
    • To include perpetuity projection or not
    • Discount rate for discounting estimated future cash flows
    • Assumptions on revenue, gross margin and growth
    • To perform sensitivity analysis or not
  • Construction contracts – the implications on variation orders
  • Revenue recognition of sales of spare parts and repair services
  • Treatment of borrowing costs that are incurred for properties that take a long time to construct
  • Expected credit loss and provision matrix for impairment testing of trade receivables
  • The audit of opening balances of a new audit engagement, including the audit opinion on opening balances and change in auditor

This workshop qualifies for 4 CPE hours in Financial Reporting Standards and Pronouncements (Category 1) and 3 CPE hours in Auditing Standards, Pronouncements and Methodology (Category 3).

Target Audience

Accountants and Auditors who would like to understand ACRA’s PMP and FRSP Findings, and learn how to avoid these pitfalls in their professional duties

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 13 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 multi-national corporations, managing their operations in Singapore and Asia.

Daniel is a highly sought-after seminar trainer, and is currently an Adjunct Professor in the School of Business, Singapore University of Social Sciences. Prior to this, he was 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).

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One-Connection-One-Fee

Our webinars operate on a 'one-connection-one-fee' basis, so you can have your whole team participate together in a boardroom setting for one cost effective price, using one registered log-in connection. The registered attendee will receive a CPD certificate.

Recordings

Like the topic but can’t make the time? Register for the Live Session and you’ll receive the Recording regardless! Recordings are provided for webinars with a duration of 3 hours and less.