ACCA – Wolters Kluwer Joint Event: Audit Issues Relating to FRS 115 Revenue from Contracts with Customers

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Description

FRS 115/SFRS(I) 15 Revenue From Contracts With Customers changes the way revenue is being recognised. The implications on audit includes evaluating the entity’s accounting policy, understanding the entity’s accounting system and control, assessing audit risk and designing audit procedures.

The workshop aims to share the common issues in auditing an entity’s transition to the new revenue accounting requirements.

Programme Outline

• Audit risk assessment
• Entity management’s review of existing contracts with customers and categorisation of these contracts by different performance obligations, recognition and measurement criteria.
• Evaluating the appropriateness of recognising revenue at a point time or over time.
• Evaluating the appropriateness of the input method or output method adopted to recognise revenue over time.
• Understanding the changes to accounting and control procedures by the entity in revenue recognition, including the handling of sales return and discount.
• Test of details of transactions
• Completeness assertion
• Occurrence assertion
• Accuracy assertion
• Cut-off assertion
• Adjustments
• It is likely that some entity may not have made significant changes to their accounting and control systems. The entity management may have considered using year end adjustment entries to bring the revenue recognised in line with FRS 115/SFRS(I) 15.
• Reviewing the adequacy of disclosure

Cases will be used to illustrate the above issues.

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

Target Audience

Auditors who would like to have a practical understanding on the Audit of FRS 115.

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).