The Accounting, Auditing and Ethical Lessons Arising from the Collapse of FTX, Theranos and Wirecard

Description

The recent collapse of FTX, Theranos and Wirecard offers a rich pool of valuable lessons to be learnt in terms of corporate governance, internal controls, accounting, ethics and auditing. This practical and timely workshop will identify the pertinent accounting and auditing issues and red flags. The ethical issues surfaced will also be discussed.

Programme Outline

• The fraud scheme in FTX, Theranos and Wirecard
• Theranos research and development & FRS 38 Intangible Assets
• Wirecard misappropriation of cash and round tripping fraud & FRS 7 Statement of Cash Flows
• FTX’s misuse of customer funds & FRS 24 Related Party Disclosures
• Corporate governance deficiencies
• Internal control deficiencies
• Control environment
• Information systems
• Control activities
• Red flags
• Audit issues and possible improvements in audit procedures
• Sam Bankman-Fried’s ethical values

This workshop qualifies for :

• 2.0 CPE hours in Financial and Sustainability Reporting Standards and Pronouncements (Category 1);
• 2.0 CPE hours in Ethics and Professionalism (Category 2) ;and
• 3.0 CPE hours in Auditing Standards, Pronouncements and Methodology (Category 3).

What you will learn

• Understand the pertinent accounting and auditing issues that arise from the collapse of these corporations
• Understand the ethical issues arising from these corporate failures
• Understand the possible improvements in audit procedures that could be performed

Target Audience

• Directors and Senior Management
• Audit Committee Members
• Accountants
• CFOs and Finance Managers
• Audit Professionals
• Business Managers

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).