ACCA-Wolters Kluwer Joint Event: Readiness Assessment for SSQM 1

Description

The Singapore Standard on Quality Management (SSQM) 1, a more proactive and iterative standard to achieving audit quality, has replaced SSQC 1 on 15 December 2022. By now, the SSQM champion team in a firm must be aware of these quality management standards and actions are needed to ensure the requirements are met by the effective date.

There are two ends of the implementation spectrum. At one end are those firms that are well down the path in designing and implementing, and at other end are those firms that have yet to start even thinking about how they are going to implement the requirements of the standard. From our conversations with most practitioners, firms are somewhere in between.

This programme is intended to provide practical tips to the Small and Medium Practices (SMPs) on implementation and provide guidance on implementation matters so that you can move closer to the “readiness” end of the spectrum and in performing readiness assessment exercise on the quality management practices and procedures in accordance with the requirements of SSQM 1.

This programme seeks to help you to:

• Gain a proper foundation for better audit quality in an engagement
• Understand the stages in the implementation of ISQM 1 and the challenges
• Enhance your firm’s quality management (at the firm and engagement levels) and readiness assessment while recognising the use of technology and other network resources
• Create a robust framework for auditors to exercise more professional scepticism and better professional judgement as part of their audit methodology

Programme Outline

Overview and Revisiting SSQM 1

Stages in the implementation of SSQM 1 and the challenges

Readiness Assessment of SSQM 1 at Firm Level and Engagement Level

• Readiness assessment checklist
• The Firm’s Risk Assessment Process
• Governance and Leadership
• Relevant Ethical Requirement
• Acceptance and Continuance of Client Relationships
• Resources
• Engagement Performance
• Information and Communication
• Monitoring and Remediation Process
• Specific Responses
• Evaluating the System of Quality Management
• (Not a component) ISQM 2 - Engagement Quality Reviews (EQR)

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

What you will learn

• Understand the key components in the new International Standards on Quality Management (the new ISQM standards), the objective of ISQM 1, the key principles and terminology contained in the new ISQM standards
• Apply a risk-based approach in implementing an effective system of quality management (SOQM), with guidance and illustrative toolkit and templates
• Identify the applicable risk areas of the standards, apply the process to assess quality risks and construct responses to quality risks to achieve high standards of audit quality for your firm and its engagements
• Correctly Implement the firm’s own system of quality management (SOQM) that comply with the new ISQM standards
• Confidently apply the monitoring and remediation process in the firm’s SOQM
• Apply the process of evaluation and reassessment of quality risks and response

Target Audience

• Audit Professionals and SSQM Champion Teams

Expert Speaker

Luar Eng Hwa

Mr Luar has more than 40 years of working experience in areas concerning audit and assurances, fraud examination and investigation, accounting, corporate secretarial and advisory as well as tax compliance and advisory services for international and local businesses. As a business consultant, he renders advisory to corporations and assists them in their preparation for IPO, and is active in corporate restructuring, investment decisions, due diligence and perform feasibility studies for companies resulting from his client's business expansion.

Mr Luar started his professional career since 1983 and thereafter with several medium-sized local accounting practices, handling a mixed portfolio of clients on advisory services, assurance services and tax advisory & compliance. He is the Founder of E H Luar & Co, an accounting firm established in 1999 that delivers a full range of professional services tailored to the needs of both private sector business and public interest entities.

Mr Luar has acted as an Audit Committee Chairman and Advisor to a Large Charity, Independent Director of several privately-owned fund-investments companies listed in overseas stock exchange.

Mr Luar is a Public Accountant and a Fellow Chartered Accountants of Singapore, a Fellow Chartered Certified Accountants in UK, and a Fellow CPA (Australia). He holds a practising certificate as a Certified Fraud Examiner since March 2000, and is an Accredited Tax Advisor (Income Tax & GST). He is also a member in the Singapore Institute of Arbitrators and the Singapore Institute of Directors.