ACCA-Wolters Kluwer Joint Event: Planning and Finalisation of an Audit of Financial Statements

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Description

Knowledge of the auditing standards is key when performing an audit engagement. Even more important is an understanding of the practical application in performing an engagement.

In this workshop, audit process is discussed with detailed explanations of the practical requirements of the relevant auditing standards and how they fit into the audit process.

We will also discuss the changes to the revised risk assessment approach under SSA 315 (Revised 2021).

After this workshop, delegates should have a thorough practical understanding of the audit process, where each standard fits in, and how to document and comply with the requirements of the standards.

Programme Outline

This practical workshop explains how audit of financial statements can be planned and finalised effectively based on a choice methodology. The is designed to be suitable for an audit of financial statements for periods beginning on or after 15 December 2023.

The changes to Singapore Standards on Auditing (SSA) 315 introduces major changes in the approach to risk identification and assessment. This enhancement will affect the planning section of all audits and audit firms of all sizes will need to revise their audit approach to risk assessment.

During the finalisation stage, the auditor reviews the evidence obtained in the course of audit together with the final version of the financial statements, with the objective of forming an appropriate audit opinion. This workshop covers some of the key requirements that are relevant at the completion stage and explains the practical implications of these requirements.

The participants will be provided with some specimen templates regarding the planning and completion section. They will need to complete the audit using a choice methodology.

The following topics will be covered:

1. Introduction to Clarity Standards
2. The audit process and Fundamental Principles
3. Client acceptance and continuance
4. Planning activities
5. Audit execution
6. Completion and reporting
7. Practice and Quality Management

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

What you will learn

By the end of this workshop, participants should be able to plan and complete an audit engagement and ensure that an appropriate audit opinion is issued and supported by adequate and sufficient audit evidence. The following areas of concerns will be discussed:

• Analyze audit engagements to provide assurance on financial statements.
• Develop comprehensive audit plans based on client business, risk environment, and scope.
• Determine materiality and design appropriate audit procedures for reliable financial reporting.
• Apply statistical and non-statistical sampling methods to obtain relevant audit evidence.
• Coordinate and allocate tasks within an audit team for efficient engagement execution.
• Assess and manage audit risks through risk assessment and identification techniques.
• Evaluate internal controls, identify deficiencies, and perform tests to ensure their effectiveness.
• Perform substantive testing to verify the accuracy and completeness of account balances.
• Demonstrate ethical behavior, independence, objectivity, and confidentiality in auditing engagements.

Target Audience

• Audit Professionals in Public Accounting Firms

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.