ACRA’s 2024 PMP Findings: A Deeper Look at the Deficiencies and Practical Steps you can take to Avoid these Pitfalls

Description

This is a hybrid session. You have the option to attend this live in-person or online via Zoom. Please select accordingly at registration.

In the 2024 Practice Monitoring Programme (PMP) Report, the top inspection findings consistently indicate recurring audit quality issues on:

• accounting estimates,
• auditor’s report and
• group audits.

In addition, there are two emerging audit quality themes, namely:

• fraud risk assessment and
• business combinations

This timely workshop will use practical examples to illustrate some of deficiencies and the lessons to be learnt.

Programme Outline

• Valuation of investments that are measured at fair value - unquoted investments, investment properties
• Fraud risk assessments –
• significant transactions that are outside the normal course of business
• leverage on data analytics to identify unusual transactions or unexpected fluctuations in large datasets
• Business Combinations – Recognition and measurement of goodwill or gain from bargain purchase
• Evaluate whether the transaction qualifies as a business acquisition
• Determine the acquisition date
• Determine consideration transferred and other contingent considerations
• Audit evidence on the identifiable intangible assets acquired, such as customer relationship and brand name, which were not previously recognised in the acquiree’s financial statements
• Audit evidence on the material assets acquired and liabilities assumed to ascertain the fair value of identifiable net assets of the acquiree
• Group audit:
• Communicate clearly in the group auditor’s instructions to the component auditors, such as the scope of work and audit procedures to address the identified risks of material misstatement
• Evaluate whether sufficient appropriate audit evidence has been obtained by the component auditors and retained in the group audit file (e.g. reporting deliverables, meeting minutes, file review memorandums)
• Non-consolidation of subsidiaries:
• Assess whether the misstatements arising from non-consolidation are material and/or pervasive to the financial statements.

Case studies will used to illustrate the engagement deficiencies, and practical pointers will be shared on how you can avoid these pitfalls.

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

What you will learn

• Have a deeper understanding of the deficiencies identified in audit engagement
• Learn how to avoid the these deficiencies in your audit engagement

Target Audience

• Audit Professionals in Public Accounting Firms

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).