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Preparing for Audit Completion: Pitfalls to look out for at the Final Hurdle

Expert Speaker Yeo Ek Khuan

$430.00 (including GST)

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Overview

The audit completion stage is of crucial importance. One of the keys to successful completion is to plan for it right from the start of the audit and for someone to take ownership for driving the completion process. Inadequate audit planning can lead to inappropriate completion and documentation of the audit assignment, which in turn can create some unpleasant and unwanted consequences. It can turn the audit into a frustrating and demoralising experience for all concerned and lead to an unhappy client, resulting in a negative impact on quality and profitability.

The engagement partner will need to conclude that sufficient and appropriate audit evidences have been obtained in all material aspects to support the audit opinion, based on the work performed by the audit team. Drawing from his vast audit experience, the Trainer will share on how technical issues should be documented and how to arrive at the appropriate conclusions on files to support the issue of a signed audit report.

This programme is part of the Professional Skills Series, designed specifically to help Audit Partners, Managers and Seniors improve audit documentation during audit completion.

What You Will Learn

At the end of this workshop, you will:

  • Have a practical understanding of how technical issues are documented
  • Learn simple but good techniques on documenting technical memos for audit qualifications and/or going concern matters.
  • Learn how to arrive at appropriate conclusions on files to support the issue of a signed audit report
  • Be more alert to the potential pitfalls when completing your audit assignment

Programme Outline

An in-depth look at the key requirements during Audit Completion
  • Post Balance Sheet Review
  • Management Representation Letter
  • Going Concern and gathering Evidence and the appropriate documentation to draw a conclusion of going concern situation
Justification Of Audit Opinion: Clean or Modified & what is forthcoming
Audit Of Group Financial Statements (Including The Work Of The Component Auditors 
  • Compliant with SSA600
  • What is a significant component
  • Assessing FV of Goodwill in Consolidation

Tips For Preparing A Better Set Of Financial Statements: Common Areas Of Non-Compliance

Additional guidance on analytical review upon completion of field work in an audit – how is it different from the preliminary analytical review at the planning stage

Questions and Answers

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

Expert Speaker

Yeo Ek Khuan

Ek Khuan is a Fellow Member of the Institute of Chartered Accountants of Australia and a Fellow Member of the Institute of Singapore Chartered Accountants. He has more than 30 years of experience with international auditing firms before joining BDO LLP in 2001. Ek Khuan has extensive experience providing services to multinational, listed local companies and small and medium enterprises. They span over a spectrum of industries from financial and professional services to construction, electronics, retail and manufacturing.

He is currently a member of the Disciplinary Committee of the Accounting and Corporate Regulatory Authority (ACRA), and is also appointed as a member of the Singapore Accounting Standards Council (ASC). He also serves as the Honorary Treasurer of the Association of Small and Medium Size Enterprises (ASME), and is currently representing ASME on the Tax Feedback Group within the Inland Revenue Authority of Singapore.

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