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A Practical Approach to Audit Documentation

Expert Speaker Magdalene Ang

$430.00 (including GST)



Audit documentation is an area where the gap between theory and real life can be difficult to close. In theory, recording the audit work that has been done should be rather straightforward. In real life, it is a challenge.

This programme is part of the Professional Skills Series, designed specifically to provide Audit Professionals practical guidance on how they should document evidence that the audit was planned and performed in accordance with the SSAs and applicable legal and regulatory requirements. You will also learn to appreciate the importance of providing audit evidence to support your conclusion about the achievement of the overall audit objectives.

Programme Outline

  • Role of work paper preparer & how to kickstart an audit
  • Planning documentation ( with a trading company as an example ) with identified risk such as :
    • Management over-ride of control
    • Revenue recognition
    • Existence and impairment of receivables
    • Completeness of liabilities
    • Existence and review of stock obsolescence for inventory
    • Related parties transactions
  • EP 200 documentation requirement – particularly on identification of any suspicious transaction
  • Execution of audit work – focusing on:
    • Audit of trade and other receivables including cut-off
    • Audit of trade and other payables including search for un-recorded liabilities
    • Audit of inventories

(Key areas of focus will be covered during the training and illustrative documentation will also be shared)

  • Audit completion
    • What to highlight for reviewer’s attention
    • Documentation of review of subsequent events and assessment of going concern
    • Documenting an audit completion memorandum with issues and resolution
  • Brief overview on how to draft financial statements for a single entity and what to look out for particularly on new disclosure requirements applicable for FYE 31 Dec 2017

This workshop qualifies for 7.0 CPE Hours :

  • 1.0 CPE Hour in Financial Reporting Standards and Pronouncements (Category 1)
  • 1.0 CPE hours in Ethics and Professionalism (Category 2)
  • 5.0 CPE hours in Auditing Standards, Pronouncements and Methodology (Category 3)

Expert Speaker

Magdalene Ang

Magdalene is a Chartered Accountant (Practising) (Singapore) and a Fellow Chartered Certified Accountant (FCCA). Her professional experience includes the audit of diverse companies ranging from small and medium enterprises to Singapore listed companies and MNCs. She was involved in Initial Public Offering (IPO) and Reverse Take Over (RTO) roles. She was also a Finance Manager of a US MNC, where she was involved in tax planning, credit control and cash flow management of the Group’s operations in Singapore, Malaysia, China, Indonesia and India. In 2012, Magdalene joined ISCA as a Manager in the Quality Assurance Department, and had launched the Quality Assurance Review Programme, Technical Clinics, and the Online Technical Forum. She contributed monthly articles on audit related topics such as Inventories, Related Parties and many more based on the monthly technical clinics conducted. She was also formerly a Quality Assurance Review Advisor under the ISCA Quality Assurance Review Programme.

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