You have probably read enough Singapore Standards on Auditing (SSAs) in your professional career, but how do you actually apply them in real life scenarios?
Specifically designed for Practising Accountants, this highly practical workshop will demonstrate the practical application of the essential SSAs using real life cases.
The real life cases used will help to reinforce understanding, and you will clearly see the practical requirements, challenges and pitfalls in complying with the various SSAs.
SSA 210 - Agreeing the Terms of Audit Engagements
- How issuing a disclaimer of opinion may affect the preconditions of audit engagement and audit appointment acceptance
Fraud detection and fraud risk indicators
- A deeper look into how various SSAs are placing responsibilities to detect material misstatements due to fraud :
- SSA 240 - The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
- Evaluating whether unusual or unexpected relationships that have been identified in performing analytical procedures, including those related to revenue accounts, may indicate risks of material misstatement due to fraud
- SSA 315 - Identifying And Assessing The Risks Of Material Misstatement through Understanding The Entity And Its Environment
- Identifying and assessing the risks of material misstatement due to fraud at the financial statement level, and at the assertion level for classes of transactions, account balances and disclosures
- Evaluating which types of revenue, revenue transactions or assertions give rise to such risks, based on a presumption that there are risks of fraud in revenue recognition
- Determining overall responses to address the assessed risks of material misstatement due to fraud at the financial statement level
- Designing and performing further audit procedures whose nature, timing and extent are responsive to the assessed risks of material misstatement due to fraud at the assertion level
- SSA 200 - Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Singapore Standards on Auditing
- Maintaining professional skepticism throughout the audit, recognizing the possibility that a material misstatement due to fraud could exist, notwithstanding the auditor’s past experience of the honesty and integrity of the entity’s management and those charged with governance.
- How to identify fraud risk factors
Performing effective analytical procedures
- Analytical Procedures and SSA 315
- How Analytical Procedures may identify aspects of the entity of which the auditor was unaware and may assist in assessing the risks of material misstatement in order to provide a basis for designing and implementing responses to the assessed risks
SSA 550 - Related Parties
- The nature of related party relationships and transactions
- How related party transactions may give rise to higher risks of material misstatement of the financial statements than transactions with unrelated parties
- Audit procedures to identify and scrutinize related parties and related party transactions
SSA 560 - Subsequent Events
- Auditors’ responsibilities in three different stages of subsequent events
- Effective audit procedures to identify subsequent events
SSA 570 - Going Concern
- Considering whether events or conditions exist that may cast significant doubt on the entity’s ability to continue as a going concern
- Remaining alert throughout the audit for audit evidence of events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern
- Obtaining sufficient appropriate audit evidence to determine whether or not a material uncertainty exists related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern through performing additional audit procedures
- Identifying indicators of going concern problems
This workshop qualifies for 7.0 CPE hours in Auditing Standards, Pronouncements and Methodology (Category 3).
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 13 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, and is currently an Adjunct Professor in the School of Business, Singapore University of Social Sciences. Prior to this, he was 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).