Course Detail(ADT140 : Effect of FRS on Audit Evidence)

UTAP Funding

ADT140 : Effect of FRS on Audit Evidence

7.00 CPE Hours (Category 3)
Classroom

Programme Overview

This course is formerly known as A162: Effect of FRS on Audit Evidence

Introduction
Auditors are required to audit financial statements in compliance with Singapore Standards on Auditing (SSA). These SSAs provide procedures and guidance on how auditors conduct audit of financial statements that give true and fair view. Various SSAs set out audit procedures on obtaining sufficient appropriate audit evidence (SSA500), use of external confirmation procedures to obtain audit evidence (SSA505), use of substantive analytical procedures (SSA520), collecting audit evidence for accounting estimates and fair value measurement (SSA540) etc.
 
The collection of sufficient appropriate audit evidence is directly dependent on auditor’s technical knowledge and understanding of Accounting Standards (FRS) that set out the principles of preparing financial statements. Over the years, accounting Standards are subject to numerous changes in fundamental concepts and technical contents. One of the most important features of changes to FRS over the years is the increasing use of judgement by management both in recognizing assets, liability, income and expense as well as increasing use of complex measurement methodology such as fair value and complex mathematical model to estimate a value to be included in financial statements.     
 
Programme Objectives
The objective of this seminar is to highlight the salient technical features of FRS that auditors should consider when collecting sufficient appropriate audit evidence in accordance with SSA.
 
The seminar will deal with the follow salient features:

  • Distinguishing the difference between:
    • the audit of compliance with a technical requirement of a FRS and
    • the audit of assertions made by management on how they have exercise their judgement in order to comply with a FRS
  • Highlighting the salient technical requirements in selected FRS may have an impact on the audit evidence collection process
  • Designing of audit programme to specific requirements of FRS
  • Explaining the fundamental audit risk when information is netted in financial statements
  • Be aware of the audit risk when applying an FRS in isolation to a specific event and transaction
  • Honing the skills of integrating and linking the application of different FRS so that financial statements are presumed to be fairly presented
  • Understanding the various measurement basis used in FRS and how to determine that sufficient appropriate audit evidence have been collected
  • Understanding the recognition criteria for assets, liability income and expense
  • Analyzing the inherent audit risk of using judgement in applying accounting policies and estimating uncertainty under FRS
  • Highlight the important of making technical and/or judgemental decision on whether to disclose certain information in accordance with FRS

Programme Outline

Highlight the critical technical requirements of selected FRSs that auditors should consider when gathering audit evidence as follows:

1Audit of Presentation and Disclosure of Main Financial Statements
  • What constitute fair presentation of financial statements
 
2Audit of Income - (Revenue)
  • Identifying revenue contracts
  • Contract assets, contract liabilities
  • Revenue recognise at a point in time or over time
 
3Audit of Obligations – (Liabilities)
  • How to identify obligations that give rise to liabilities
 
4Audit of Assets
  • Recognition criteria
    • Debit – distinguishing between asset and expense
    • Credit – distinguishing between liability and income
  • Measurement requirements:
    • Historical cost
    • Amortised cost using original effective interest rates
    • Fair value
    • Entity specific value: Value in use or Net realisable value
 
5Audit of Impairment of Assets
  • The critical procedures for identifying indication of impairment
 
6Audit of Financial Instruments
  • Examining the contractual terms
 
7Audit of Investment Interest and Business Combinations
 
8Audit of Various Technical Issues in FRSs
 

 
Training Methodology
Lecture style, with practical illustrations, technical flow-charts, conceptual “mind maps” and interactive discussions.
  
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

This programme is suitable for all Finance Professionals, Audit Professionals, Members of Audit Committee, Finance Directors and Regulators. Those who are keen on attending a practical course to gain an understanding on how FRSs can affect collection of audit evidence are welcome to attend.

Competency Mapping

Category 3 = 7.00 Hours

Schedule & Fees

Date & Time

11 May 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 345.61
For Non-Members: $ 415.16

Programme Facilitator(s)

Danny Tan

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

01 Nov 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

06 May 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

28 Nov 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Testimonial

Funding

1] NTUC Union Training Assistance Programme (UTAP)
UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members. NTUC member gets to enjoy UTAP funding 50% of the unfunded course fee capped at $250 every year. This excludes miscellaneous fees such as GST and registration fee etc.
 
This course is approved for UTAP support for intakes conducted between 12 June 2019 – 31 March 2020.
 
As UTAP is given on calendar year basis, and calculated based on year of training taken, it cannot be accumulated.

  • Maintained paid-up NTUC membership before course, throughout course duration and at the point of claim and;
  • Course by training provider must be supported under UTAP and training must commence within the supported period and;
  • Unfunded course fee must not be fully sponsored by company or other types of funding
  • Unfunded course fee must be S$20.00 and above, and;
  • Member must achieve a minimum of 75% attendance for each application and sat for all prescribed examination(s), if any and;
  • UTAP application must be made within 6 months after course ends.


To submit for UTAP claims, please visit http://skillsupgrade.ntuc.org.sg/. Terms and conditions apply.
 
Should you have queries on the funding scheme, you can email to UTAP@e2i.com.sg or call NTUC Membership Hotline at 6213-8008.

Programme Facilitator(s)


Danny Tan

Danny has over 30 years of experience in public practice, commerce and industry. He was trained with a firm of Chartered Accountants in London where he worked for over 10 years in the audit and consultancy. He also held the positions of business development and business operation manager with two UK multinational companies based in London for 5 years. Danny specialises in International Financial Reporting Standards (IFRSs) and in the last 15 years he is a partner of a firm providing training and consulting in the areas of preparing and presenting financial statements in accordance with IFRSs.


Danny holds an Honours Degree in Economics (major in finance and investment) from Manchester Metropolitan University (UK), MBA from Heriot-Watt University (UK) and Master in Advance Business Practice from University of South Australia. He is a fellow member of Chartered Instituted of Management Accountants, a fellow member of Association of Chartered Certified Accountants, a member of Malaysian Institute of Accountants and an associate member of Chartered Tax Institute of Malaysia.
 

Programme Overview

This course is formerly known as A162: Effect of FRS on Audit Evidence

Introduction
Auditors are required to audit financial statements in compliance with Singapore Standards on Auditing (SSA). These SSAs provide procedures and guidance on how auditors conduct audit of financial statements that give true and fair view. Various SSAs set out audit procedures on obtaining sufficient appropriate audit evidence (SSA500), use of external confirmation procedures to obtain audit evidence (SSA505), use of substantive analytical procedures (SSA520), collecting audit evidence for accounting estimates and fair value measurement (SSA540) etc.
 
The collection of sufficient appropriate audit evidence is directly dependent on auditor’s technical knowledge and understanding of Accounting Standards (FRS) that set out the principles of preparing financial statements. Over the years, accounting Standards are subject to numerous changes in fundamental concepts and technical contents. One of the most important features of changes to FRS over the years is the increasing use of judgement by management both in recognizing assets, liability, income and expense as well as increasing use of complex measurement methodology such as fair value and complex mathematical model to estimate a value to be included in financial statements.     
 
Programme Objectives
The objective of this seminar is to highlight the salient technical features of FRS that auditors should consider when collecting sufficient appropriate audit evidence in accordance with SSA.
 
The seminar will deal with the follow salient features:

  • Distinguishing the difference between:
    • the audit of compliance with a technical requirement of a FRS and
    • the audit of assertions made by management on how they have exercise their judgement in order to comply with a FRS
  • Highlighting the salient technical requirements in selected FRS may have an impact on the audit evidence collection process
  • Designing of audit programme to specific requirements of FRS
  • Explaining the fundamental audit risk when information is netted in financial statements
  • Be aware of the audit risk when applying an FRS in isolation to a specific event and transaction
  • Honing the skills of integrating and linking the application of different FRS so that financial statements are presumed to be fairly presented
  • Understanding the various measurement basis used in FRS and how to determine that sufficient appropriate audit evidence have been collected
  • Understanding the recognition criteria for assets, liability income and expense
  • Analyzing the inherent audit risk of using judgement in applying accounting policies and estimating uncertainty under FRS
  • Highlight the important of making technical and/or judgemental decision on whether to disclose certain information in accordance with FRS

Programme Outline

Highlight the critical technical requirements of selected FRSs that auditors should consider when gathering audit evidence as follows:

1Audit of Presentation and Disclosure of Main Financial Statements
  • What constitute fair presentation of financial statements
 
2Audit of Income - (Revenue)
  • Identifying revenue contracts
  • Contract assets, contract liabilities
  • Revenue recognise at a point in time or over time
 
3Audit of Obligations – (Liabilities)
  • How to identify obligations that give rise to liabilities
 
4Audit of Assets
  • Recognition criteria
    • Debit – distinguishing between asset and expense
    • Credit – distinguishing between liability and income
  • Measurement requirements:
    • Historical cost
    • Amortised cost using original effective interest rates
    • Fair value
    • Entity specific value: Value in use or Net realisable value
 
5Audit of Impairment of Assets
  • The critical procedures for identifying indication of impairment
 
6Audit of Financial Instruments
  • Examining the contractual terms
 
7Audit of Investment Interest and Business Combinations
 
8Audit of Various Technical Issues in FRSs
 

 
Training Methodology
Lecture style, with practical illustrations, technical flow-charts, conceptual “mind maps” and interactive discussions.
  
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

This programme is suitable for all Finance Professionals, Audit Professionals, Members of Audit Committee, Finance Directors and Regulators. Those who are keen on attending a practical course to gain an understanding on how FRSs can affect collection of audit evidence are welcome to attend.

Competency Mapping

Category 3 = 7.00 Hours

Programme Facilitator(s)

Danny Tan

Danny has over 30 years of experience in public practice, commerce and industry. He was trained with a firm of Chartered Accountants in London where he worked for over 10 years in the audit and consultancy. He also held the positions of business development and business operation manager with two UK multinational companies based in London for 5 years. Danny specialises in International Financial Reporting Standards (IFRSs) and in the last 15 years he is a partner of a firm providing training and consulting in the areas of preparing and presenting financial statements in accordance with IFRSs.


Danny holds an Honours Degree in Economics (major in finance and investment) from Manchester Metropolitan University (UK), MBA from Heriot-Watt University (UK) and Master in Advance Business Practice from University of South Australia. He is a fellow member of Chartered Instituted of Management Accountants, a fellow member of Association of Chartered Certified Accountants, a member of Malaysian Institute of Accountants and an associate member of Chartered Tax Institute of Malaysia.
 

Upcoming Schedule

Date & Time

11 May 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 345.61
For Non-Members: $ 415.16

Programme Facilitator(s)

Danny Tan

Venue

60 Cecil Street
ISCA House
Singapore 049709