Course Detail(ADT044 : Audit of Foreign Currency Transactions and Translation)

ADT044 : Audit of Foreign Currency Transactions and Translation

7.00 CPE Hours (Category 3)
Classroom

Programme Objective

To provide audit professionals with guidance on the audit of the effects of changes in foreign exchange rates on an entity’s foreign currency transactions/balances and the translation of the entity’s and/or its foreign operations’ financial statements into a presentation currency. This course will also cover the key financial statement reporting and disclosure requirements for foreign currency transactions/balances and translation.

Programme Outline

 

  • Understand the key recognition, measurement and disclosure requirements for foreign currency transactions/balances, and translation of an entity’s and/or its foreign operations’ financial statements into a presentation currency. Understand both the client’s operating and accounting exposures arising from changes in foreign exchange rates; the basis used by client management to determine its functional currency and that of its foreign operations (for example, a branch, subsidiary, associate and/or joint venture); the client’s strategy and control procedures for monitoring and managing the foreign exchange rate exposure of its transactions and balances; the client’s information systems for monitoring its transactions/balances and foreign operations, and recording the effects of exchange rate changes on its transactions/balances; the client’s accounting methods for translating its financial statements and/or those of its foreign operations into a presentation currency.
  • Identify and assess the risks of material misstatement at assertion level for the client’s foreign currency transactions/balances, taking into account relevant mitigating internal controls.
  • Determine the extent of reliance to place on client internal controls over the foreign currency transactions/balances, and translation of financial statements into a presentation currency; plan the nature, extent and timing of tests of controls; conduct and evaluate the results of these tests of controls and assess their implications for planning substantive tests of foreign currency transactions/balances and translation.
  • Plan the nature, extent and timing of substantive procedures to test various assertions related to foreign currency transactions/balances, and the substantive procedures for ensuring proper translation of the client’s financial statements and/or those of its foreign operations into a presentation currency.
  • Evaluate the audit findings and draw appropriate audit conclusions for foreign currency transactions/balances and translation.
  • Determine the need to communicate with management and those charged with governance on identified deficiencies in internal control and/or other pertinent matters relating to the client foreign currency transactions/balances and translation.


Training Methodology

Lecture style, with Exercises/Case Studies, Quiz / Knowledge Check
 

Closing Date for Registration

1 week before programme or until full enrolment

Intended For

A Intermediate to Advanced level programme intended for both Practising and Non-Practising Accountants and Auditors. Those who like to gain more understanding in the Audit of Foreign Currency Transactions and Translation are welcome to attend.

Competency Mapping

Category 3 = 7.00 Hours

Schedule & Fees

Date & Time

10 Oct 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Goh Kia Hong

Date & Time

04 Oct 2017 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Goh Kia Hong

Date & Time

12 May 2017 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Goh Kia Hong

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Kia Hong is a senior lecturer at Nanyang Business School (NBS) of Nanyang Technological University (NTU).  He is actively involved in curriculum and pedagogical development in the risk management and assurance courses that he teaches in the bachelor and master degree programmes.  His teaching accolades include the 2015 NBS Accountancy Teacher of the Year and 2015 NBS Teaching Excellence Award for Accounting Division.  He holds a Master of Science (Marketing) from NTU where he was awarded the Dean's Honours List. 

Before joining NTU, Kia Hong was an audit partner of a public accounting firm and had worked as chief executives of companies in Singapore and South Korea. His roles included formulating strategies to meet business objectives, enterprise risk management and leading the teams to ensure seamless operations of the businesses. During the same period, he taught in various public and private institutions in accounting, marketing and entrepreneurship on adjunct arrangements and proactively led the design and development of courses he taught.

Having accumulated a wealth of industry experience prior to joining the academia, he brings real-world insights into his classes, which participants are very appreciative of.
 

Kia Hong is an avid researcher who has published in professional journals and contributed articles to local print media. Kia Hong’s services extend beyond NTU. Notably, he is a regular speaker in the Accounting and Corporate Regulatory Authority (ACRA), the Institute of Singapore Chartered Accountants (ISCA) and Association of Chartered Certified Accountants (ACCA) major conferences and a trainer with ISCA’s continuing professional education. He also provides regular training, consultancy and research work to accounting firms and corporate organisations.  He is a member of ISCA’s judging panel for the prestigious Annual Report Award (ARA) under the Singapore Corporate Awards (SCA) and ISCA’s Investigation and disciplinary panel. He was previously a member of ISCA’s Auditing and Assurance Standards Committee and had worked with ISCA on ACRA’s Practice Monitoring Programme.

Kia Hong is currently the Chairman of Bukit Merah Secondary School Advisory Committee and was awarded the Service to Education Awards by the Ministry of Education in 2006 and 2011.  He is a member of the Inquiry Panel, the body responsible for appointing members of the Review Committees and Inquiry Committees investigating complaints made against advocates and solicitors. He is also a member of Mensa Singapore.
 

Programme Objective

To provide audit professionals with guidance on the audit of the effects of changes in foreign exchange rates on an entity’s foreign currency transactions/balances and the translation of the entity’s and/or its foreign operations’ financial statements into a presentation currency. This course will also cover the key financial statement reporting and disclosure requirements for foreign currency transactions/balances and translation.

Programme Outline

 

  • Understand the key recognition, measurement and disclosure requirements for foreign currency transactions/balances, and translation of an entity’s and/or its foreign operations’ financial statements into a presentation currency. Understand both the client’s operating and accounting exposures arising from changes in foreign exchange rates; the basis used by client management to determine its functional currency and that of its foreign operations (for example, a branch, subsidiary, associate and/or joint venture); the client’s strategy and control procedures for monitoring and managing the foreign exchange rate exposure of its transactions and balances; the client’s information systems for monitoring its transactions/balances and foreign operations, and recording the effects of exchange rate changes on its transactions/balances; the client’s accounting methods for translating its financial statements and/or those of its foreign operations into a presentation currency.
  • Identify and assess the risks of material misstatement at assertion level for the client’s foreign currency transactions/balances, taking into account relevant mitigating internal controls.
  • Determine the extent of reliance to place on client internal controls over the foreign currency transactions/balances, and translation of financial statements into a presentation currency; plan the nature, extent and timing of tests of controls; conduct and evaluate the results of these tests of controls and assess their implications for planning substantive tests of foreign currency transactions/balances and translation.
  • Plan the nature, extent and timing of substantive procedures to test various assertions related to foreign currency transactions/balances, and the substantive procedures for ensuring proper translation of the client’s financial statements and/or those of its foreign operations into a presentation currency.
  • Evaluate the audit findings and draw appropriate audit conclusions for foreign currency transactions/balances and translation.
  • Determine the need to communicate with management and those charged with governance on identified deficiencies in internal control and/or other pertinent matters relating to the client foreign currency transactions/balances and translation.


Training Methodology

Lecture style, with Exercises/Case Studies, Quiz / Knowledge Check
 

Closing Date for Registration

1 week before programme or until full enrolment

Intended For

A Intermediate to Advanced level programme intended for both Practising and Non-Practising Accountants and Auditors. Those who like to gain more understanding in the Audit of Foreign Currency Transactions and Translation are welcome to attend.

Competency Mapping

Category 3 = 7.00 Hours

Programme Facilitator(s)

Kia Hong is a senior lecturer at Nanyang Business School (NBS) of Nanyang Technological University (NTU).  He is actively involved in curriculum and pedagogical development in the risk management and assurance courses that he teaches in the bachelor and master degree programmes.  His teaching accolades include the 2015 NBS Accountancy Teacher of the Year and 2015 NBS Teaching Excellence Award for Accounting Division.  He holds a Master of Science (Marketing) from NTU where he was awarded the Dean's Honours List. 

Before joining NTU, Kia Hong was an audit partner of a public accounting firm and had worked as chief executives of companies in Singapore and South Korea. His roles included formulating strategies to meet business objectives, enterprise risk management and leading the teams to ensure seamless operations of the businesses. During the same period, he taught in various public and private institutions in accounting, marketing and entrepreneurship on adjunct arrangements and proactively led the design and development of courses he taught.

Having accumulated a wealth of industry experience prior to joining the academia, he brings real-world insights into his classes, which participants are very appreciative of.
 

Kia Hong is an avid researcher who has published in professional journals and contributed articles to local print media. Kia Hong’s services extend beyond NTU. Notably, he is a regular speaker in the Accounting and Corporate Regulatory Authority (ACRA), the Institute of Singapore Chartered Accountants (ISCA) and Association of Chartered Certified Accountants (ACCA) major conferences and a trainer with ISCA’s continuing professional education. He also provides regular training, consultancy and research work to accounting firms and corporate organisations.  He is a member of ISCA’s judging panel for the prestigious Annual Report Award (ARA) under the Singapore Corporate Awards (SCA) and ISCA’s Investigation and disciplinary panel. He was previously a member of ISCA’s Auditing and Assurance Standards Committee and had worked with ISCA on ACRA’s Practice Monitoring Programme.

Kia Hong is currently the Chairman of Bukit Merah Secondary School Advisory Committee and was awarded the Service to Education Awards by the Ministry of Education in 2006 and 2011.  He is a member of the Inquiry Panel, the body responsible for appointing members of the Review Committees and Inquiry Committees investigating complaints made against advocates and solicitors. He is also a member of Mensa Singapore.
 

Upcoming Schedule

Registration is closed

Date & Time

10 Oct 2018 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 329.56
For Non-Members: $ 398.04

Programme Facilitator(s)

Goh Kia Hong

Venue

60 Cecil Street
ISCA House
Singapore 049709