Course Detail(ADT131 : Audit Quality Control, SSQC 1 for SMPs)

ADT131 : Audit Quality Control, SSQC 1 for SMPs

7.00 CPE Hours (Category 3)
Classroom

Programme Objective

Since the issuance of the Singapore Standard on Quality Control 1 (SSQC 1), small and medium-sized practices (SMPs) have undertaken to implement the requirements of SSQC 1 to establish and maintain a system of quality control that include policies and procedures that address the 6 core elements of SSQC 1.
 
SSQC 1 applies to all firms of professional accountants in respect of audits and reviews of financial statements, and other assurance and related services engagements. The nature and extent of the policies and procedures developed by an individual firm to comply with SSQC 1 will depend on various factors such as operating characteristics, size and nature of the firm, and whether it is part of a network.
 
This seminar intends to discuss the common SSQC 1 implementation issues faced by SMPs and the possible practical solutions for various issues and scenarios via case studies, which will help SMPs reflect and review on their existing quality control policies and procedures, and to evaluate the need for further improvement in developing and documenting their quality control policies and procedures. Measures to adopt to improve audit quality in public accounting firms will also be shared with the participants.

Programme Outline

  • Adequacy of audit quality controls to be implemented in small and medium-sized practices (SMPs) to maintain or improve audit quality: What is deemed adequate?
  • Common challenges and issues faced by SMPs in the implementation of SSQC 1: What are they? 
Some Examples are as follows:
 

SSQC 1 - 6 Core Elements

Common SMP Challenges

Leadership Responsibilities for Quality within the Firm Human Resources

Lack of competent resources to implement SSQC 1

Acceptance and Continuance of Client Relationships and Specific Engagements

Inadequate documentation on risk assessment process for acceptance of continuance of clients/engagements

Relevant Ethical Requirements

Lack of monitoring of compliance with ethical requirements

Human Resources

Tends to face higher staff attrition

Engagement Performance

Difficult to conduct formal  consultation on complex accounting issues

Monitoring

Lack of experienced resources to carry out review of completed engagements

  • Potential feasible approaches to resolve the above challenges/issues: What are the practical solutions?
  • Tangible and intangible benefits of SSQC 1 implementation. What are the advantages of implementing SSQC 1?
  • Other quality control issues beyond the SSQC 1: What are other pragmatic measures to adopt to improve the audit quality?

Training Methodology
Lecture-style with Case Studies and Examples

Closing Date for Registration
1 week before programme or until full enrolment

Intended For

This Intermediate to Advanced Level programme is suitable for Public Accountants and Senior Audit Professionals who seek to improve the audit quality in their SMPs.   Senior Auditors who need to review and refine their existing quality control policies and procedures are welcome to attend.

Competency Mapping

Category 3 = 7.00 Hours

Schedule & Fees

Date & Time

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

Fee (inclusive of GST)

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

Programme Facilitator(s)

Luar Eng Hwa

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

16 Nov 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

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

Programme Facilitator(s)

Luar Eng Hwa

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

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

Registration is closed

Programme Facilitator(s)

Luar Eng Hwa

Date & Time

07 Jun 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Luar Eng Hwa

Date & Time

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

Registration is closed

Programme Facilitator(s)

Luar Eng Hwa

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Luar Eng Hwa

Mr Luar has more than 28 years of experience in areas concerning accounting, auditing, fraud examination and investigation, corporate secretarial practice, and tax compliance and advisory services in Singapore and overseas. As a business consultant, he renders advisory services to corporations and assists them in their preparation for IPO in Singapore and elsewhere, and is active in corporate restructuring, investment decisions, due diligence and feasibility studies for companies resulting from his client’s business expansion.

 
Mr Luar started his professional career with an International Accounting Firm in 1983 and subsequently with medium-sized local accounting practices, providing assurance, advisory, tax compliance and tax advisory services to a mixed portfolio of clients. Mr Luar is the founder of E H Luar & Co, established in 1999, and a partner in Alliance Practice LLP, which deliver a full range of professional services tailored to the needs of both private sector business and public interest entities. He also acts as the Chairman of Audit Committee, Advisor to a large charitable organisation and independent director for several privately owned fund-investments companies listed in overseas stock exchange.
 
Mr Luar qualifies as a Chartered Certified Accountant since 1995 and is a Fellow in the Association of Chartered Certified Accountants in London. He is also a practising member of the Institute of Singapore Chartered Accountants.

Programme Objective

Since the issuance of the Singapore Standard on Quality Control 1 (SSQC 1), small and medium-sized practices (SMPs) have undertaken to implement the requirements of SSQC 1 to establish and maintain a system of quality control that include policies and procedures that address the 6 core elements of SSQC 1.
 
SSQC 1 applies to all firms of professional accountants in respect of audits and reviews of financial statements, and other assurance and related services engagements. The nature and extent of the policies and procedures developed by an individual firm to comply with SSQC 1 will depend on various factors such as operating characteristics, size and nature of the firm, and whether it is part of a network.
 
This seminar intends to discuss the common SSQC 1 implementation issues faced by SMPs and the possible practical solutions for various issues and scenarios via case studies, which will help SMPs reflect and review on their existing quality control policies and procedures, and to evaluate the need for further improvement in developing and documenting their quality control policies and procedures. Measures to adopt to improve audit quality in public accounting firms will also be shared with the participants.

Programme Outline

  • Adequacy of audit quality controls to be implemented in small and medium-sized practices (SMPs) to maintain or improve audit quality: What is deemed adequate?
  • Common challenges and issues faced by SMPs in the implementation of SSQC 1: What are they? 
Some Examples are as follows:
 

SSQC 1 - 6 Core Elements

Common SMP Challenges

Leadership Responsibilities for Quality within the Firm Human Resources

Lack of competent resources to implement SSQC 1

Acceptance and Continuance of Client Relationships and Specific Engagements

Inadequate documentation on risk assessment process for acceptance of continuance of clients/engagements

Relevant Ethical Requirements

Lack of monitoring of compliance with ethical requirements

Human Resources

Tends to face higher staff attrition

Engagement Performance

Difficult to conduct formal  consultation on complex accounting issues

Monitoring

Lack of experienced resources to carry out review of completed engagements

  • Potential feasible approaches to resolve the above challenges/issues: What are the practical solutions?
  • Tangible and intangible benefits of SSQC 1 implementation. What are the advantages of implementing SSQC 1?
  • Other quality control issues beyond the SSQC 1: What are other pragmatic measures to adopt to improve the audit quality?

Training Methodology
Lecture-style with Case Studies and Examples

Closing Date for Registration
1 week before programme or until full enrolment

Intended For

This Intermediate to Advanced Level programme is suitable for Public Accountants and Senior Audit Professionals who seek to improve the audit quality in their SMPs.   Senior Auditors who need to review and refine their existing quality control policies and procedures are welcome to attend.

Competency Mapping

Category 3 = 7.00 Hours

Programme Facilitator(s)

Luar Eng Hwa

Mr Luar has more than 28 years of experience in areas concerning accounting, auditing, fraud examination and investigation, corporate secretarial practice, and tax compliance and advisory services in Singapore and overseas. As a business consultant, he renders advisory services to corporations and assists them in their preparation for IPO in Singapore and elsewhere, and is active in corporate restructuring, investment decisions, due diligence and feasibility studies for companies resulting from his client’s business expansion.

 
Mr Luar started his professional career with an International Accounting Firm in 1983 and subsequently with medium-sized local accounting practices, providing assurance, advisory, tax compliance and tax advisory services to a mixed portfolio of clients. Mr Luar is the founder of E H Luar & Co, established in 1999, and a partner in Alliance Practice LLP, which deliver a full range of professional services tailored to the needs of both private sector business and public interest entities. He also acts as the Chairman of Audit Committee, Advisor to a large charitable organisation and independent director for several privately owned fund-investments companies listed in overseas stock exchange.
 
Mr Luar qualifies as a Chartered Certified Accountant since 1995 and is a Fellow in the Association of Chartered Certified Accountants in London. He is also a practising member of the Institute of Singapore Chartered Accountants.


Upcoming Schedule

Date & Time

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

Fee (inclusive of GST)

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

Programme Facilitator(s)

Luar Eng Hwa

Venue

60 Cecil Street
ISCA House
Singapore 049709