Course Detail(E123 : Top 18 Lessons We Learn – Professional Conduct and Ethics in Preparing Financial Statements)

E123 : Top 18 Lessons We Learn – Professional Conduct and Ethics in Preparing Financial Statements

7.00 CPE Hours (Category 2)
Classroom

This truly unique seminar is specially conceptualised and designed to provide you the top 18 lessons we learnt from the financial scandals that have rocked the world and the relevance of ethics, personal and professional skills that are expected in preparing financial statements.
This seminar will also provide an opportunity to accountants and auditors to develop an independent mindset to compare and question different ethical perspectives.
In addition, the seminar offers you the tools and techniques that you can apply in performing financial analysis. A first of its kind, this seminar will point out some of the things that accountants and auditors missed along the way, which were eventually brought to light in the financial scandals since the 1990s.
Participants will take away with them a number of lessons regarding the professional conduct and ethics in preparing financial statements, as well as the evaluation of the quality of financial reporting by companies.

This is a highly interactive seminar which will include plenty of short case examples, fun facts, ethical dilemmas faced by accountants and real life illustrations using several renowned and reputable public listed companies to help reinforce the learning concepts and outcomes.
Participants will, after this seminar, be able to appreciate the ethical and professional obligations of accountants in preparing financial statements and particularly, to:

  1. Distinguish between different definitions of earnings (eg. EBIT, EBITDA, operating income, income from continuing operations, net income, etc.) [FRS 1 – Presentation of Financial Statements];
  2. Explain how trends in cash flow from operations can be more reliable than trends in earnings) [FRS 7 – Cash Flow Statements];
  3. Contrast cash-basis and accrual-basis accounting and explain why accounting discretion exists in an accrual accounting system [The Conceptual Framework for Financial Reporting issued by the Singapore Accounting Standards Council (ASC)];
  4. Explain opportunities and motivations for management to intervene in the external financial reporting process and the mechanisms that discipline such intervention;
  5. Explain potential problems that affect the quality of financial reporting, including revenue recognition, expense recognition, balance sheet issues, and cash flow statement issues, and interpret warning signs of these potential problems [FRS 18 – Revenue; FRS 36 – Impairment of Assets; FRS 37 – Provisions, Contingent Liabilities and Contingent Assets; FRS 38 – Intangible Assets];
  6. Explain the professional values, ethics and attitudes that identify Chartered Accountants as members of a profession; and
  7. Explain the legal and ethical obligations of a Chartered Accountant of Singapore.
 
 

Programme Outline

Module 1 – The Top 5 Lessons We Learnt: An Overview of What Went Wrong in Ethics & Governance

  • Lesson #1 – Understand What You Are Looking At
  • Lesson #2 – Read the Fine Print
  • Lesson #3 – If It’s Too Good to Be True, It May Be
  • Lesson #4 – Follow the Money
  • Lesson #5 – Understand the Risks
  • The Future of Financial Analysis in the Post-Crisis Era 

Module 2 – The 13 Lessons in Evaluating the Quality of Financial Reporting: The Importance of the Chartered Accountant’s Professional Judgement, Ethical Discretion and Professional Skills
  • Accrual versus Cash Accounting
  • Manipulation Incentives
  • Disciplining Mechanisms
  • Revenue Recognition Issues - Accelerating Revenue
  • Ratio Detection
  • Classification of Nonrecurring or Nonoperating Revenue as Operating
  • Expense Recognition – Understating Expenses
  • Expense Recognition – Deferring Expenses
  • Classification of Operating Expenses as Nonrecurring or Non-Operating
  • Big Bath Provisions
  • Off-Balance-Sheet Liabilities
  • Balance Sheet Goodwill
  • Cash Flow Statement Issues 
Module 3 – Concepts Integration and Reflection Time
  • Fun Quiz – “Who Wants to be an Ethics Guru?” Why Attend this Seminar? Why this One?
    The answer is communication. This seminar will help you better understand the language of finance.
    The trainer is a highly experienced practitioner and instructor and is well-regarded for his ability to translate complex financial concepts into plain language, and the use of illustrations, examples and real life experiences to help develop/enhance your understanding of financial reporting and ethical issues.
    The trainer is able to draw on his full depth of knowledge about accounting, creativity and experience to develop compelling and enjoyable programs.
Training Methodology

Seminar style - Story-telling, Fun Facts, Short Case Examples, Real Life Illustrations, ‘Talk to Your Neighbour’, “It’s Movie Time” with pre- and post-screening activities, and plenty of team activities such as the trainer's trademark end-of-day fun and exciting quiz (Who Wants to be an Ethics Genius) which will help reinforce the learning concepts and outcomes.

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

Intended For

An Intermediate Level programme intended for both Practising and Non-Practising Accountants. Professionals who wish to understand the professional obligations and ethics in preparing financial statements, as well as the evaluation of the quality of financial reporting by companies are welcome to attend.

Competency Mapping

Category 2 = 7.00 Hours

Schedule & Fees

Date & Time

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

Registration is closed

Programme Facilitator(s)

Sarjit Singh

Date & Time

03 Jul 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Sarjit Singh

Date & Time

29 Dec 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Sarjit Singh

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Sarjit Singh
FCA (Singapore), FCA (Australia)

Executive Chairman, Ardent Associates LLP

Sarjit is the Executive Chairman of Ardent Associates LLP, a firm of Chartered Accountants and the winner of the Best Practice Award at the Singapore Accountancy Awards in 2016. Ardent is a member firm of Kreston International.

Sarjit leads the Risk and Governance practice at Ardent. He has an extensive experience in a broad range of assurance and advisory services including statutory audits, corporate governance, risk assurance, internal audit, financial due diligence and regulatory advice.

Sarjit has over 25 years of multinational experience including 16 years with PricewaterhouseCoopers (PwC) where he led the audit and advisory engagements of various multinationals, public listed companies and financial institutions.

Prior to Ardent, Sarjit was the CFO of AIA Singapore and Aviva Asia. He was responsible for formulating and implementing the financial, investment and commercial strategies for AIA Singapore and Aviva's diverse businesses in Singapore, Hong Kong and the Asia Pacific region respectively.

Sarjit has served on various Singapore government-appointed committees, including the Committee on the Future Economy (CFE), Working Group on Legal and Accounting Services and the Central Provident Fund (CPF) Life Committee.

Sarjit is presently serving as the Chairman of the Singapore Accountancy Commission’s Chartered Accountancy Learning and Assessment Committee – Foundation Programme. He is also a member of the Board of Education and Examiners at the Institute of Singapore Chartered Accountants.

Sarjit was conferred the Public Service Star (BBM) in 2011, the Public Service Medal (PBM) in 2007, the ‘Nanyang Alumni Achievement Award’ in 2012, and the SG50 community accolade in 2015 in recognition of his professional achievements and contributions to the nation.
 

This truly unique seminar is specially conceptualised and designed to provide you the top 18 lessons we learnt from the financial scandals that have rocked the world and the relevance of ethics, personal and professional skills that are expected in preparing financial statements.
This seminar will also provide an opportunity to accountants and auditors to develop an independent mindset to compare and question different ethical perspectives.
In addition, the seminar offers you the tools and techniques that you can apply in performing financial analysis. A first of its kind, this seminar will point out some of the things that accountants and auditors missed along the way, which were eventually brought to light in the financial scandals since the 1990s.
Participants will take away with them a number of lessons regarding the professional conduct and ethics in preparing financial statements, as well as the evaluation of the quality of financial reporting by companies.

This is a highly interactive seminar which will include plenty of short case examples, fun facts, ethical dilemmas faced by accountants and real life illustrations using several renowned and reputable public listed companies to help reinforce the learning concepts and outcomes.
Participants will, after this seminar, be able to appreciate the ethical and professional obligations of accountants in preparing financial statements and particularly, to:

  1. Distinguish between different definitions of earnings (eg. EBIT, EBITDA, operating income, income from continuing operations, net income, etc.) [FRS 1 – Presentation of Financial Statements];
  2. Explain how trends in cash flow from operations can be more reliable than trends in earnings) [FRS 7 – Cash Flow Statements];
  3. Contrast cash-basis and accrual-basis accounting and explain why accounting discretion exists in an accrual accounting system [The Conceptual Framework for Financial Reporting issued by the Singapore Accounting Standards Council (ASC)];
  4. Explain opportunities and motivations for management to intervene in the external financial reporting process and the mechanisms that discipline such intervention;
  5. Explain potential problems that affect the quality of financial reporting, including revenue recognition, expense recognition, balance sheet issues, and cash flow statement issues, and interpret warning signs of these potential problems [FRS 18 – Revenue; FRS 36 – Impairment of Assets; FRS 37 – Provisions, Contingent Liabilities and Contingent Assets; FRS 38 – Intangible Assets];
  6. Explain the professional values, ethics and attitudes that identify Chartered Accountants as members of a profession; and
  7. Explain the legal and ethical obligations of a Chartered Accountant of Singapore.
 
 

Programme Outline

Module 1 – The Top 5 Lessons We Learnt: An Overview of What Went Wrong in Ethics & Governance

  • Lesson #1 – Understand What You Are Looking At
  • Lesson #2 – Read the Fine Print
  • Lesson #3 – If It’s Too Good to Be True, It May Be
  • Lesson #4 – Follow the Money
  • Lesson #5 – Understand the Risks
  • The Future of Financial Analysis in the Post-Crisis Era 

Module 2 – The 13 Lessons in Evaluating the Quality of Financial Reporting: The Importance of the Chartered Accountant’s Professional Judgement, Ethical Discretion and Professional Skills
  • Accrual versus Cash Accounting
  • Manipulation Incentives
  • Disciplining Mechanisms
  • Revenue Recognition Issues - Accelerating Revenue
  • Ratio Detection
  • Classification of Nonrecurring or Nonoperating Revenue as Operating
  • Expense Recognition – Understating Expenses
  • Expense Recognition – Deferring Expenses
  • Classification of Operating Expenses as Nonrecurring or Non-Operating
  • Big Bath Provisions
  • Off-Balance-Sheet Liabilities
  • Balance Sheet Goodwill
  • Cash Flow Statement Issues 
Module 3 – Concepts Integration and Reflection Time
  • Fun Quiz – “Who Wants to be an Ethics Guru?” Why Attend this Seminar? Why this One?
    The answer is communication. This seminar will help you better understand the language of finance.
    The trainer is a highly experienced practitioner and instructor and is well-regarded for his ability to translate complex financial concepts into plain language, and the use of illustrations, examples and real life experiences to help develop/enhance your understanding of financial reporting and ethical issues.
    The trainer is able to draw on his full depth of knowledge about accounting, creativity and experience to develop compelling and enjoyable programs.
Training Methodology

Seminar style - Story-telling, Fun Facts, Short Case Examples, Real Life Illustrations, ‘Talk to Your Neighbour’, “It’s Movie Time” with pre- and post-screening activities, and plenty of team activities such as the trainer's trademark end-of-day fun and exciting quiz (Who Wants to be an Ethics Genius) which will help reinforce the learning concepts and outcomes.

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

Intended For

An Intermediate Level programme intended for both Practising and Non-Practising Accountants. Professionals who wish to understand the professional obligations and ethics in preparing financial statements, as well as the evaluation of the quality of financial reporting by companies are welcome to attend.

Competency Mapping

Category 2 = 7.00 Hours

Programme Facilitator(s)

Sarjit Singh
FCA (Singapore), FCA (Australia)

Executive Chairman, Ardent Associates LLP

Sarjit is the Executive Chairman of Ardent Associates LLP, a firm of Chartered Accountants and the winner of the Best Practice Award at the Singapore Accountancy Awards in 2016. Ardent is a member firm of Kreston International.

Sarjit leads the Risk and Governance practice at Ardent. He has an extensive experience in a broad range of assurance and advisory services including statutory audits, corporate governance, risk assurance, internal audit, financial due diligence and regulatory advice.

Sarjit has over 25 years of multinational experience including 16 years with PricewaterhouseCoopers (PwC) where he led the audit and advisory engagements of various multinationals, public listed companies and financial institutions.

Prior to Ardent, Sarjit was the CFO of AIA Singapore and Aviva Asia. He was responsible for formulating and implementing the financial, investment and commercial strategies for AIA Singapore and Aviva's diverse businesses in Singapore, Hong Kong and the Asia Pacific region respectively.

Sarjit has served on various Singapore government-appointed committees, including the Committee on the Future Economy (CFE), Working Group on Legal and Accounting Services and the Central Provident Fund (CPF) Life Committee.

Sarjit is presently serving as the Chairman of the Singapore Accountancy Commission’s Chartered Accountancy Learning and Assessment Committee – Foundation Programme. He is also a member of the Board of Education and Examiners at the Institute of Singapore Chartered Accountants.

Sarjit was conferred the Public Service Star (BBM) in 2011, the Public Service Medal (PBM) in 2007, the ‘Nanyang Alumni Achievement Award’ in 2012, and the SG50 community accolade in 2015 in recognition of his professional achievements and contributions to the nation.
 

Upcoming Schedule

Registration is closed

Date & Time

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

Fee (inclusive of GST)

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

Programme Facilitator(s)

Sarjit Singh

Venue

60 Cecil Street
ISCA House
Singapore 049709