Course Detail(E124 : The Cornerstone of Sound Professional Judgment)

E124 : The Cornerstone of Sound Professional Judgment

3.50 CPE Hours (Category 2)
Classroom


Programme Objective
​The “lack of professional skepticism” has been quoted many times in the discussions of audits that failed to highlight warning signals prior to major financial turmoil over the past few years. So, does it mean auditors should apply an extremely suspicious mindset that tends to reject every management’s assertion or representation outright in order to minimize their exposures? If not, what should be done instead? Given that this is a relatively ‘underexplored’ topic, and “how to adopt and apply professional skepticism in real-world situations … is a perennially challenging and subjective matter” (CPA Australia, April 2013).

Much of the discussions or debates to-date may seem to have close association with audit profession, but the truth is “professional skepticism does not belong exclusively to auditors – the capacity to assume and apply this mindset is an essential skill in almost any professional or custodial role. This would include chief executive officers, other managers, directors, regulators, public officials – the list goes on and on.” (CPA Australia, April 2013)

This session aims to better equip current and aspiring auditing/accounting/finance professionals with essential knowledge and practical approaches in applying and/or demonstrating professional skepticism and judgement appropriately in their job and thereby enhancing the substance and ethics of judgment made. Experience sharing and case studies will help participants to better appreciate/anticipate the real life scenarios.  

Programme Outline

  • What is professional judgment? Ethical considerations?
  • Attributes of professional judgment?
  • Why is professional judgment critical for accountants, auditors alike?
  • Exercise of sound professional judgment in the context of financial reporting and auditing environments
  • Difference between ‘judgment’ and ‘estimates’ under FRS
  • Professional judgment and professional skepticism
  • How to exercise professional skepticism?
  • Real-life examples and case studies
 
Training Methodology
Interactive lecture style, real life example/experience sharing as illustrations, with exercises/case studies
 
Closing Date for Registration
1 week before programme or until full enrolment
 

Intended For

An intermediate level programme intended for practicing and non-practicing auditing, accounting and finance professionals. Those who are keen in establishing better appreciation of professional skepticism and making informed professional judgments are encouraged to attend.

Competency Mapping

Category 2 = 3.50 Hours

Schedule & Fees

Date & Time

17 Nov 2018 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Kuan Cheng Tuck

Date & Time

18 Nov 2017 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Kuan Cheng Tuck

Date & Time

17 Dec 2016 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Kuan Cheng Tuck

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Kuan Cheng Tuck

Cheng Tuck is an advisor to Crowe on technical and risk management matters. Being dually-qualified as a Chartered Accountant and a lawyer in Singapore, Cheng Tuck is well placed to deliver courses covering a myriad of subject matters.  He is also able to share his uniquely combined knowledge and experience in accounting, business and law with participants, allowing them to appreciate the perspective from multiple angles.  He is particularly skillful in explaining complicated matters in an easily understandable and interesting manner.

Cheng Tuck has more than 20 years of experience in the fields of accounting, auditing as well as business and financial advisory.  He is also an independent director and Audit Committee Chairman of several listed companies in Singapore and Hong Kong.  He is also a panel member of the Disciplinary Committee of the Accounting and Corporate Regulatory Authority (ACRA).
 


Programme Objective
​The “lack of professional skepticism” has been quoted many times in the discussions of audits that failed to highlight warning signals prior to major financial turmoil over the past few years. So, does it mean auditors should apply an extremely suspicious mindset that tends to reject every management’s assertion or representation outright in order to minimize their exposures? If not, what should be done instead? Given that this is a relatively ‘underexplored’ topic, and “how to adopt and apply professional skepticism in real-world situations … is a perennially challenging and subjective matter” (CPA Australia, April 2013).

Much of the discussions or debates to-date may seem to have close association with audit profession, but the truth is “professional skepticism does not belong exclusively to auditors – the capacity to assume and apply this mindset is an essential skill in almost any professional or custodial role. This would include chief executive officers, other managers, directors, regulators, public officials – the list goes on and on.” (CPA Australia, April 2013)

This session aims to better equip current and aspiring auditing/accounting/finance professionals with essential knowledge and practical approaches in applying and/or demonstrating professional skepticism and judgement appropriately in their job and thereby enhancing the substance and ethics of judgment made. Experience sharing and case studies will help participants to better appreciate/anticipate the real life scenarios.  

Programme Outline

  • What is professional judgment? Ethical considerations?
  • Attributes of professional judgment?
  • Why is professional judgment critical for accountants, auditors alike?
  • Exercise of sound professional judgment in the context of financial reporting and auditing environments
  • Difference between ‘judgment’ and ‘estimates’ under FRS
  • Professional judgment and professional skepticism
  • How to exercise professional skepticism?
  • Real-life examples and case studies
 
Training Methodology
Interactive lecture style, real life example/experience sharing as illustrations, with exercises/case studies
 
Closing Date for Registration
1 week before programme or until full enrolment
 

Intended For

An intermediate level programme intended for practicing and non-practicing auditing, accounting and finance professionals. Those who are keen in establishing better appreciation of professional skepticism and making informed professional judgments are encouraged to attend.

Competency Mapping

Category 2 = 3.50 Hours

Programme Facilitator(s)

Kuan Cheng Tuck

Cheng Tuck is an advisor to Crowe on technical and risk management matters. Being dually-qualified as a Chartered Accountant and a lawyer in Singapore, Cheng Tuck is well placed to deliver courses covering a myriad of subject matters.  He is also able to share his uniquely combined knowledge and experience in accounting, business and law with participants, allowing them to appreciate the perspective from multiple angles.  He is particularly skillful in explaining complicated matters in an easily understandable and interesting manner.

Cheng Tuck has more than 20 years of experience in the fields of accounting, auditing as well as business and financial advisory.  He is also an independent director and Audit Committee Chairman of several listed companies in Singapore and Hong Kong.  He is also a panel member of the Disciplinary Committee of the Accounting and Corporate Regulatory Authority (ACRA).
 

Upcoming Schedule

Registration is closed

Date & Time

17 Nov 2018 (9:00 AM - 12:30 PM)

Fee (inclusive of GST)

For Members: $ 199.02
For Non-Members: $ 237.54

Programme Facilitator(s)

Kuan Cheng Tuck

Venue

60 Cecil Street
ISCA House
Singapore 049709