Course Detail(IA005 : Setting Up an Effective Follow-Up System for Audit Reports)

IA005 : Setting Up an Effective Follow-Up System for Audit Reports

3.50 CPE Hours (Others)
Classroom

Programme Objective

This training will provide a deeper insight into the requirements for a proper follow-up system to ensure that the agreed actions, audit issues raised and recommendations have been looked into and resolved on a timely basis by the management. Where issues are not acted upon, management has agreed to accept the risks or these issues have been made obsolete in view of changing circumstances. The audit reports may refer to those issued by external auditors and internal auditors.

There will be discussions of real life follow-up systems so that participants can learn to apply in their organisations to achieve better implementation of issues raised in audit reports.

Programme Outline

  • Value add when agreed actions are IMPLEMENTED

  • Reference statement : Performance standard 2500 on monitoring of progress by the Institute of Internal Auditors

  • Category of audit issues

  • Urgency and impact of audit recommendations

  • Agreed actions by whom

  • Estimated implementation date

  • Investments required to rectify deficiencies

  • Policy on period to follow-up

  • Paper vs Physical

  • Recurring issues and long outstanding audit issues

  • Communicating follow-ups

  • Best practices extracted from audit reports


Training Methodology

Lecture style, with Exercises/Case Studies

Closing Date for Registration

1 week before programme or until full enrolment

Intended For

An Advanced Level programme, intended for both external and internal auditors; senior finance professionals, those responsible for follow-ups, audit committee members and independent directors who want a deeper understanding of effective follow-up systems.

Competency Mapping

Others = 3.50 Hours

Schedule & Fees

Date & Time

06 Sep 2016 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Aloysius Cheang

Date & Time

09 Nov 2015 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Chris Ong

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Chris Ong
FCA (UK), CA (S’pore), CIA, MBA, BSc(Hons), MSID

Chris Ong  is currently a Principal Management Consultant.  Chris has over 30 years professional as well as commercial experience. He started with external auditing in the manufacturing and financial services sectors with an international accounting firm in London. Upon qualifying as a chartered accountant, Chris returned to Singapore and worked in international tax planning and compliance with an oil and gas conglomerate. Chris went on to head major internal audit divisions in diverse industries including media and entertainment; real estate and hospitality; banking and financial services, supply chain management, shipping and natural resources. Chris was the managing partner for enterprise risk services at a big four firm in Beijing and chaired the risk management committee for Northern China for three years. Due to the international exposure, Chris has benefitted and gained good experience in governance, risk and compliance fields. Over the years, Chris has advised a number of companies in China, Indonesia, Singapore, and the UK.

Academically, Chris has a B.Sc (honours) in Accounting and Information Technology from Leeds University and an MBA from the University of Dubuque. He is a Fellow Chartered Accountant (England & Wales); Chartered Accountant (Singapore); and a Certified Internal Auditor. He has been invited to speak at regional forums and conferences. Chris has been interviewed by leading publications in Singapore and China. Chris is passionate about sharing his experiences in both speaking and training and hopes very much to contribute to the community and help coach the future professional leaders.
 


Aloysius Cheang
FCCA, CA (S), CA (M), ATA (Income Tax &GST), Master of Taxation (Distinction)

 
Aloysius started his accountancy career as an auditor with Deloitte. He has over 35 years of extensive Controllership and CFO experience in Finance and Accounting in broad based industries (High Tech Electronics Manufacturing, Professional Healthcare, Plantation and Petrochemical) and multinational companies in APAC.  His work experience covers Malaysia, Thailand, Singapore, Indonesia, China, Hong Kong, Japan, Taiwan, UK and US.
 
His professional qualifications include FCCA, CA (S), CA (M), ATA (Income Tax &GST) and a Master of Taxation (Distinction) from SIM University.
 
His areas of expertise cover financial and management accounting, financial management, commercial and operations finance, corporate governance, internal audit and controls, restructuring and reorganisation, business planning and performance, project development, start-ups, business cessation, international tax planning, M&A due diligence and post acquisition integration.
 
He is currently a trainer and a management consultant. He trains aspiring professionals on finance, accounting, taxation and business management. He is also a workshop facilitator for ISCA Qualification Programme. 

Programme Objective

This training will provide a deeper insight into the requirements for a proper follow-up system to ensure that the agreed actions, audit issues raised and recommendations have been looked into and resolved on a timely basis by the management. Where issues are not acted upon, management has agreed to accept the risks or these issues have been made obsolete in view of changing circumstances. The audit reports may refer to those issued by external auditors and internal auditors.

There will be discussions of real life follow-up systems so that participants can learn to apply in their organisations to achieve better implementation of issues raised in audit reports.

Programme Outline

  • Value add when agreed actions are IMPLEMENTED

  • Reference statement : Performance standard 2500 on monitoring of progress by the Institute of Internal Auditors

  • Category of audit issues

  • Urgency and impact of audit recommendations

  • Agreed actions by whom

  • Estimated implementation date

  • Investments required to rectify deficiencies

  • Policy on period to follow-up

  • Paper vs Physical

  • Recurring issues and long outstanding audit issues

  • Communicating follow-ups

  • Best practices extracted from audit reports


Training Methodology

Lecture style, with Exercises/Case Studies

Closing Date for Registration

1 week before programme or until full enrolment

Intended For

An Advanced Level programme, intended for both external and internal auditors; senior finance professionals, those responsible for follow-ups, audit committee members and independent directors who want a deeper understanding of effective follow-up systems.

Competency Mapping

Others = 3.50 Hours

Programme Facilitator(s)

Chris Ong
FCA (UK), CA (S’pore), CIA, MBA, BSc(Hons), MSID

Chris Ong  is currently a Principal Management Consultant.  Chris has over 30 years professional as well as commercial experience. He started with external auditing in the manufacturing and financial services sectors with an international accounting firm in London. Upon qualifying as a chartered accountant, Chris returned to Singapore and worked in international tax planning and compliance with an oil and gas conglomerate. Chris went on to head major internal audit divisions in diverse industries including media and entertainment; real estate and hospitality; banking and financial services, supply chain management, shipping and natural resources. Chris was the managing partner for enterprise risk services at a big four firm in Beijing and chaired the risk management committee for Northern China for three years. Due to the international exposure, Chris has benefitted and gained good experience in governance, risk and compliance fields. Over the years, Chris has advised a number of companies in China, Indonesia, Singapore, and the UK.

Academically, Chris has a B.Sc (honours) in Accounting and Information Technology from Leeds University and an MBA from the University of Dubuque. He is a Fellow Chartered Accountant (England & Wales); Chartered Accountant (Singapore); and a Certified Internal Auditor. He has been invited to speak at regional forums and conferences. Chris has been interviewed by leading publications in Singapore and China. Chris is passionate about sharing his experiences in both speaking and training and hopes very much to contribute to the community and help coach the future professional leaders.
 

Aloysius Cheang
FCCA, CA (S), CA (M), ATA (Income Tax &GST), Master of Taxation (Distinction)

 
Aloysius started his accountancy career as an auditor with Deloitte. He has over 35 years of extensive Controllership and CFO experience in Finance and Accounting in broad based industries (High Tech Electronics Manufacturing, Professional Healthcare, Plantation and Petrochemical) and multinational companies in APAC.  His work experience covers Malaysia, Thailand, Singapore, Indonesia, China, Hong Kong, Japan, Taiwan, UK and US.
 
His professional qualifications include FCCA, CA (S), CA (M), ATA (Income Tax &GST) and a Master of Taxation (Distinction) from SIM University.
 
His areas of expertise cover financial and management accounting, financial management, commercial and operations finance, corporate governance, internal audit and controls, restructuring and reorganisation, business planning and performance, project development, start-ups, business cessation, international tax planning, M&A due diligence and post acquisition integration.
 
He is currently a trainer and a management consultant. He trains aspiring professionals on finance, accounting, taxation and business management. He is also a workshop facilitator for ISCA Qualification Programme. 

Upcoming Schedule

Registration is closed

Date & Time

06 Sep 2016 (9:00 AM - 12:30 PM)

Fee (inclusive of GST)

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

Programme Facilitator(s)

Aloysius Cheang

Venue

60 Cecil Street
ISCA House
Singapore 049709