Course Detail(IA022 : Internal Audit Approaches to Complement External Auditing: Going Beyond Statutory Compliance)

IA022 : Internal Audit Approaches to Complement External Auditing: Going Beyond Statutory Compliance

7.00 CPE Hours (Others)
Classroom

Programme Objective

Often, the approach adopted by external auditors may be challenged to be that of mere “Statutory Compliance”; while internal auditors would take a “Risk and Control” approach.

Should auditors then adopt the best of both worlds to value-add?

This seminar highlights the common auditing approaches and processes adopted by Internal Auditors, which can potentially complement the work of External Auditors. External auditors will be encouraged to achieve a better understanding of their clients’ operations and businesses, understand their internal controls and better heighten their awareness of potential fraud and risk areas.

This seminar will take a comparative perspective to reveal common approaches and/or processes in both types of audit and will benefit both Internal and External Auditors.

Programme Outline

Comparative Perspective of Key Areas:

1. Orders to Cash and Account Receivables – Should auditors ensure compliance with Company Policies (Eg. Credit Term) or take a Risk and Control perspective?

The collection of accounts receivables is the end product of revenue generation.  Where did it all start?   Apply an internal audit perspective to review from customer’s master data, credit term/ limit, orders processing, stock picking, delivery, sales update including compliance to company policies and Generally Accepted Accounting Principles.

2. Procure to Pay and Account Payables – Should auditors ensure compliance with Company Policies (Eg. Requisition SOPs) or take a Risk and Control perspective?

Browsing through payments for purchase of goods and services, wonder who decides what to buy and whom to buy from?  Apply an internal audit perspective to review the supplier master data, purchase demand, Purchase order generation, supplier selection, receiving, 3 way matching, etc. including compliance to company policies and Generally Accepted Accounting Principles.

3. Manufacturing Process – Should auditors perform a Variance Analysis or take a Risk and Control perspective?

What does variance analysis tells you about manufacturing activities?  Apply an internal audit perspective to review the components of the manufacturing process and its implications on financial reporting.

4. Warehousing & Inventory Management – Should auditors perform Stock-Check and Sampling or take a Risk and Control perspective?

Stock-counting: is it enough to just do reconciliation? Are you not curious about how the warehousing is run and its impact on stock loss? Apply an internal audit perspective to review the components of the warehouse management process and its implications on financial reporting.

5. Marketing Campaigns – Should auditors perform Vouching of Expenses and Invoices or perform a Control analysis?

Besides looking at the marketing budget approval, would it not be interesting to understand the entire control process? Apply an internal audit perspective to review the components of the marketing expenses and its implications on financial reporting.

6. Other Considerations  Eg. After Sales Services, etc


Training Methodology

Lecture style, with case studies 


Closing Date for Registration

1 week before programme or until full enrolment

Intended For

An Intermediate level programme intended for Practising and Non-Practising Accountants and Auditors, including but not limited to: External Auditors who are considering a shift to do Internal Audit work External Auditors who are expanding their services to include Internal Auditing External Auditors who want to understand their Internal Auditors better, and vice versa External Auditors who want to achieve a better understanding of their clients’ operations and businesses, and/or their internal controls Internal Auditors who like to understand the differences between internal and external auditing Professionals who are considering a career in internal auditing

Competency Mapping

Others = 7.00 Hours

Schedule & Fees

Date & Time

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

Registration is closed

Programme Facilitator(s)

Jerry Lee

Date & Time

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

Registration is closed

Programme Facilitator(s)

Jerry Lee

Date & Time

09 Dec 2016 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Jerry Lee

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Jerry Lee
CPA Singapore, FCCA, CIA


Throughout his internal auditing career, Jerry has successfully recruited, trained, and mentored internal auditors inculcating the essential values, imparting the necessary technical and practical skills to transform them into well-rounded audit practitioners. With deep understanding of the practical demands from his extensive regional auditing career, he tailors his trainings to ensure that audit practitioners are armed with the skill sets necessary to face today’s challenges.
 
Jerry is an Internal Audit Partner with a consultancy firm, an arm of a company that specializes in aspects of statutory audit, taxation and business listing. Prior to his current role, Jerry has acquired broad international experiences of more than 12 years with a number of MNCS in a various industries. He is accredited with CPA Singapore, FCCA and CIA.
 
He travels extensively in Asia Pacific and occasionally, Europe for internal audit and business operations reviews, through this, he learnt the impact of different cultural backgrounds, language, and practices have on achieving audit objectives; and deliverables. Beside internal audit, he also led and managed successful business operation restructuring projects in the region.
 

Programme Objective

Often, the approach adopted by external auditors may be challenged to be that of mere “Statutory Compliance”; while internal auditors would take a “Risk and Control” approach.

Should auditors then adopt the best of both worlds to value-add?

This seminar highlights the common auditing approaches and processes adopted by Internal Auditors, which can potentially complement the work of External Auditors. External auditors will be encouraged to achieve a better understanding of their clients’ operations and businesses, understand their internal controls and better heighten their awareness of potential fraud and risk areas.

This seminar will take a comparative perspective to reveal common approaches and/or processes in both types of audit and will benefit both Internal and External Auditors.

Programme Outline

Comparative Perspective of Key Areas:

1. Orders to Cash and Account Receivables – Should auditors ensure compliance with Company Policies (Eg. Credit Term) or take a Risk and Control perspective?

The collection of accounts receivables is the end product of revenue generation.  Where did it all start?   Apply an internal audit perspective to review from customer’s master data, credit term/ limit, orders processing, stock picking, delivery, sales update including compliance to company policies and Generally Accepted Accounting Principles.

2. Procure to Pay and Account Payables – Should auditors ensure compliance with Company Policies (Eg. Requisition SOPs) or take a Risk and Control perspective?

Browsing through payments for purchase of goods and services, wonder who decides what to buy and whom to buy from?  Apply an internal audit perspective to review the supplier master data, purchase demand, Purchase order generation, supplier selection, receiving, 3 way matching, etc. including compliance to company policies and Generally Accepted Accounting Principles.

3. Manufacturing Process – Should auditors perform a Variance Analysis or take a Risk and Control perspective?

What does variance analysis tells you about manufacturing activities?  Apply an internal audit perspective to review the components of the manufacturing process and its implications on financial reporting.

4. Warehousing & Inventory Management – Should auditors perform Stock-Check and Sampling or take a Risk and Control perspective?

Stock-counting: is it enough to just do reconciliation? Are you not curious about how the warehousing is run and its impact on stock loss? Apply an internal audit perspective to review the components of the warehouse management process and its implications on financial reporting.

5. Marketing Campaigns – Should auditors perform Vouching of Expenses and Invoices or perform a Control analysis?

Besides looking at the marketing budget approval, would it not be interesting to understand the entire control process? Apply an internal audit perspective to review the components of the marketing expenses and its implications on financial reporting.

6. Other Considerations  Eg. After Sales Services, etc


Training Methodology

Lecture style, with case studies 


Closing Date for Registration

1 week before programme or until full enrolment

Intended For

An Intermediate level programme intended for Practising and Non-Practising Accountants and Auditors, including but not limited to: External Auditors who are considering a shift to do Internal Audit work External Auditors who are expanding their services to include Internal Auditing External Auditors who want to understand their Internal Auditors better, and vice versa External Auditors who want to achieve a better understanding of their clients’ operations and businesses, and/or their internal controls Internal Auditors who like to understand the differences between internal and external auditing Professionals who are considering a career in internal auditing

Competency Mapping

Others = 7.00 Hours

Programme Facilitator(s)

Jerry Lee
CPA Singapore, FCCA, CIA


Throughout his internal auditing career, Jerry has successfully recruited, trained, and mentored internal auditors inculcating the essential values, imparting the necessary technical and practical skills to transform them into well-rounded audit practitioners. With deep understanding of the practical demands from his extensive regional auditing career, he tailors his trainings to ensure that audit practitioners are armed with the skill sets necessary to face today’s challenges.
 
Jerry is an Internal Audit Partner with a consultancy firm, an arm of a company that specializes in aspects of statutory audit, taxation and business listing. Prior to his current role, Jerry has acquired broad international experiences of more than 12 years with a number of MNCS in a various industries. He is accredited with CPA Singapore, FCCA and CIA.
 
He travels extensively in Asia Pacific and occasionally, Europe for internal audit and business operations reviews, through this, he learnt the impact of different cultural backgrounds, language, and practices have on achieving audit objectives; and deliverables. Beside internal audit, he also led and managed successful business operation restructuring projects in the region.
 


Upcoming Schedule

Registration is closed

Date & Time

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

Fee (inclusive of GST)

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

Programme Facilitator(s)

Jerry Lee

Venue

60 Cecil Street
ISCA House
Singapore 049709