Programme Objective
To provide audit professionals with guidance on performing audits of group financial statements, including special considerations for dealing with components and component auditors.
Programme Outline
- Develop an understanding of the special considerations, complexities and the key financial statement reporting and disclosure requirements for group reporting.
- Discuss the common practical issues/problems that auditors encounter during planning, execution and completion of a group audit engagement.
- Develop an understanding of the group, its components and their environments; identify significant components and components that are not significant components; understand the group’s consolidation process; consider overseas components with functional and reporting currencies that differ from that of the group, components with financial information not prepared in accordance with the financial reporting framework applied to the group financial statements and/or components with financial reporting period-end different from that of the group.
- Obtain an understanding of the component auditor, and determine if sufficient appropriate audit evidence can be obtained in relation to the consolidation process and the financial information of components on which to base the group audit opinion.
- Establish the overall group audit strategy and group audit plan; ensure that those performing the engagement, including component auditors, collectively have appropriate levels of competence, capabilities and independence; obtaining updates on group developments; agreeing the scope of audit engagement with the client; determine the extent of reliance to place on component auditors’ work.
- Assess the risks of material misstatement and determine materiality levels at both overall group financial statement level and component financial statement levels.
- Communications with component auditors; instructions for the group audit engagement on the work to be performed, the use to be made of that work, and the form and content of the component auditor’s communication with the group engagement team; requests for the component auditor on its ability to comply with ethical and independence requirements for the group audit; requests from the component auditor to communicate, on a timely basis, relevant information on component audited to the group engagement team, including information on component related parties.
- Documentation of the group audit engagement, including the analysis of components, the nature, timing and extent of work performed by the group engagement team and the component auditors on significant components, and written communications between the group engagement team and component auditors.
- Matters to consider when performing the group audit, including the audit of consolidation packages, aggregation schedules and other computations, obtaining external confirmations and assessing the need to impair goodwill.
- Monitor and review component auditors’ work, including evaluating the sufficiency and appropriateness of audit evidence obtained, and resolution of misstatements identified during the audit.
- Design and perform procedures to identify subsequent events at component level that may require adjustment or disclosure in the group financial statements.
- Communicate with group management and those charged with governance of the group on identified deficiencies in internal control and/or other pertinent matters relating to the group audit engagement, at both group and component levels.
- Evaluate the group audit engagement findings and draw appropriate audit conclusions for audit reporting.
- Determine the appropriate group audit report to to be issued.
Training Methodology
Lecture style, with Exercises/Case Studies, Quiz / Knowledge Check
Closing Date for Registration
1 week before programme or until full enrolment
Intended For
An Intermediate to Advanced level programme intended for both Practising and Non-Practising Accountants and Auditors. Those who like to gain more understanding in performing Group Audits are welcome to attend.
Schedule & Fees
Testimonial
Funding
1] NTUC Union Training Assistance Programme (UTAP)
UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members.
NTUC members enjoy 50% *unfunded course fee support for up to $250 each year when you sign up for courses supported under UTAP. NTUC members aged 40 and above can enjoy higher funding support up to $500 per individual each year, capped at 50% of unfunded course fees, for courses attended between 1 July 2020 to 31 December 2022. *This excludes miscellaneous fees such as GST and registration fee etc.
This course is approved for UTAP support for intakes conducted between 01 April 2021 – 31 March 2022.
As UTAP is given on calendar year basis, and calculated based on year of training taken, it cannot be accumulated.
- Maintained paid-up NTUC membership before course, throughout course duration and at the point of claim and;
- Course by training provider must be supported under UTAP and training must commence within the supported period and;
- Unfunded course fee must not be fully sponsored by company or other types of funding
- Unfunded course fee must be S$20.00 and above, and;
- Member must achieve a minimum of 75% attendance for each application and sat for all prescribed examination(s), if any and;
- UTAP application must be made within 6 months after course ends.
To submit for UTAP claims, please visit http://skillsupgrade.ntuc.org.sg/. Terms and conditions apply.
Should you have queries on the funding scheme, you can email to UTAP@e2i.com.sg or call NTUC Membership Hotline at 6213-8008
Programme Facilitator(s)
Programme Objective
To provide audit professionals with guidance on performing audits of group financial statements, including special considerations for dealing with components and component auditors.
Programme Outline
- Develop an understanding of the special considerations, complexities and the key financial statement reporting and disclosure requirements for group reporting.
- Discuss the common practical issues/problems that auditors encounter during planning, execution and completion of a group audit engagement.
- Develop an understanding of the group, its components and their environments; identify significant components and components that are not significant components; understand the group’s consolidation process; consider overseas components with functional and reporting currencies that differ from that of the group, components with financial information not prepared in accordance with the financial reporting framework applied to the group financial statements and/or components with financial reporting period-end different from that of the group.
- Obtain an understanding of the component auditor, and determine if sufficient appropriate audit evidence can be obtained in relation to the consolidation process and the financial information of components on which to base the group audit opinion.
- Establish the overall group audit strategy and group audit plan; ensure that those performing the engagement, including component auditors, collectively have appropriate levels of competence, capabilities and independence; obtaining updates on group developments; agreeing the scope of audit engagement with the client; determine the extent of reliance to place on component auditors’ work.
- Assess the risks of material misstatement and determine materiality levels at both overall group financial statement level and component financial statement levels.
- Communications with component auditors; instructions for the group audit engagement on the work to be performed, the use to be made of that work, and the form and content of the component auditor’s communication with the group engagement team; requests for the component auditor on its ability to comply with ethical and independence requirements for the group audit; requests from the component auditor to communicate, on a timely basis, relevant information on component audited to the group engagement team, including information on component related parties.
- Documentation of the group audit engagement, including the analysis of components, the nature, timing and extent of work performed by the group engagement team and the component auditors on significant components, and written communications between the group engagement team and component auditors.
- Matters to consider when performing the group audit, including the audit of consolidation packages, aggregation schedules and other computations, obtaining external confirmations and assessing the need to impair goodwill.
- Monitor and review component auditors’ work, including evaluating the sufficiency and appropriateness of audit evidence obtained, and resolution of misstatements identified during the audit.
- Design and perform procedures to identify subsequent events at component level that may require adjustment or disclosure in the group financial statements.
- Communicate with group management and those charged with governance of the group on identified deficiencies in internal control and/or other pertinent matters relating to the group audit engagement, at both group and component levels.
- Evaluate the group audit engagement findings and draw appropriate audit conclusions for audit reporting.
- Determine the appropriate group audit report to to be issued.
Training Methodology
Lecture style, with Exercises/Case Studies, Quiz / Knowledge Check
Closing Date for Registration
1 week before programme or until full enrolment
Intended For
An Intermediate to Advanced level programme intended for both Practising and Non-Practising Accountants and Auditors. Those who like to gain more understanding in performing Group Audits are welcome to attend.
Programme Facilitator(s)
