Course Detail(ADT133 : Audit of Internal Control under SOX and PCAOB requirements (Classroom))
Not Available

UTAP Funding

ADT133 : Audit of Internal Control under SOX and PCAOB requirements (Classroom)

7.00 CPE Hours (Category 3, Others)
Classroom

Programme Objective

To provide audit professional with guidance on the integrated audit and Internal Control Testing under SOX and PCAOB Audit Standard 2201 - An Audit of Internal Control over Financial Reporting that is integrated with an Audit of Financial Statements. This course is also helpful for control approach to audit of financial statements for local listed companies, MNCs, charities and SMEs clients.

Programme Outline

  • Overview of change of codification of PCAOB audit standards
  • Overview of SOX audit requirements and ISCA’s Audit Guidance Statement (AGS 9)
  • Practical guidance on COSO framework
  • Auditors responsibility under Audit Standard 2201 (formerly known as AS 5)
  • Discuss key concepts/provisions of Auditing Standard 2201-An Audit of Internal Control over Financial Reporting that is Integrated with an Audit of Financial Statements
    • Integrating the audit
    • Planning the audit
    • Role of risk assessment
    • Scaling the audit
    • Addressing the risk of fraud
    • Using the work of others
    • Materiality
    • Using a top-down approach
    • Identifying entity-level controls
    • Identifying significant accounts and disclosures and their relevant assertions
    • Understanding likely sources of misstatements
    • Selecting controls to test
    • Testing control (testing design effectiveness and testing operating effectiveness)
    • Relationship of risk to the evidence to be obtained
    • Special consideration for subsequent years audits
    • Evaluating identified deficiencies
    • Indicators of material weaknesses
    • Forming an opinion
    • Obtaining written representation
    • Communicating matters with management and group auditors
    • Reporting
    • Material weaknesses
    • Subsequent event
  • Practical guidance in relation to working with group auditors in the US​​
  • Practical guidance on typical controls for the following cycles
    • Property, Plant & Equipment
    • Revenue and receipt cycle
    • Purchase and payable cycle
    • Payroll cycle
    • Financial Reporting Close Processes (FRCP)
    • Tax
  • Discuss certain PCAOB’s observations on the internal control testing

 

Training Methodology
Lecture style, with exercise/case studies

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

Intended For

A foundation to Intermediate level programme intended for Practicing and non-Practising accountants and auditors. Senior audit professional who like to understand more about the issue involved in the audit of US listed entities and also audit of Singapore’s Statutory boards.

Competency Mapping

Category 3 = 4.50 Hours
Others = 2.50 Hours

Schedule & Fees
Date & Time

09 Oct 2024 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 372.78
For Non-Members: $ 449.08

Programme Facilitator(s)

Dr Chinnu Palanivelu

Venue

60 Cecil Street
ISCA House
Singapore 049709

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)


 

Dr Chinnu Palanivelu, PA (ACRA), FCA (Singapore), CA (England &Wales), CPA (Aust.), FCCA, CMA, CFE, DBA, MBA, BSc (Hons)

Dr Chinnu is currently the Managing Partner of Stamford group of companies that involved audit, financial reporting, tax advisory, management consulting, company secretarial work and risk advisory. Before current appointment, he has more than 20 years of experience in public practice and commercial entities. He also appointed faculty member of various academic and professional institutions including James Cook University, University of Greenwich, LSBF, Kaplan, SIT, Singapore Accountancy Commission, ISCA, ACCA, ICAEW and Singapore Institute of Auditors. Dr Chinnu completed specialised Diploma in Tax, IFRS, SSA and adult trainings and teaching in higher education.

 

Dr Chinnu developed expertise in audit and accounting of societies, charities and IPCs. He is ISCA Care Volunteer (pro-bono) to advice charity on the governance, audit and accounting. He is a technical trainer and facilitator at ISCA and SMPs on various trainings related to non-profit entities where he trained few thousands of practitioners and finance professional. Dr Chinnu, as Public Accountant and auditors, audited more than 100 Societies, Charities, IPCs, and Co-operative societies, associations, clubs and Company Limited Guarantees.

 

Dr Chinnu served about 10 years in the Board and advisory committees of Ministry of Education, Ministry of Social and Family Development, Ministry of Culture, Community and Youth and Youth Corp Singapore. Dr Chinnu served more than 12 years in the grassroots in various position including auditor and Treasurer. For his contribution to grassroots, he was awarded PA Long Service Award and National Day Honour Medal. Dr chinnu also received recognition letter from ministries such as MSF and MOE, NS Gold status recognition and Total Defence award from Ministry of Defence.

Dr Chinnu currently serves on the Board of Directors/Executive committee of SCAPE Ltd, Rotary Foundation of Singapore Ltd, Singapore South Asia Chamber of Commerce and Industry, Rotatory Club of Singapore East, Tapestry Project Ltd, Abdul Kalam Vision Society and Societies of Kalaipithers. He was served Board of Directors of Association of Persons with Special Needs, Singapore National Paralympic Council, SHINE Childers and Youth Service, Breast Cancer Foundation and Singapore Taekwondo Foundation.

He also served/serving Chairman or member of audit committee of Association of Persons with Special Needs, Singapore Taekwondo Foundation, Singapore Disability Sports Council, National Volunteer & Philanthropy Centre, SCAPE Ltd and Breast Cancer Foundation.

He also served/serving Treasurer of Rotary Foundation of Singapore Ltd, Societies of Kalaipithers, Tapestry Project Ltd and Abdul Kalam Vision Society.

He also served/serving Chairman/member of finance committee of Singapore National Paralympic Council, Singapore South Asia Chamber of Commerce and Industry, Association of Persons with Special Needs, Tapestry Project Ltd, Abdul Kalam Vision Society and Societies of Kalaipithers.

Dr Chinnu also served Honorary Secretary of Societies of Kalaipithers and Breast Cancer Foundation.

He also served management committee/advisory of various education institutions such as ACCA, Singapore Accountancy Academy Global Education, London School of Business and Finance and Association of Certified Fraud Examiners.

Dr Chinnu also appointed as Honorary Auditor of Singapore Indian Educational Trust, Abdul Kalam Vision Society, Global Organisation of People of Indian Origin, Societies of Kalaipithers and Guild of International Speakers and Trainers.

Chinnu was awarded Lifelong Learner Award by President of Singapore and received recognition from several institutions such as the ACCA, NCSS, APSN and SHINE. Dr Chinnu conferred Global Guru Award for his teaching, training and impact made to his participants. For his contribution to the society, non-profit institutions and nation building, he was awarded Honorary Doctorate degree (Doctor of Letters).

Dr Chinnu also conferred Global Leadership Award and under his Leadership, Stamford Assurance group awarded SME 500 award, Best Practice Firm award under SMP category by the Legacy International and Singapore 100 Entrepreneurs award.

Programme Objective

To provide audit professional with guidance on the integrated audit and Internal Control Testing under SOX and PCAOB Audit Standard 2201 - An Audit of Internal Control over Financial Reporting that is integrated with an Audit of Financial Statements. This course is also helpful for control approach to audit of financial statements for local listed companies, MNCs, charities and SMEs clients.

Programme Outline

  • Overview of change of codification of PCAOB audit standards
  • Overview of SOX audit requirements and ISCA’s Audit Guidance Statement (AGS 9)
  • Practical guidance on COSO framework
  • Auditors responsibility under Audit Standard 2201 (formerly known as AS 5)
  • Discuss key concepts/provisions of Auditing Standard 2201-An Audit of Internal Control over Financial Reporting that is Integrated with an Audit of Financial Statements
    • Integrating the audit
    • Planning the audit
    • Role of risk assessment
    • Scaling the audit
    • Addressing the risk of fraud
    • Using the work of others
    • Materiality
    • Using a top-down approach
    • Identifying entity-level controls
    • Identifying significant accounts and disclosures and their relevant assertions
    • Understanding likely sources of misstatements
    • Selecting controls to test
    • Testing control (testing design effectiveness and testing operating effectiveness)
    • Relationship of risk to the evidence to be obtained
    • Special consideration for subsequent years audits
    • Evaluating identified deficiencies
    • Indicators of material weaknesses
    • Forming an opinion
    • Obtaining written representation
    • Communicating matters with management and group auditors
    • Reporting
    • Material weaknesses
    • Subsequent event
  • Practical guidance in relation to working with group auditors in the US​​
  • Practical guidance on typical controls for the following cycles
    • Property, Plant & Equipment
    • Revenue and receipt cycle
    • Purchase and payable cycle
    • Payroll cycle
    • Financial Reporting Close Processes (FRCP)
    • Tax
  • Discuss certain PCAOB’s observations on the internal control testing

 

Training Methodology
Lecture style, with exercise/case studies

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

Intended For

A foundation to Intermediate level programme intended for Practicing and non-Practising accountants and auditors. Senior audit professional who like to understand more about the issue involved in the audit of US listed entities and also audit of Singapore’s Statutory boards.

Competency Mapping

Category 3 = 4.50 Hours
Others = 2.50 Hours

Programme Facilitator(s)

 

Dr Chinnu Palanivelu, PA (ACRA), FCA (Singapore), CA (England &Wales), CPA (Aust.), FCCA, CMA, CFE, DBA, MBA, BSc (Hons)

Dr Chinnu is currently the Managing Partner of Stamford group of companies that involved audit, financial reporting, tax advisory, management consulting, company secretarial work and risk advisory. Before current appointment, he has more than 20 years of experience in public practice and commercial entities. He also appointed faculty member of various academic and professional institutions including James Cook University, University of Greenwich, LSBF, Kaplan, SIT, Singapore Accountancy Commission, ISCA, ACCA, ICAEW and Singapore Institute of Auditors. Dr Chinnu completed specialised Diploma in Tax, IFRS, SSA and adult trainings and teaching in higher education.

 

Dr Chinnu developed expertise in audit and accounting of societies, charities and IPCs. He is ISCA Care Volunteer (pro-bono) to advice charity on the governance, audit and accounting. He is a technical trainer and facilitator at ISCA and SMPs on various trainings related to non-profit entities where he trained few thousands of practitioners and finance professional. Dr Chinnu, as Public Accountant and auditors, audited more than 100 Societies, Charities, IPCs, and Co-operative societies, associations, clubs and Company Limited Guarantees.

 

Dr Chinnu served about 10 years in the Board and advisory committees of Ministry of Education, Ministry of Social and Family Development, Ministry of Culture, Community and Youth and Youth Corp Singapore. Dr Chinnu served more than 12 years in the grassroots in various position including auditor and Treasurer. For his contribution to grassroots, he was awarded PA Long Service Award and National Day Honour Medal. Dr chinnu also received recognition letter from ministries such as MSF and MOE, NS Gold status recognition and Total Defence award from Ministry of Defence.

Dr Chinnu currently serves on the Board of Directors/Executive committee of SCAPE Ltd, Rotary Foundation of Singapore Ltd, Singapore South Asia Chamber of Commerce and Industry, Rotatory Club of Singapore East, Tapestry Project Ltd, Abdul Kalam Vision Society and Societies of Kalaipithers. He was served Board of Directors of Association of Persons with Special Needs, Singapore National Paralympic Council, SHINE Childers and Youth Service, Breast Cancer Foundation and Singapore Taekwondo Foundation.

He also served/serving Chairman or member of audit committee of Association of Persons with Special Needs, Singapore Taekwondo Foundation, Singapore Disability Sports Council, National Volunteer & Philanthropy Centre, SCAPE Ltd and Breast Cancer Foundation.

He also served/serving Treasurer of Rotary Foundation of Singapore Ltd, Societies of Kalaipithers, Tapestry Project Ltd and Abdul Kalam Vision Society.

He also served/serving Chairman/member of finance committee of Singapore National Paralympic Council, Singapore South Asia Chamber of Commerce and Industry, Association of Persons with Special Needs, Tapestry Project Ltd, Abdul Kalam Vision Society and Societies of Kalaipithers.

Dr Chinnu also served Honorary Secretary of Societies of Kalaipithers and Breast Cancer Foundation.

He also served management committee/advisory of various education institutions such as ACCA, Singapore Accountancy Academy Global Education, London School of Business and Finance and Association of Certified Fraud Examiners.

Dr Chinnu also appointed as Honorary Auditor of Singapore Indian Educational Trust, Abdul Kalam Vision Society, Global Organisation of People of Indian Origin, Societies of Kalaipithers and Guild of International Speakers and Trainers.

Chinnu was awarded Lifelong Learner Award by President of Singapore and received recognition from several institutions such as the ACCA, NCSS, APSN and SHINE. Dr Chinnu conferred Global Guru Award for his teaching, training and impact made to his participants. For his contribution to the society, non-profit institutions and nation building, he was awarded Honorary Doctorate degree (Doctor of Letters).

Dr Chinnu also conferred Global Leadership Award and under his Leadership, Stamford Assurance group awarded SME 500 award, Best Practice Firm award under SMP category by the Legacy International and Singapore 100 Entrepreneurs award.


Upcoming Schedule

Date & Time

09 Oct 2024 (9:00 AM - 5:00 PM)
Fee (inclusive of GST)

For Members: $ 372.78
For Non-Members: $ 449.08

Programme Facilitator(s)

Dr Chinnu Palanivelu

Venue

60 Cecil Street
ISCA House
Singapore 049709


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