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.
Pre-requisites
Please take note of the following admission requirements:
- Trainings will be conducted on Zoom platform, thus video camera and microphone are compulsory
- Mandatory for video camera to be turned on throughout the course
- Display your official name (as per NRIC) in Zoom, to facilitate attendance taking
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] SkillsFuture Credit (SFC)
Funding Period: Until 7 Jan 2023
Course Reference Number: TGS-2020501121
All Singaporeans aged 25 and above will receive an opening credit of S$500 from the government. You may wish to use your SFC to pay for partial/full ISCA course fees.
On 1 Oct 2020, the Government provided a one-off SkillsFuture Credit Top-up of $500 for all eligible Singaporeans aged 25 or above by 31 Dec 2020. Singaporeans aged 40 to 60 by 31 Dec 2020 will also receive an Additional SkillsFuture Credit (Mid-Career Support) of $500 which can be used for courses under: (i) SGUnited Skills Programme, (ii) SGUnited Mid-Career Pathways Programme – Company Training, and (iii) Career Transition Programmes. This additional SFC (Mid-Career Support) is NOT applicable for use on ISCA courses. (For more information on the SFC scheme, please visit http://www.skillsfuture.sg/credit)
If you wish to enrol for the course with SFC Funding, please proceed with the following steps:
Failure to submit claim application and obtain necessary approval before the course start date will result in topping up of the SFC indicated for use. Please note that there will be an administrative fee of $42.80 for any revision of invoice.
2] WDA Training Grant - SDF Funding
This course is approved for SDF funding ($2 per training hour) for Company-sponsored participants only (Eligibility criteria apply).
Funding Period: Until 7 Jan 2023
Funded Hours: 7hours
Course Reference Number: TGS-2020501121
If you wish to enrol participants with SDF Funding, please proceed with the following steps (For Corporate enrolments only) :
- Step 1: Register for the course online via ISCA Portal. Upon adding to cart, the system will prompt a question “Do you wish to apply for WDA Funding?”, click Yes and input all required information. At the Cart page, please ensure that SDF funding is applied before clicking “Checkout”.
| | For course run start date before 1 Nov 2020, submit training grant application in SCN until 30 Nov 2020. | For course run start date on or after 1 Nov 2020, Enterprises/employers are NOT required to log into TPGateway/SCN to submit training grant. |
Remarks | • Step 2: After receiving email that the programme status is confirmed, please proceed to submit the Training Grant application via SkillsConnect Portal (https://www.skillsconnect.gov.sg/). Employers of company-sponsored participants must submit training grant via SkillsConnect to obtain training grant for course fees. You may submit the Training Grant application within the period from 30 days before the course start date to 30 days after course start date. | The employee’s enrolment, attendance and assessment recordswill be submitted by ISCA onto TPGateway. |
Please note that there will be an administrative fee of $42.80 for any revision of invoice.
Eligibility Criteria:
- Company must be registered or incorporated in Singapore and;
- Applicant is taking the course for the first time.
- Applicant must be employed, and is either Singapore Citizen or Permanent Resident of Singapore and;
- Applicant must achieve at least 75% attendance, and pass all examinations /assessments and;
- Applicant must be fully sponsored by the Company for all costs associated with the training and;
- Payment has to be made via corporate means (e.g. corporate cheque, corporate GIRO, corporate credit card).
3] NTUC Union Training Assistance Programme (UTAP)
UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members.
To find out more on the UTAP funding and support validity period please click here.
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.
Pre-requisites
Please take note of the following admission requirements:
- Trainings will be conducted on Zoom platform, thus video camera and microphone are compulsory
- Mandatory for video camera to be turned on throughout the course
- Display your official name (as per NRIC) in Zoom, to facilitate attendance taking
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)
