Programme Objective
To provide audit professional with guidance on the audit of non-profit entities such as clubs, cooperative, societies, business chambers, charities. This course will also cover the key financial statement reporting and disclosure requirement.

Programme Outline

Overview for financial reporting framework for non-profit entities in Singapore
 

• Financial Reporting Standards
• Charities Accounting standards
• Other framework for smaller non-profit entities
• Withdrawal of RAP 6 and replacement with CAS

 
Overview of audit requirements for non-profit entities in Singapore
 
Overview of non-profit sector in Singapore

• Societies
• Cooperative
• Charities
• Clubs
• Business chambers

 
Overview of Business vehicle for charities in Singapore

• Companies Act, chapter 50, companies limited by guarantee
• Societies Act, Chapter
• Trustee Act, Chapter 337
• Co-operative Societies Act, Chapter 62

 
Compliance requirement for non-profit entities: Key provisions on:

• Charity act
• Charity act (IPC)
• Charity act (account and annual report)
• Charity act (large charity)
• Society act
• Society regulations
• Cooperative societies rules 2009
• Trustee Act

 
Additional provision for cooperative and large charities and compliance opinion by the external auditors

• Compliance opinion under Audit Guidance Statement (“AGS”)  9 for co-operatives
• Compliance opinion under regulations 16 of Charities Act (IPC)
• Compliance opinion under regulations 15 of Charities Act (IPC) on fund raising

Code of Governance

• Code of Governance for Registered Societies
• Code of Governance for charities and IPC

Overview of internal control for charities
 
Statutory obligation for charities:

• Annual report
• Financial statements
• AGM
• Governance instruments
• Financial reporting and other info to sector administrator
• Financial reporting and other info to NCSS
• Tax submission to IRAS

 
Role of sector administrators and auditors responsibilities

• 5 sector administrators
• Charity commissioner
• NCCS
• ROS
• Registry of co-operative societies

 
Common finance statement items and key audit procedures for non-profit entities

• Donations (designated donations, general donations and donations in kinds)
• Grant (operating and capital grant)
• Funds (trust funds, general funds)
• Reserve (general, designated and restricted funds)
• Deferred capital grants
• Government grants
•  

Working with various sub-committees and boards in relation to:

• Submission of audit plan and approval
• Communication with management and board on the internal controls weakness
• Audit findings

 
Practical guidance to address the Common financial statement issues

Competency Mapping
Category 3
 
Training Methodology
Lecture style, with exercises/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-Practicing accountants and auditors. Senior audit professional who like to understand more about the issue involved in the audit of non-profit entities are welcome to attend.

Programme Facilitator(s)