Course Detail(ADT132v : Audit of Non-Profit Entities (Live Webinar))

ADT132v : Audit of Non-Profit Entities (Live Webinar)

7.00 CPE Hours (Category 3)
Live Webinar

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.

Competency Mapping

Category 3 = 7.00 Hours

Schedule & Fees

Date & Time

26 Nov 2024 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 381.50
For Non-Members: $ 458.89

Programme Facilitator(s)

Dr Chinnu Palanivelu

Venue

Online Classroom in or outside of
Singapore

Testimonial

Funding

No funding Available!

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 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.

Competency Mapping

Category 3 = 7.00 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

26 Nov 2024 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 381.50
For Non-Members: $ 458.89

Programme Facilitator(s)

Dr Chinnu Palanivelu

Venue

Online Classroom in or outside of
Singapore