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

 

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.

Programme Facilitator(s)