Course Detail(ADT143v : Audit of Impairment of Assets (FRS 36) – A Practical Approach (Live Webinar))

ADT143v : Audit of Impairment of Assets (FRS 36) – A Practical Approach (Live Webinar)

3.50 CPE Hours (Category 3)
Live Webinar

In view of the COVID-19 situation, selected ISCA’s CPE courses/sessions will be delivered via Live Webinar.

Please do check the details before confirming your registration for the course/session.


Programme Objective
This course allows participants to explore the practical issues in relation to audit of FRS 36 Impairment of Assets in greater detail and how to overcome them.

Programme Outline

  • Introduction
  • Identifying assets such as goodwill and investments in subsidiaries/associates that may be impaired
  • Measuring recoverable amount: ‘fair value less costs of disposal” and ‘value in use’
  • How to properly audit discounted cash flows forecasts and ask the “right” questions to challenge the forecasts
  • The use of professional skepticism and why it is important to demonstrate it
  • Recognition of an impairment loss
  • Reversal of impairment – common pitfalls
  • Presentation and disclosure

 
The session will also include a compilation of regulators’ findings on impairment testing and how to avoid the pitfalls.
 
Training Methodology
Lecture style with case studies
 
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

A Foundation to Intermediate level programme for audit seniors to audit partners on the techniques needed to perform proper audits of impairment assessments

Competency Mapping

Category 3 = 3.50 Hours

Schedule & Fees

Date & Time

19 Oct 2021 (2:00 PM - 5:30 PM)

Registration is closed

Programme Facilitator(s)

Ernest Fok

Date & Time

07 Jul 2021 (2:00 PM - 5:30 PM)

Registration is closed

Programme Facilitator(s)

Ernest Fok

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Mr Ernest Fok

Ernest Fok is the co-founder and director of two companies, which provides incorporation, accounting, corporate secretarial and other consultancy services such as IPO consultancy services to small and medium enterprises and listed companies in Singapore. He also provides audit consultancy services to various public accountants and public accounting firms in Singapore. He is regularly involved in pre-issuance and post-issuance of audit files, as well as provision of advisory services on regulatory reviews such as Practice Monitoring Programme (PMP), Ethics Pronouncement 200 (EP 200) and Singapore Standard on Quality Control No. 1 (SSQC 1). Ernest collaborates regularly with ISCA on development of training materials for the accounting profession.

 

Prior to that, he was the Head of the Practice Monitoring Department (PMD) in the Accountancy and Corporate Regulatory Authority (ACRA). The PMD supports ACRA in its strategic objective of promoting high quality audit and corporate financial reporting through the administration of the Practice Monitoring Programme, which includes performing practice reviews of audits carried out by public accountants in Singapore. PMD also supports ACRA’s regulatory efforts in monitoring events and trends in the local and international marketplace and carries out other regulatory activities on the work and independence of public accountants when required.

 

Ernest has 20 years of audit and inspection experience. He has extensive experience in the audits and inspections of financial institutions and companies across various industries, including manufacturing, hotels, pharmaceuticals, telecommunications, aerospace and defense, asset management, logistics, construction, property developers, marine, shipbuilding and trading in both Big-4 and mid-tier audit firms. He has facilitated at local seminars attended by CFOs, Financial Controllers and Finance Managers and overseas inspection workshops attended by leading audit regulators from leading jurisdictions. He has also provided training to staff in audit firms on a range of accounting and auditing topics.

 

Ernest holds a Bachelor of Accountancy (1st Class Honours) Degree from Nanyang Technological University. He is a Chartered Accountant and a member of the Institute of Singapore Chartered Accountants. He was also a recipient of the ICPAS scholarship.

In view of the COVID-19 situation, selected ISCA’s CPE courses/sessions will be delivered via Live Webinar.

Please do check the details before confirming your registration for the course/session.


Programme Objective
This course allows participants to explore the practical issues in relation to audit of FRS 36 Impairment of Assets in greater detail and how to overcome them.

Programme Outline

  • Introduction
  • Identifying assets such as goodwill and investments in subsidiaries/associates that may be impaired
  • Measuring recoverable amount: ‘fair value less costs of disposal” and ‘value in use’
  • How to properly audit discounted cash flows forecasts and ask the “right” questions to challenge the forecasts
  • The use of professional skepticism and why it is important to demonstrate it
  • Recognition of an impairment loss
  • Reversal of impairment – common pitfalls
  • Presentation and disclosure

 
The session will also include a compilation of regulators’ findings on impairment testing and how to avoid the pitfalls.
 
Training Methodology
Lecture style with case studies
 
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

A Foundation to Intermediate level programme for audit seniors to audit partners on the techniques needed to perform proper audits of impairment assessments

Competency Mapping

Category 3 = 3.50 Hours

Programme Facilitator(s)

Mr Ernest Fok

Ernest Fok is the co-founder and director of two companies, which provides incorporation, accounting, corporate secretarial and other consultancy services such as IPO consultancy services to small and medium enterprises and listed companies in Singapore. He also provides audit consultancy services to various public accountants and public accounting firms in Singapore. He is regularly involved in pre-issuance and post-issuance of audit files, as well as provision of advisory services on regulatory reviews such as Practice Monitoring Programme (PMP), Ethics Pronouncement 200 (EP 200) and Singapore Standard on Quality Control No. 1 (SSQC 1). Ernest collaborates regularly with ISCA on development of training materials for the accounting profession.

 

Prior to that, he was the Head of the Practice Monitoring Department (PMD) in the Accountancy and Corporate Regulatory Authority (ACRA). The PMD supports ACRA in its strategic objective of promoting high quality audit and corporate financial reporting through the administration of the Practice Monitoring Programme, which includes performing practice reviews of audits carried out by public accountants in Singapore. PMD also supports ACRA’s regulatory efforts in monitoring events and trends in the local and international marketplace and carries out other regulatory activities on the work and independence of public accountants when required.

 

Ernest has 20 years of audit and inspection experience. He has extensive experience in the audits and inspections of financial institutions and companies across various industries, including manufacturing, hotels, pharmaceuticals, telecommunications, aerospace and defense, asset management, logistics, construction, property developers, marine, shipbuilding and trading in both Big-4 and mid-tier audit firms. He has facilitated at local seminars attended by CFOs, Financial Controllers and Finance Managers and overseas inspection workshops attended by leading audit regulators from leading jurisdictions. He has also provided training to staff in audit firms on a range of accounting and auditing topics.

 

Ernest holds a Bachelor of Accountancy (1st Class Honours) Degree from Nanyang Technological University. He is a Chartered Accountant and a member of the Institute of Singapore Chartered Accountants. He was also a recipient of the ICPAS scholarship.


Upcoming Schedule

Registration is closed

Date & Time

19 Oct 2021 (2:00 PM - 5:30 PM)

Fee (inclusive of GST)

For Members: $ 199.02   $ 159.22
For Non-Members: $ 237.54   $ 190.03
Discount till 31 Dec 2021

Programme Facilitator(s)

Ernest Fok

Venue

Online Classroom in or outside of
Singapore