Course Detail(WD011 : WSQ Review and Implement Financial Controls)

SkillsFuture Credit, SSG Funding

WD011 : WSQ Review and Implement Financial Controls

16.00 CPE Hours (Others)
Classroom


Programme Objective

This program covers the ability to review and implement financial controls for organizational compliance through understanding risk, internal controls and control self-assessment. It also includes evaluating, refining, implementing and monitoring financial controls and reporting findings to management.

By the end of the course, participants will be able to gain more knowledge necessary to close their performance gaps relating to:

  1. Evaluation of financial controls to ensure alignment to financial policies
  2. Implementation of financial controls in accordance with sound bookkeeping practices to ensure alignment to required practices
  3. Monitoring the implementation of financial controls to track discrepancies and report findings to management
  4. Facilitating compliance of financial controls to meet the requirements of relevant management standards, regulations and legislation
  5. Refining of financial controls in consultation with immediate supervisors to ensure achievement of financial reporting objectives
  6. Adhering to organisational and professional code of conduct, values and ethics when reviewing and implementing financial controls to ensure compliance to relevant management standards, regulations and legislation
  7. Keeping abreast of financial management standards, regulations and legislation by subscribing to various information channels to ensure organisational financial controls are aligned to latest requirements

Programme Outline

  • Appraise financial controls to make sure that they are in line with corporate financial policies
    • Identify types of business risks and objectives of financial controls
    • Determine the various types of financial controls
    • Establish control activities within each business process 
    • Assess the limitations of financial controls
  • Put into effect financial controls to be in line with required accounting practices
    • Implement policies and controls 
    • Identify key success factors for establishing controls 
    • Prepare Risk Analysis Matrix
  • Study the execution of financial controls and prepare report for discrepancies
    • Develop Control Self-Assessment 
    • Prepare Breach Reports
  • Comply with financial controls to meet required standards, laws and regulations
    • Comply with management policies, controls, laws and regulations
    • Establish elements to assist with compliance 


Training Methodology
Interactive competency-based training, with a combination of instructional methods of lectures, discussions and assessments.

Assessment
Written assessments (open book) on both days.
(For those applying for WDA training grant, it's compulsory to complete and pass all assessments)


Closing Date for Registration
1 week before programme or until full enrolment

Intended For

Professionals from risk management and internal audit.

Competency Mapping

Others = 16.00 Hours

Schedule & Fees

Date & Time

26 Jun 2023 (9:00 AM - 6:00 PM)
27 Jun 2023 (9:00 AM - 6:00 PM)

Fee (inclusive of GST)

For Members: $ 658.80
For Non-Members: $ 658.80

Programme Facilitator(s)

Chow Kok Poon

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

27 Nov 2023 (9:00 AM - 6:00 PM)
28 Nov 2023 (9:00 AM - 6:00 PM)

Fee (inclusive of GST)

For Members: $ 658.80
For Non-Members: $ 658.80

Programme Facilitator(s)

Chow Kok Poon

Venue

60 Cecil Street
ISCA House
Singapore 049709

Testimonial

Funding

As part of SSG’s on-going review of funding schemes, there will be a revision in funding subsidies for courses commencing from 1st Jan 2022 onwards.
These are the changes:

  • Company-Sponsored SME Enhanced (Singapore Citizens or PRs) - Funding revised from 90% to 70% subsidies.
  • Company-Sponsored Non-SME (Singapore Citizens or PRs) - Funding revised from 50% subsidies capped at $15/hr, to 50% subsidies with no cap.
  • Singapore Citizens (40 years old and above) - Funding revised from 90% to 70% subsidies.
  • Singapore Citizens (21-39 years old) and PRs - Funding revised from 50% subsidies capped at $15/hr, to 50% subsidies with no cap.

1] SSG Training Grant
Funding Period: Until 16 Jun 2024
Course Ref No.: TGS-2020503306

Participants who successfully complete the course will receive a WSQ Statement of Attainment (SOA) in Review and Implement Financial Controls.
 

1a] Company-sponsored Employees
If you wish to enrol participants with SSG Funding, please proceed with the following step/s (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 SSG Funding?”, click Yes and input all required information. At the Cart page, please ensure that SSG funding is applied before clicking “Checkout”. 

Enterprises/employers are not required to log into TPGateway to submit training grant application. The employee’s enrolment, attendance and assessment records will be submitted by ISCA onto TPGateway. Thereafter, employers will be notified to log into Enterprise Portal for Jobs & Skills (EPJS) to declare necessary information for Absentee Payroll funding.

*Training Grant/Fees shown below are for courses commencing before 1st Jan 2022.

 

SME Enhanced
·Singapore Citizen or Permanent Resident

Non-SME
·Singapore Citizen or Permanent Resident

Mid Career
·Singapore Citizen
·40 years old and above

Workfare Skills Support (WSS)
·Singapore Citizen
·35 years old and above
-Monthly income of not more than $2,300

SSG Training Grant

$549.00

$240.00

$549.00

N.A

Nett Fees Payable to ISCA (Inclusive of GST)

$103.70

$412.70

$103.70

N.A

Company can claim the following Absentee Payroll

Absentee Payroll

80% of basic hourly salary, capped @ $7.50/hour

80% of basic hourly salary, capped @ $4.50/hour

80% of basic hourly salary, capped @ $4.50/hour

95% of basic hourly salary

 

*Training Grant/Fees shown below are for courses from 1st Jan 2022 onwards.

 

SME Enhanced
·Singapore Citizen or Permanent Resident

Non-SME
·Singapore Citizen or Permanent Resident

Mid Career
·Singapore Citizen
·40 years old and above

Workfare Skills Support (WSS)
·Singapore Citizen
·35 years old and above
-Monthly income of not more than $2,300

SSG Training Grant

$427.00

$305.00

$427.00

N.A

Nett Fees Payable to ISCA (Inclusive of GST)

$225.70

$347.70

$225.70

N.A

Company can claim the following Absentee Payroll

Absentee Payroll

Fixed rate at $4.50/hour

95% of basic hourly salary

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).


SkillsFuture Enterprise Credit (SFEC)
The SkillsFuture Enterprise Credit (SFEC) encourages employers to invest in enterprise transformation and capabilities of their employees. Eligible employers will receive a one-off S$10,000 credit to cover up to 90% of out-of-pocket expenses on qualifying costs for supportable initiatives, over and above the support levels of existing schemes.
Please click 
HERE for more information.


1b] Self-sponsored Individuals
If you wish to enrol with SSG Funding, please proceed with the following step:

  • 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 SSG Funding?”, click Yes and input all required information. At the Cart page, please ensure that SSG funding is applied before clicking “Checkout”.

ISCA will apply for Training Grant from SSG in respect of self-sponsored trainees.

*Training Grant/Fees shown below are for courses commencing before 1st Jan 2022.

 

Mid-Career
·Singapore Citizen
·40 years old and above

Baseline
·Singapore Citizen or Permanent Resident

SSG Training Grant

$549.00

$240.00

Nett Fees Payable to ISCA (Inclusive of GST)

$103.70

$412.70

*Training Grant/Fees shown below are for courses from 1st Jan 2022 onwards.

 

Mid-Career
·Singapore Citizen
·40 years old and above

Baseline
·Singapore Citizen or Permanent Resident

SSG Training Grant

$427.00

$305.00

Nett Fees Payable to ISCA (Inclusive of GST)

$225.70

$347.70

Please note that there will be an administrative fee of $42.80 for any revision of invoice.

Eligibility Criteria:

  • Applicant must either be a Singapore Citizen or Permanent Resident of Singapore and;
  • Applicant must be at least 21 years old and;
  • Applicant must achieve at least 75% attendance, and pass all assessments and;
  • Applicant is taking the course for the first time.

Workfare Skills Support (WSS) Scheme
From 1 July 2020, the Workfare Skills Support (WSS) Scheme will replace the Workfare Training Support (WTS) Scheme. WSS encourages low wage workers to undertake training that leads to more impactful employment outcomes. Please click HERE for more information.

 

2] SkillsFuture Credit (SFC)
Funding Period: Until 16 Jun 2022
Course Ref No.: TGS-2020503306

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:

  • Step 1: You will need to ensure that you have sufficient SkillsFuture Credits in your SkillsFuture Credit account in order to make a successful claim. Please check your SFC account balance here.
  • Step 2: Register for the course online via ISCA Portal.
  • Step 3: Upon adding to cart, the system will prompt a question “Do you wish to apply for SkillsFuture Credit?”, click “Yes” and input all required information.
  • Step 4: At the Cart page, please ensure that SFC funding is applied before clicking “Checkout”.
  • Step 5:Upon receiving an email that the programme status is confirmed, please proceed to submit SFC claim on SkillsFuture Portal within 60 days before the course start date and obtain the necessary approval. Please submit SFC claim via SFC portal (http://www.skillsfuture.sg/credit).

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.

Programme Facilitator(s)


Chow Kok Poon
CA (Singapore)


Kok Poon is a member of the Institute of Singapore Chartered Accountants (ISCA). He has more than 20 years of working experience in financial management, general management, business consultancy and training. He has worked in a wide range of industries including industrial automation, retailing/trading (both industrial and FMCG), oil & gas, in businesses ranging from start-ups to MNCs. Some of his achievements include streamlining & coordinating merger & integration, restructuring of businesses and the set up of new business ventures.

Kok Poon holds an Advanced Certificate in Training and Assessment (ACTA) and is a strong believer in talent. He is passionate about helping learners in career progression and maintaining employability. 

 


Programme Objective

This program covers the ability to review and implement financial controls for organizational compliance through understanding risk, internal controls and control self-assessment. It also includes evaluating, refining, implementing and monitoring financial controls and reporting findings to management.

By the end of the course, participants will be able to gain more knowledge necessary to close their performance gaps relating to:

  1. Evaluation of financial controls to ensure alignment to financial policies
  2. Implementation of financial controls in accordance with sound bookkeeping practices to ensure alignment to required practices
  3. Monitoring the implementation of financial controls to track discrepancies and report findings to management
  4. Facilitating compliance of financial controls to meet the requirements of relevant management standards, regulations and legislation
  5. Refining of financial controls in consultation with immediate supervisors to ensure achievement of financial reporting objectives
  6. Adhering to organisational and professional code of conduct, values and ethics when reviewing and implementing financial controls to ensure compliance to relevant management standards, regulations and legislation
  7. Keeping abreast of financial management standards, regulations and legislation by subscribing to various information channels to ensure organisational financial controls are aligned to latest requirements

Programme Outline

  • Appraise financial controls to make sure that they are in line with corporate financial policies
    • Identify types of business risks and objectives of financial controls
    • Determine the various types of financial controls
    • Establish control activities within each business process 
    • Assess the limitations of financial controls
  • Put into effect financial controls to be in line with required accounting practices
    • Implement policies and controls 
    • Identify key success factors for establishing controls 
    • Prepare Risk Analysis Matrix
  • Study the execution of financial controls and prepare report for discrepancies
    • Develop Control Self-Assessment 
    • Prepare Breach Reports
  • Comply with financial controls to meet required standards, laws and regulations
    • Comply with management policies, controls, laws and regulations
    • Establish elements to assist with compliance 


Training Methodology
Interactive competency-based training, with a combination of instructional methods of lectures, discussions and assessments.

Assessment
Written assessments (open book) on both days.
(For those applying for WDA training grant, it's compulsory to complete and pass all assessments)


Closing Date for Registration
1 week before programme or until full enrolment

Intended For

Professionals from risk management and internal audit.

Competency Mapping

Others = 16.00 Hours

Programme Facilitator(s)

Chow Kok Poon
CA (Singapore)


Kok Poon is a member of the Institute of Singapore Chartered Accountants (ISCA). He has more than 20 years of working experience in financial management, general management, business consultancy and training. He has worked in a wide range of industries including industrial automation, retailing/trading (both industrial and FMCG), oil & gas, in businesses ranging from start-ups to MNCs. Some of his achievements include streamlining & coordinating merger & integration, restructuring of businesses and the set up of new business ventures.

Kok Poon holds an Advanced Certificate in Training and Assessment (ACTA) and is a strong believer in talent. He is passionate about helping learners in career progression and maintaining employability. 

 


Upcoming Schedule

Date & Time

26 Jun 2023 (9:00 AM - 6:00 PM)
27 Jun 2023 (9:00 AM - 6:00 PM)

Fee (inclusive of GST)

For Members: $ 658.80
For Non-Members: $ 658.80

Programme Facilitator(s)

Chow Kok Poon

Venue

60 Cecil Street
ISCA House
Singapore 049709