Note: This session is also conducted via Classroom. Please click here to register for the Classroom session.
Programme Objective
To provide audit professionals with guidance on the audit of leases. This course will also cover the key concepts of FRS 116 and discuss the key auditing issues arising from adoption of FRS 116 and how auditors can tackle these issues.

Programme Outline

• Review the key concepts of FRS 116, including an overview of the presentation and disclosure requirements.
• Identify and assess the risks of material misstatement at assertion level for leases taking into account relevant mitigating client internal controls.
• Appreciate the audit approach and design appropriate audit procedures to test the primary financial statement assertions for leases.
• Evaluate the audit findings and draw appropriate audit conclusions for leases.
• Review management’s classification and presentation of lease liability and right-of-use asset in the financial statements.
• Discuss the practical issues and challenges that auditors may encounter and what they need to look out for under the new leasing rules.

Case studies / specific examples of certain industries will be used to illustrate the key concepts.
 
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 Audit professionals.

Programme Facilitator(s)