Time

Topic

12.30pm

Registration

1.00pm

Welcome Address

Mr Kon Yin Tong, President, Institute of Singapore Chartered Accountants

1.15pm

Keynote Address by Guest-of-Honour

Mrs Tan Ching Yee, Permanent Secretary (Finance), Ministry of Finance

1.30pm

Panel Discussion: At the Lead of Change

The pace of change seems to be accelerating at a rate impossible to fathom. Covid-19 provoked fundamental changes and shifts, shaking up historical norms, and inspired new business and operating models. The question is no longer “whether” and “how” the auditor needs to acclimate in view of these changes; it’s “how fast?”

This panel discussion emphasises the role of auditors as leaders in the face of change, and the need for the profession to move faster than the change in the business environment to be a partner to businesses’ change agenda.

Moderator:
Mr Lee Eng Kian, Managing Partner, PKF-CAP LLP

Panellists:

• Ms Kuldip Gill, Assistant Chief Executive, Accounting and Compliance Group, Accounting and Corporate Regulatory Authority
• Mr Marcus Lam, Executive Chairman, PricewaterhouseCoopers LLP
• Ms June Sim, Senior Vice President and Head, Listing Compliance, Singapore Exchange Regulation
• Mr KG Tan, Managing Director, Precursor Assurance PAC 

2.30pm

Quality Management in the New Norm

COVID-19 has accelerated the implementation of technology in audits, and this has been reflected in revisions to auditing standards and guidance to allow for innovation and deployment of technological audit tools. The changes in the suite of Quality Management Standards will go a long way towards advancing the audit profession, achieving high quality audit engagements, generate value for the stakeholders in the financial reporting ecosystem, and ultimately maintaining public trust.

To promote high quality audit, ACRA will be enhancing its audit regulatory regime to widen the scope of inspection powers through amendments to the Accountants Act. ACRA will be sharing the key proposed legislative amendments as well as highlight observations from its firm level and engagement inspections, common and recurring deficiencies, and key reminders to guide the audit profession in upholding high quality audits.

Speaker:
Ms Kuldip Gill, Assistant Chief Executive, Accounting and Compliance Group, Accounting and Corporate Regulatory Authority

3.00pm

Screen Break

3.15pm

Emerging Risks and Considerations from Infrastructure Sector Growth

Infrastructure investments are critical to providing basic needs and are a key driver of economic recovery and long-term growth. In Southeast Asia, infrastructure investment needs are estimated to be USD 184 billion per annum from 2016 to 2030. With a fuelled growth in the sector, the potential risks, whether business or financial, that could arise during the infrastructure project lifecycle will also evolve. What are the emerging risks and considerations arising from the rapid infrastructure sector growth? Join us to find out more about the implications of these risks on the audit of infrastructure development companies now.

Speaker:
Mr Brendon Joyce, Associate Partner, Infrastructure Advisory, EY Corporate Advisors Pte. Ltd.

3.45pm

Audit Adjustments Matter (2^nd edition): Unlocking the Value of Audits

Following ACRA’s 2014 study on the nature and extent of proposed audit adjustments for the listed companies in Singapore, ACRA has commissioned a second audit adjustment study to assess how listed companies have fared in recent years. This follow-up study, led by Dr Themin Suwardy (Singapore Management University) and Dr Lim Chu Yeong (Nanyang Technological University), will provide deeper insights into the nature and extent of common audit adjustments made by auditors, and highlight potential areas of improvement to raise the quality of financial reporting in Singapore.

Speaker:
Dr Themin Suwardy, Associate Professor, Singapore Management University

4.05pm

Data Analytics: The Future of Audit 

In the age of digitalisation, data analytics is the immediate game-changer for the audit industry as the profession seeks to innovate its way to more effective audits in the face of mounting stakeholder expectations, business complexities, technological advancements and volume of transactions. Adapting to new technologies has never been more critical.

AGS 13 Data Analytics in a Financial Statements Audit was issued by ISCA to provide guidance for auditors on the key principles of the application of data analytics in the audit of financial statements.

In this segment, the Chairman of the AASC Data Analytics Sub-Committee, will share how data analytics can contribute to highly effective audits, and how auditors can kick-start their data analytics journey using AGS 13.

Speaker:
Mr Sanjay Gordhan Panjabi, Chairman, ISCA Auditing and Assurance Standards Committee (AASC) Data Analytics Sub-Committee; Deloitte Singapore Audit & Assurance Partner & Audit Innovation Leader, Deloitte Southeast Asia Audit Analytics Leader

4.30pm

Ethics and Independence in a Dynamic World

This segment addresses the role of auditors as ethical leaders under the Ethics Code, especially in the face of change in a dynamic world. It also introduces strengthening of guardrails around auditor independence, which increases in importance when business and operating models change.

Speaker:
Ms Caroline Lee, Chair of ACRA PAOC Ethics Sub-Committee; Deputy Chair of International Ethics Standards Board for Accountants (IESBA)

5.00pm

Panel Discussion: Raising the Bar for Quality Management in Audit Firms

The new and revised quality management standards*, that will become effective 15 December 2022, are expected to create a paradigm shift in the way audit firms approach quality management. The standards seek to address an evolving and increasingly complex audit ecosystem and a need for quality management systems that are proactive and adaptable.

This panel discussion will address the following pertinent areas:

•  How the new quality management standards can help elevate audit quality, which is a focus area in the current climate of increasing stakeholder expectations 
• Potential implementation challenges that may be faced by firms and how to address them 
• Perspectives of regulator on the rationale of the new quality management standards and expectation on how firms should implement these standards

Moderator:
Mr Ng Kian Hui, Audit Partner, Head of Audit & Assurance, BDO LLP

Panellists:

• Mr Lee Tze Shiong, Director – Transformation and Quality/ Assurance, Nexia TS PAC
• Ms Ng Meow Ling, Director and Chief Inspector, Practice Monitoring Department, Accounting and Corporate Regulatory Authority
• Ms Tan Bee Nah, Partner, Assurance Standards and Technology Leader, PwC Singapore

*Quality Management standards consist of:

• Singapore Standard on Quality Management (SSQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements;
• SSQM 2, Engagement Quality Reviews; and 
• Singapore Standard on Auditing (SSA) 220 (Revised), Quality Management for an Audit of Financial Statements.

6.00pm

End of Conference