Course Detail(ADT188v : Auditing of Accounting Estimates, including Fair Value Measurement)
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ADT188v : Auditing of Accounting Estimates, including Fair Value Measurement

7.00 CPE Hours (Category 3)
Live Webinar

Programme Objective

Accounting estimates is one of the top few recurring findings during Practice Monitoring Programme (PMP) reviews over the years.

This course aims to discuss and address the common deficiencies in auditing accounting estimates with high estimation uncertainty. It will highlight the need to evaluate the methods used by management in estimation and challenge the assumptions used by management.

Upon completion of this course, the participant will be able to:

  • Evaluate the methods used by management in developing accounting estimates
  • Challenge management assumptions
  • Evaluate the reasonableness of assumptions used by management

 

Programme Outline

1.  Audit of impairment testing of goodwill, particularly on:

  • The review of the cash flow forecast in estimating the value in use
    • The discount rates
    • The terminal value

2.  Audit of allowance for expected credit loss ECL):

  • Evaluation of the method used by management to develop the ECL:
    • provisional matrix approach
    • individual receivables assessment approach

3.  Audit of provision for inventory obsolescence – provision matrix approach

4.  Evaluation of the method used by management in determining fair value of assets

5.  Evaluation of the cost-to-cost method used by management in determining stage of completion of projects for revenue recognition

  • Are the correct cost elements included
  • Are there cost overruns
  • Should there be provision for onerous contract


Training Methodology

Lecture style with case studies

Closing Date for Registration

1 week before programme or until full enrolment.

Intended For

Public accountants and experienced audit professionals.

Competency Mapping

Category 3 = 7.00 Hours

Schedule & Fees
Date & Time

10 Sep 2024 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 381.50
For Non-Members: $ 458.89

Programme Facilitator(s)

Daniel Chee

Venue

Live Webinar in or outside of
Singapore
Date & Time

04 Dec 2024 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 381.50
For Non-Members: $ 458.89

Programme Facilitator(s)

Daniel Chee

Venue

Live Webinar in or outside of
Singapore

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Chee Hay Kheong, Daniel
FCA (Singapore)
 

Daniel is a Fellow Chartered Accountant of Singapore. He holds an Honours degree in Accountancy from the National University of Singapore and was a Certified Information Systems Auditor (CISA). He has more than 13 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with multi-national corporations, managing their operations in Singapore and Asia.

Daniel has served as an adjunct Associate Professor in the department of accounting at the National University of Singapore (NUS), teaching the Audit and Assurance and Advanced Audit and Assurance modules. After NUS, he served as an Adjunct Professor in the accounting department of the Singapore University of Social Sciences (SUSS), teaching the Audit and Assurance module.

Daniel also provided professional training to members of the Institute of Singapore Chartered Accountants (ISCA), the Singapore Institute of Directors (SID), public accounting firms and training providers.

Daniel was formerly a committee member of both the IT Committee and the Examination Committee of ISCA, and was also a committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).
 

Programme Objective

Accounting estimates is one of the top few recurring findings during Practice Monitoring Programme (PMP) reviews over the years.

This course aims to discuss and address the common deficiencies in auditing accounting estimates with high estimation uncertainty. It will highlight the need to evaluate the methods used by management in estimation and challenge the assumptions used by management.

Upon completion of this course, the participant will be able to:

  • Evaluate the methods used by management in developing accounting estimates
  • Challenge management assumptions
  • Evaluate the reasonableness of assumptions used by management

 

Programme Outline

1.  Audit of impairment testing of goodwill, particularly on:

  • The review of the cash flow forecast in estimating the value in use
    • The discount rates
    • The terminal value

2.  Audit of allowance for expected credit loss ECL):

  • Evaluation of the method used by management to develop the ECL:
    • provisional matrix approach
    • individual receivables assessment approach

3.  Audit of provision for inventory obsolescence – provision matrix approach

4.  Evaluation of the method used by management in determining fair value of assets

5.  Evaluation of the cost-to-cost method used by management in determining stage of completion of projects for revenue recognition

  • Are the correct cost elements included
  • Are there cost overruns
  • Should there be provision for onerous contract


Training Methodology

Lecture style with case studies

Closing Date for Registration

1 week before programme or until full enrolment.

Intended For

Public accountants and experienced audit professionals.

Competency Mapping

Category 3 = 7.00 Hours

Programme Facilitator(s)

Chee Hay Kheong, Daniel
FCA (Singapore)
 

Daniel is a Fellow Chartered Accountant of Singapore. He holds an Honours degree in Accountancy from the National University of Singapore and was a Certified Information Systems Auditor (CISA). He has more than 13 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with multi-national corporations, managing their operations in Singapore and Asia.

Daniel has served as an adjunct Associate Professor in the department of accounting at the National University of Singapore (NUS), teaching the Audit and Assurance and Advanced Audit and Assurance modules. After NUS, he served as an Adjunct Professor in the accounting department of the Singapore University of Social Sciences (SUSS), teaching the Audit and Assurance module.

Daniel also provided professional training to members of the Institute of Singapore Chartered Accountants (ISCA), the Singapore Institute of Directors (SID), public accounting firms and training providers.

Daniel was formerly a committee member of both the IT Committee and the Examination Committee of ISCA, and was also a committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).
 

Upcoming Schedule

Date & Time

10 Sep 2024 (9:00 AM - 5:00 PM)
Fee (inclusive of GST)

For Members: $ 381.50
For Non-Members: $ 458.89

Programme Facilitator(s)

Daniel Chee

Venue

Live Webinar in or outside of
Singapore


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