Time

Topic

11.00am

Registration

11.30am

Networking Lunch

12.45pm

Address by ISCA

1.00pm

Audit Megatrends of Tomorrow

The profession today is at a crossroad of rapid changes making headway in the audit ecosystem, with new trends, technological breakthroughs, and associated risks and opportunities emerging, changing the face of assurance for years to come.

From the call for greater transparency of sustainability efforts and climate-related risks, higher bar for quality to increasing prevalence of digital assets and major shifts in talent dynamics, whether practitioners are ready or not, the industry as we know it is growing increasingly complex and evolving exponentially at an unprecedented pace.

What are the top and emerging trends to watch out for and which will take major stage in 2023 and beyond? Join our panel as they offer fresh perspectives and predictions of what lies in store.

Moderator:
Mr Lee Eng Kian, FCA (Singapore), Deputy Chairperson, ISCA Public Accounting Practice Committee; Managing Partner, PKF - CAP LLP

Panelists:
Mr Shariq Barmaky, FCA (Singapore), Audit & Assurance Leader, Deloitte & Touche LLP (Singapore); Regional Managing Partner, Audit & Assurance, Deloitte SEA

Ms Kuldip Gill, CA (Singapore), Assistant Chief Executive (Accounting and Compliance Group), Accounting and Corporate Regulatory Authority

2.00pm

Sustainability - Implications on Financial Reporting and Auditing

Much have been said about the importance of sustainability and climate change and stakeholders’ demand for sustainability-related information. However, how do these affect preparers and auditors of the financial statements?

This session will see a presentation to introduce ISCA’s inaugural ESG Technical Bulletin 1 Climate-Related Risk Considerations in Financial Reporting and Audits of Financial Statements, developed by the AASC-FRC ESG Working Group. This working group is jointly formed by the ISCA Auditing and Assurance Standards Committee and Financial Reporting Committee to support the profession in dealing with ESG implications on financial reporting and auditing in Singapore.

The presentation will be followed by a fireside chat, where we glean insights on how preparers and auditors of financial statements can tackle this critical topic.

Speaker:
Mr Ghamazy Rashid, CA (Singapore); Member, AASC-FRC ESG Working Group; Partner, Deloitte SEA

Moderator:
Mr Ghamazy Rashid, CA (Singapore); Member, AASC-FRC ESG Working Group; Partner, Deloitte SEA

Panelist:
Mr Rishi Kalra, Executive Director & Group CFO, Olam Food Ingredients (ofi)

2.30pm

Driving Sustainable Audit Quality

ACRA’s Practice Monitoring Programme (PMP) is a key instrument of ACRA’s regulatory oversight on the quality of the work of public accountants. High quality audits play a crucial role in fostering greater confidence in financial reports and thus driving trust in the financial reporting eco system.

To raise audit quality and enhance the regulatory regime in Singapore, amendments will be made to the Accountants Act, which will take effect in 2023. ACRA will highlight observations from its firm-level and engagement inspections and certain emerging areas of concern and introduce certain initiatives to enable the audit profession to drive sustainable audit quality.

Given the wide range of implications arising from of ESG considerations, the audit profession should build capacity and capabilities in this space, as the audit profession is well poised to seize this opportunity of providing assurance on sustainability reporting. Whilst the profession has embarked on digitalisation, this is an added impetus to adopt technology in audits.

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

3.00pm

Tea Break

3.45pm

Building trust in the cryptocurrency world with assurance

Digital assets, or cryptocurrencies, is no longer a word foreign to us. However, it is still an asset class, which attracts attention, debates and questions. What are the different forms of digital assets, and what does that mean to businesses? What can we, practitioners, do to build trust in the world? This session will share an overview of this landscape, considerations a practitioner should keep in mind and how practitioners can help the ecosystem.

Speaker:
Ms Wong Wanyi, CA (Singapore), Partner, PwC Singapore

4.15pm

Adoption of IESBA’s Non-Assurance Services (NAS) and Fee-related Provisions in Singapore

ISCA has issued EP 100 (revised on 7 September 2022) with substantive changes to adopt the IESBA’s final pronouncements relating to NAS and fees. The revised EP 100 has also replaced the previous SG provision SG410.4A with a revised paragraph SG410.27A and introduced a new term, “audit-related services”. SG410.27A is applicable to audit clients that are listed entities.

ISCA Ethics Committee is planning to launch EP 100 Implementation Guidance 5 (IG 5) Frequently Asked Questions on Provision of Non-Audit Services to Listed Entities to assist professional accountants in public practice to fulfil the requirements of revised paragraph SG410.27A. Our speaker will provide the audience with an overview of the key changes to the revised EP 100 (expected to be effective 15 December 2022) and share some frequently asked questions on NAS and fees.

Speaker:
Ms Eng Chin Chin, FCA (Singapore), ISCA Ethics Committee Chairperson

4.45pm

Address by Second Permanent Secretary (Ministry of Finance), Ms Lai Wei Lin

5.00pm

Proliferation Financing – Understanding Proliferation Financing & Sanction Risks

Since the outbreak of Russia-Ukraine war, there has been unprecedented sanctions on individuals and entities. Financial Action Task Force (FATF) in Oct 2020 further strengthen Recommendation 1 to require financial institutions and Designated Non-Financial Businesses and Professions to identify and assess the risk of proliferation financing. This presentation provides an overview of the sanction landscape, the sanctions related risks, and what professional accountants can do to mitigate their sanction risks.

Speaker:
Mr Martin Lim, Founder & Director, Ingenique Solutions

5.30pm

End of Conference