Programme Objective

To provide audit professionals with guidance on the key aspects of audit of Statutory Boards and Government-linked companies. This course will cover from audit planning to finalization and reporting to audit committees and the management.

Programme Outline

a) Overview of audit of Statutory Boards and Government-linked companies

b) Additional opinion on compliance with legal and regulatory requirements

- Develop an understanding on Audit Guidance Statement (AGS) 9 requirements

- Discuss audit procedures to meet AGS 9 requirements on the receipts, expenditure, investment of moneys and the acquisition and disposal of assets by the statutory boards

- Analyse audit strategy and procedures to be performed on supplementary Guidance notes:

• Note 1 - Accounting and disclosure for funds and grants and accumulated surplus and reserves

• Note 2 - Accounting and disclosure for donations

• Note 3 - Accounting and disclosure for trust funds

• Note 4 - Related party disclosures

• Note 5 - Reporting of CPF contributions and key management personnel compensation

• Note 6 - Disclosure on management entities

c) Off balance sheet items

- Audit  strategy for fund held and managed by statutory boards on behalf of ministries/government

d) Analyse and discuss audit strategy and procedures to be performed on common financial statement items applicable for statutory boards but may not applicable for most companies

- Centralized liquidity management scheme – administered by AGD 

- Operating grant and capital grant including treatment of deferred capital grant and advance grants

- Contribution to consolidated fund

- Advance from government

- Capital account

- GST treatment

- Subsidiaries held on behalf of government and ministries

- Restriction on the disclosure of transactions with government and ministries and statutory boards

Training Methodology

Lecture style with exercises, practical case studies and problem-based learning

Closing Date for Registration

1 week before programme or until full enrolment

Intended For

An intermediate to advanced level programmme intended for practicing and non-practicing Accountants and auditors. Senior audit professionals who like to understand more about audit of Statutory Boards and Government-linked companies are welcome to attend.

Programme Facilitator(s)