Course Detail(ADT301 : Addressing Going Concern Risk: A Case-Based Approach to Key Indicators, Disclosure, and Latest Revisions (Classroom))
Not Available

UTAP Funding

ADT301 : Addressing Going Concern Risk: A Case-Based Approach to Key Indicators, Disclosure, and Latest Revisions (Classroom)

3.50 CPE Hours (Category 3)
Classroom

The course was previously known as "Going Concern Risk In A Post Pandemic World"

Programme Objective

This course aims to provide a comprehensive understanding of the responsibilities of auditors and management on the going concern concept in line with governing standards. Through hands-on reviews of industry cases, participants will learn to identify key indicators of potential going concern issues and explore the necessary disclosure requirements. The course also includes a discussion on the IAASB’s targeted revisions to ISA 570 Going Concern and their expected impact on the Singapore business landscape.

On the completion of this course, you will be able to:

  • Describe the responsibilities of auditors regarding going concern in accordance to the governing standards;
  • describe the responsibilities of management regarding going concern in accordance to the governing standards;
  • identify indicators where an entity may not be a going concern;
  • discuss the disclosure requirements in relation to going concern issues; and
  • discuss the IAASB’s targeted revisions for ISA 570 Going Concern and expected Singapore impact

Programme Outline

The concept of “Going Concern” and its importance in the business landscape

  • What does “going concern" mean in accounting and auditing?
  • Industry examples of corporations that have encountered “going concern” issues
  • The importance of addressing “going concern” for auditors, accountants and stakeholders

Governing regulations and the roles of auditors and management

  • The applicable governing standards relating to going concern
  • The responsibilities of management regarding going concern in accordance to the governing regulations
  • The responsibilities of auditors regarding going concern in accordance to the governing regulations
  • Industry examples of going concern issues and its impact to stakeholders and auditors

Indicators of going concern issues in a corporation

  • The indicators of going concern issues in a corporation
  • What indicators should auditors be looking out for with regards to going concern?
  • Discussion of practical scenarios:
    • Scenario 1 Audit Client A’s factory burned down after year end
    • Scenario 2 Audit Client B lost major contracts after year end
    • Scenario 3 Audit Client C’s Financial Controller resigned without any handover

Recent findings by the governing bodies relating to going concern

  • The Financial Reporting Council's (FRC) findings relating to going concern
  • Adopting strengths identified and addressing areas of weakness
  • Performing an effective and robust audit assessment
  • Documenting your audit assessment, findings and conclusion

Recommendations and guidance by the IAASB

  • Discussion on the summary of recommendations issues by IAASB based on the scenario and severity of going concern issues
  • Discussion on sample disclosure requirements in relation to going concern issues
    • material uncertainty relating to going concern
    • modified opinion

Audit procedures and practical considerations

  • What is a letter of financial support?
  • The audit issues to consider if the letter of financial support is provided by a corporation (ie related party, holding company)
  • The audit issues to consider if the letter of financial support is provided by an individual (ie director, shareholder)
  • Who should the letter of financial support be signed by?
  • The effective procedures to assess the ability of the provider
  • The recommended audit documentation for such situation
  • Discussion on procedures and documentation relating to going concern assessment, with references from the ISCA Audit Manual and IFAC

Changes to the current governing standards relating to going concern

  • The IAASB’s targeted revisions for ISA 570 Going Concern
  • The expected impact on the Singapore business landscape
  • The impact on management's responsibilities
  • The impact on auditor's responsibilities

 

    Training Methodology

    Lecture style, with breakout sessions discussing industry case studies and audit working papers

    Closing Date for Registration

    1 week before programme or until full enrolment

    Intended For

    A foundation to intermediate level course intended for Auditors

    Competency Mapping

    Category 3 = 3.50 Hours

    Schedule & Fees
    Date & Time

    07 Aug 2025 (2:00 PM - 5:30 PM)

    Fee (inclusive of GST)


    SGD pricing -

    For Members: $ 221.27
    For Non-Members: $ 263.78


    Programme Facilitator(s)

    Sharifa Nafisa

    Venue

    60 Cecil Street
    ISCA House
    Singapore 049709

    Testimonial

    Funding

    1] NTUC Union Training Assistance Programme (UTAP)

    NTUC members enjoy 50% *unfunded course fee support for up to $250 each year when you sign up for courses supported under UTAP. NTUC members aged 40 and above can enjoy higher funding support up to $500 per individual each year, capped at 50% of unfunded course fees, for courses attended between 1 July 2020 to 31 December 2025.

    *Unfunded course fee refers to the balance course fee payable after applicable government subsidies. This excludes material fees, registration fees, misc. fees etc.

    This course is approved for UTAP support for intakes conducted between 13 November 2024 – 31 March 2025.

    As UTAP is given on calendar year basis, and calculated based on year of training taken, it cannot be accumulated.

    • Maintained paid-up NTUC membership before course, throughout course duration and at the point of claim and;
    • Course by training provider must be supported under UTAP and training must commence within the supported period and;
    • Unfunded course fee must not be fully sponsored by company or other types of funding
    • Unfunded course fee must be S$20.00 and above, and;
    • Member must achieve a minimum of 75% attendance for each application and sat for all prescribed examination(s), if any and;
    • UTAP application must be made within 6 months after course ends.

    For more information on UTAP Funding and to submit for UTAP claims, please visit https://www.ntuc.org.sg/uportal/programmes/union-training-assistance-programme. Terms and conditions apply.

    Programme Facilitator(s)


    Sharifa Nafisa
    FCA (Singapore)
    Managing Partner & CEO, HMS Assurance
     
    Sharifa has 18 years experience in auditing, accounting and academia. Her professional career includes experience in a big-four firm and other audit firms. With her strong foundation and wide-spread exposure with clients of various sizes and industries, she is able to diagnose issues and provide industry-specific advice.  She has handled a diverse portfolio of clients, including trading, manufacturing, associations, restaurant chains and start-ups.
     
    She lectures for audit and accounting subjects in Universities and for the Singapore CA Qualification.
     
    She is a Fellow CA Singapore, Fellow ACCA, Practising Member of the Institute of Singapore Chartered Accountants (ISCA), ASEAN CPA and holds a BA (Hons) Accounting degree.

    The course was previously known as "Going Concern Risk In A Post Pandemic World"

    Programme Objective

    This course aims to provide a comprehensive understanding of the responsibilities of auditors and management on the going concern concept in line with governing standards. Through hands-on reviews of industry cases, participants will learn to identify key indicators of potential going concern issues and explore the necessary disclosure requirements. The course also includes a discussion on the IAASB’s targeted revisions to ISA 570 Going Concern and their expected impact on the Singapore business landscape.

    On the completion of this course, you will be able to:

    • Describe the responsibilities of auditors regarding going concern in accordance to the governing standards;
    • describe the responsibilities of management regarding going concern in accordance to the governing standards;
    • identify indicators where an entity may not be a going concern;
    • discuss the disclosure requirements in relation to going concern issues; and
    • discuss the IAASB’s targeted revisions for ISA 570 Going Concern and expected Singapore impact

    Programme Outline

    The concept of “Going Concern” and its importance in the business landscape

    • What does “going concern" mean in accounting and auditing?
    • Industry examples of corporations that have encountered “going concern” issues
    • The importance of addressing “going concern” for auditors, accountants and stakeholders

    Governing regulations and the roles of auditors and management

    • The applicable governing standards relating to going concern
    • The responsibilities of management regarding going concern in accordance to the governing regulations
    • The responsibilities of auditors regarding going concern in accordance to the governing regulations
    • Industry examples of going concern issues and its impact to stakeholders and auditors

    Indicators of going concern issues in a corporation

    • The indicators of going concern issues in a corporation
    • What indicators should auditors be looking out for with regards to going concern?
    • Discussion of practical scenarios:
      • Scenario 1 Audit Client A’s factory burned down after year end
      • Scenario 2 Audit Client B lost major contracts after year end
      • Scenario 3 Audit Client C’s Financial Controller resigned without any handover

    Recent findings by the governing bodies relating to going concern

    • The Financial Reporting Council's (FRC) findings relating to going concern
    • Adopting strengths identified and addressing areas of weakness
    • Performing an effective and robust audit assessment
    • Documenting your audit assessment, findings and conclusion

    Recommendations and guidance by the IAASB

    • Discussion on the summary of recommendations issues by IAASB based on the scenario and severity of going concern issues
    • Discussion on sample disclosure requirements in relation to going concern issues
      • material uncertainty relating to going concern
      • modified opinion

    Audit procedures and practical considerations

    • What is a letter of financial support?
    • The audit issues to consider if the letter of financial support is provided by a corporation (ie related party, holding company)
    • The audit issues to consider if the letter of financial support is provided by an individual (ie director, shareholder)
    • Who should the letter of financial support be signed by?
    • The effective procedures to assess the ability of the provider
    • The recommended audit documentation for such situation
    • Discussion on procedures and documentation relating to going concern assessment, with references from the ISCA Audit Manual and IFAC

    Changes to the current governing standards relating to going concern

    • The IAASB’s targeted revisions for ISA 570 Going Concern
    • The expected impact on the Singapore business landscape
    • The impact on management's responsibilities
    • The impact on auditor's responsibilities

     

      Training Methodology

      Lecture style, with breakout sessions discussing industry case studies and audit working papers

      Closing Date for Registration

      1 week before programme or until full enrolment

      Intended For

      A foundation to intermediate level course intended for Auditors

      Competency Mapping

      Category 3 = 3.50 Hours

      Programme Facilitator(s)

      Sharifa Nafisa
      FCA (Singapore)
      Managing Partner & CEO, HMS Assurance
       
      Sharifa has 18 years experience in auditing, accounting and academia. Her professional career includes experience in a big-four firm and other audit firms. With her strong foundation and wide-spread exposure with clients of various sizes and industries, she is able to diagnose issues and provide industry-specific advice.  She has handled a diverse portfolio of clients, including trading, manufacturing, associations, restaurant chains and start-ups.
       
      She lectures for audit and accounting subjects in Universities and for the Singapore CA Qualification.
       
      She is a Fellow CA Singapore, Fellow ACCA, Practising Member of the Institute of Singapore Chartered Accountants (ISCA), ASEAN CPA and holds a BA (Hons) Accounting degree.

      Upcoming Schedule

      Date & Time

      07 Aug 2025 (2:00 PM - 5:30 PM)
      Fee (inclusive of GST)


      SGD pricing -

      For Members: $ 221.27
      For Non-Members: $ 263.78


      Programme Facilitator(s)

      Sharifa Nafisa

      Venue

      60 Cecil Street
      ISCA House
      Singapore 049709


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