The Practical Audit Workshop (PAW) is a series of workshops designed to provide detailed practical audit guidance to all audit personnel of small and medium-sized public accounting firms (SMPs) for them to better understand and apply the requirements of the Singapore Standards on Auditing (SSA) when performing an audit of a typical Singapore incorporated company, with financial statements prepared in accordance with the requirements of the Singapore Companies Act and Singapore Financial Reporting Standards (SFRS).
Case study examples will be used throughout the workshop to illustrate the various audit concepts and work paper documentation requirements.
The PAWs will be delivered in stages, starting from the proper application of basic auditing concepts and understanding the audit documentation requirements, to increasing levels of audit complexity in areas such as audit of estimates and application of audit judgments, etc. The PAWs will also include practical guidance to those tasked with supervising the audit engagement and sharing of best practices to help improve the overall audit effectiveness and efficiency of the audit process.
PAW Preview Video
PAW Proficiency Levels and Target Audience
Practical Audit Workshop - Audit Working Paper 1 (PAW-AWP 1)
Designed for audit working paper preparers with limited or no practical audit experience, PAW-AWP 1 aims to provide practical guidance in the application of the audit concepts and audit documentation requirements. Using a case study audit of a Singapore incorporated company, the participant will be able to better understand how to apply the relevant audit procedures and the documentation requirement and also be exposed to common audit exceptions. This will enable the primary reviewers, and eventually the Audit Partner responsible; to better understand the audit work performed and to address any audit exceptions highlighted by the preparer on a timely basis.
Practical Audit Workshop - Audit Working Paper 2 (PAW-AWP 2)
Building on the concepts and knowledge highlighted in PAW – AWP 1, and designed specifically for the experienced audit working paper preparers, PAW - AWP 2 aims to provide practical guidance on the application of the audit concepts and audit documentation requirements relevant to the audit planning process and areas of audit complexity in order to assist the Audit Partners to better understand and manage the audit process on a timely basis.
Practical Audit Workshop - Supervisory and Review (PAW - SAR)
Building further on the concepts and knowledge highlighted in PAW – AWP 1 and PAW – AWP 2, and designed specifically for the reviewers and those tasked with supervising the audit engagement, PAW - SAR aims to provide practical guidance for those experienced audit personnel tasked with the audit engagement management responsibility.
Testimonial from Firms which sent Participants to PAW Series Workshops
“The staff felt the PAW courses were well-structured to address very practical issues encountered by auditors i.e. proper procedures for conducting stock count, sending confirmations and performing analytical procedures. The trainers gave real life scenarios for each topic and these helped the staff to develop deeper understanding and appreciate the need for certain audit procedures better. The group interaction and case studies engaged everyone and made the training more lively and interesting. They all felt the training has enriched them and they will be able to perform the task assigned to them with greater clarity and understanding.
After hearing this positive feedback from our staff, we will continue to send our staff for the various PAW levels on a yearly basis going forward. It is important for the auditors to be well-trained and to keep themselves updated with the various changes that are not only affecting the audit profession but the business community on the whole.
We take this opportunity to thank ISCA for its efforts. ” – Bala, Partner and Satiyabama Veerasamy, Director, JBS Practice PAC (November 2015)
“PAW provides all staff the essential understanding on auditing concepts and documentation requirements. This workshop forms an important part in the training of our staff. We will continue to send all new and existing staff to the workshops” - Josephine Oei, Partner, Tony Oei and Company (October 2015)
“The training enhances the knowledge of the audit procedures and also covers the common pitfalls to avoid, thus providing a refreshing and practical approach for the trainees. Partners and senior staff are also sent to the different levels of PAW to improve the overall audit quality and documentations.” - Poh Mui Hwa, Partner, Ng, Lee & Associates-DFK (September 2015)
My firm has sent different staff to train under all three levels of PAW. In particular, AWP 1 provides practical insights for fresh audit assistants. It is particularly helpful in bridging the knowledge learnt in schools and applying them in a real work environment. In the past, we could only conduct training once a year during our off-peak, but with PAW-AWP 1, the frequency of training for our new staff has increased. This helps to lighten my load as a practitioner and I can now focus time on running the practice. - Helmi Talib, Managing Partner, Helmi Talib & Co (December 2015)
I find the PAW AWP-1 course very useful for entry level audit assistant. I had also sent my senior staff to attend the course so they can better understand and be aligned with the approach, that was taught to the juniors during the workshop. To date, almost 75% of my audit staff had participated in both intakes that took place in February and April 2014. I find it a very convenient and effective way of training my staff and will continue to send my staff to the training. – Lim Yeong Seng, Partner, Kong Lim & Partners LLP. (April 2015)
Testimonial from Participants of 2016 PAW
PAW-SAR
It is relevant to my work. The trainer has given practical case studies which are very relevant to my work.
PAW-AWP 2
Good workshop as it encouraged involvement in discussion & presentation, which allowed us to learn from not only the trainer, also the participants.
This PAW2 is very relevant to our daily audit work and good sharing of common challenges the auditor faced & learnt how to address them properly
It is a very value-added course because it is very practical, not just theory. We learned many practical tips and insights. It is not an orthodox, stable-minded course. It is very refreshing. The focus on being practical is the course key value-add.
PAW-AWP 1
A good revision of what we have learned in the college with a great practical guide for work. PAW-AWP 1 includes both academic and practical aspects.
PAW 1 was extremely useful in providing me (a person who is completely new to this industry) with a good introduction & foundation to audit.
It’s a good kick-start programme for all auditors who are stepping into this field of work. A very good foundation course to give practical hand-on guidance for newbie.
Gives me knowledge and teaches me procedures that I didn't know I had to as my company seniors never perform the procedures.
I like how the course was structured in such a systematic and interactive manner. Everything taught was practical as it could be applied to my job as an auditor
Testimonial from Participants of 2015 PAW
PAW-SAR
Rich in contents and good examples provided.
Good examples quoted to practise in real life environment.
You will definitely learn something that you did not know.
Supervisors should consider attending SAR.
PAW-AWP 2
I will insist my friends to attend this course.
Relevant to what I do at work and useful to improve quality of documentation and audit.
Daily examples provided easier link to practical thinking.
Been recently heavily involved in audit planning, and the information provided during the first session is helpful.
PAW-AWP 1
Good program to learn basic hands-on knowledge of preparing audit working papers and performing audit procedures.
Good explanations on what to do and what not to do during the audit. Areas to focus are also pointed on.
The programme provides in-depth information for preparers to prepare their audit working papers and procedures of audit.
Very useful. Will understand the proper way to conduct the audit and prepare the working papers.
Brings in real life experience into explaining audit procedures and linking them to assertions as well (theory with practice).
Very informative with lots to bring back to office on updating working papers.
Involves critical thinking and challenges the way an audit can be done.
Understanding the auditing process and procedures that some firms have omitted and have never been doing.
Consider to join this workshop. It is useful for the audit preparation.
Testimonial from Participants of 2014 PAW
PAW-SAR
Concepts well-illustrated. In-depth discussions on relevant audit issues and practical solutions provided.
SAR helped me sharpen my review skills on what points to consider in reviewing the financial statements and working papers.
SAR provided guidance on general audit covering all the important sections by examples similar to practical issues faced by auditors.
PAW-AWP 2 (Pilot)
More coverage than other CPE courses in terms of hours, examples, samples and depth.
The topics covered were very relevant to what I am doing and I have a better understanding of the objectives of each audit procedures.
Sufficient practical examples were given to make us understand what could go wrong and how to design the appropriate audit approach and procedures to address the risks.
This workshop was conducted with reference to ISCA audit manual. I will be able to explain the audit requirements to the clients in future based on a published guide.
PAW-AWP 1
This course provided an insight of the audit requirements and procedures. All new audit staff should attend the course.
Helped to build on concrete knowledge on the things we do at work. What I like are the common pitfalls highlighted in each audit areas.
Some audit procedures were not performed during my previous audits. They are now performed after I gained an understanding of the importance of such procedures.
Great foundation course consolidating practical audit knowledge and application to day to day audit work.
Great course. Helpful for participants who are new to the industry.
I learn the proper documentation and treatment of opening balance and foreign currency translation.
Proper documentation for cash and PPE are covered comprehensively.
Sampling technique covered comprehensively with P&L audit teaching techniques.
The lecturer gives realistic examples of fraud e.g. kiting, teeming and lading etc. and provides specific audit procedures to address these risks.
Refreshing and practical.
The structure of presentation always starts with fundamental aspects which are assertions, risks and what could go wrong. The examples and knowledge sharing throughout different AWP sections help to elaborate the importance of certain audit procedures. And those examples are practical and real.
This workshop has taught me to be more efficient and enhance my knowledge and skills in doing the work paper. To be clear, precise and have the right attitude in doing my work.
This workshop is especially helpful for those who have very little audit experience. The detailed information and real-life audit problems allowed me to open up my mind and to think outside the box.
This workshop is especially helpful for those who have very little audit experience. The detailed information and real-life audit problems allowed me to open up my mind and to think outside the box.
Testimonial from Participants of 2013 AWP 1 (Pilot)
PAW-SAR
Overall guide you through the basic foundation to detailed areas for a better and clearer picture on how to audit – on major areas like PPE, Inventory, Receivables, Payables. The examples on case studies help a lot on understanding the topics. Looking forward for AWP 2.
Attending these workshops will enhance the experience on audit work papers by the preparers. They will be able to understand the importance of their work, what is expected of them and also provide confidence in their work too.
Get the knowledge on how to perform my job in more proper way and what should I do when I cannot get information from the client. Made me aware of some error made by client that I may not have detected before (for example omission of description in bank reconciliation).
Well balanced between concepts and practical aspects.
Good understanding of SSAs and FRS, practical experience and able to communicate effectively.
What is Practical Audit Workshop (PAW)? PAW is a series of workshop designed to provide practical audit guidance to all audit personnel of small and medium-sized public accounting firms (SMPs) and targeted at different proficiency levels.
Why is the workshop duration 4 (four) to 5 (five) days long? PAW is designed to provide detailed practical audit guidance to audit personnel for them to better understand and apply the requirements of the Singapore Standards on Auditing (SSA) when performing an audit of a typical Singapore incorporated company, with financial statements prepared in accordance with the requirements of the Singapore Companies Act and Singapore Financial Reporting Standards (SFRS). Case study examples will be used throughout the workshop to illustrate the various audit concepts and work paper documentation requirements.
Are there any differences between PAW and the existing auditing core training courses offered by the Institute? The training framework and delivery of the Structured Audit Core Training (SACT) are essentially based on the same audit training matrix comprising a series of audit CPE courses. PAW is different from the existing auditing core training courses because:
PAW is a series of specially designed workshop targeted at different proficiency levels of the audit personnel of SMPs.
PAW uses the ISCA documentation, based on the requirements of the SSA.
II) Workshop attendance
Do I need to attend the entire workshop? Full attendance of the entire workshop is desirable for the participant to obtain the CPE hours. Participants are required to sign their attendance twice each day.
Can another participant replace me, if I am unable to attend the workshop? A written request for replacement of participant should be made no less than 3 (three) business days prior to the workshop commencement. The Institute reserves the right to deny entry to anyone who is not registered for the workshop.
III) Assessment
Is there any assessment at the end of the workshop? Assessment (MCQs) will be conducted during mid and end of the workshop.
What is the passing mark for the assessment? What if I fail the assessment? The passing mark is 50% and a Letter of Result will be issued to the participant at the end of the workshop. If the participant did not obtain a pass for the assessment, he/she can request for a re-assessment. An administrative fee of $107 (inclusive of GST) will be charged.
What if I am absent on the day of the assessment? If the participant is absent on the day of the assessment, he/she may request to reschedule his/her assessment date subject to an administrative fee of $53.50 (inclusive of GST). However, if the absence is due to medical or compassionate reason, the administrative fee will be waived. The participant has to inform ISCA in writing before the commencement of the next class so that a re-assessment can be arranged. Such request must be supported by relevant document, for example, a medical certificate.
Can I have a set of the assessment questions so that I know the relevant areas of improvement? The trainer will discuss the assessment questions and suggested answers after each assessment so as to clarify any learning gaps where applicable.
B) Questions specific to AWP 1
I just joined the audit profession with no practical audit experience at all. Is PAW – AWP 1 suitable for me? PAW – AWP 1 is designed for audit working paper preparers with limited or no practical audit experience to provide practical guidance in the application of the audit concepts and documentation requirements. It is recommended that you go through at least one audit engagement prior to attending PAW – AWP 1 in order to benefit from the concepts explained in the workshop.
I have been working in an audit firm for more than 3 years but I have attended very little audit training except for on the job training (“OJT”). Which workshop is suitable for me? It is recommended that you attend AWP 1.
C) Question specific to AWP 2
Are there any pre-requisites before I attend AWP 2? Participants should have a minimum of 2 years of practical audit experience before attending AWP 2. If you have attended AWP 1 before, it is recommended you attend AWP 2 at least two years later.
D) Question specific to SAR
Are there any pre-requisites before I attend SAR? Participants should have a minimum of 4 years of practical audit experience before attending SAR. If you have attended AWP 2 before, it is recommended you attend SAR at least two years later.
