Course Detail(ADT132 : Audit of Non-Profit Entities)

ADT132 : Audit of Non-Profit Entities

7.00 CPE Hours (Category 3)
Classroom


Programme Objective
To provide audit professional with guidance on the audit of non-profit entities such as clubs, cooperative, societies, business chambers, charities. This course will also cover the key financial statement reporting and disclosure requirement.
 

Programme Outline

Overview for financial reporting framework for non-profit entities in Singapore
 

  • Financial Reporting Standards
  • Charities Accounting standards
  • Other framework for smaller non-profit entities
  • Withdrawal of RAP 6 and replacement with CAS

 
Overview of audit requirements for non-profit entities in Singapore
 
Overview of non-profit sector in Singapore

  • Societies
  • Cooperative
  • Charities
  • Clubs
  • Business chambers

 
Overview of Business vehicle for charities in Singapore

  • Companies Act, chapter 50, companies limited by guarantee
  • Societies Act, Chapter
  • Trustee Act, Chapter 337
  • Co-operative Societies Act, Chapter 62

 
Compliance requirement for non-profit entities: Key provisions on:

  • Charity act
  • Charity act (IPC)
  • Charity act (account and annual report)
  • Charity act (large charity)
  • Society act
  • Society regulations
  • Cooperative societies rules 2009
  • Trustee Act

 
Additional provision for cooperative and large charities and compliance opinion by the external auditors

  • Compliance opinion under Audit Guidance Statement (“AGS”)  9 for co-operatives
  • Compliance opinion under regulations 16 of Charities Act (IPC)
  • Compliance opinion under regulations 15 of Charities Act (IPC) on fund raising

Code of Governance

  • Code of Governance for Registered Societies
  • Code of Governance for charities and IPC

Overview of internal control for charities
 
Statutory obligation for charities:

  • Annual report
  • Financial statements
  • AGM
  • Governance instruments
  • Financial reporting and other info to sector administrator
  • Financial reporting and other info to NCSS
  • Tax submission to IRAS

 
Role of sector administrators and auditors responsibilities

  • 5 sector administrators
  • Charity commissioner
  • NCCS
  • ROS
  • Registry of co-operative societies

 
Common finance statement items and key audit procedures for non-profit entities

  • Donations (designated donations, general donations and donations in kinds)
  • Grant (operating and capital grant)
  • Funds (trust funds, general funds)
  • Reserve (general, designated and restricted funds)
  • Deferred capital grants
  • Government grants
  •  

Working with various sub-committees and boards in relation to:

  • Submission of audit plan and approval
  • Communication with management and board on the internal controls weakness
  • Audit findings

 
Practical guidance to address the Common financial statement issues

Competency Mapping
Category 3
 
Training Methodology
Lecture style, with exercises/case studies

Closing Date for Registration
1 week before programme or until full enrolment

Intended For

A foundation to Intermediate level programme intended for Practicing and non-Practicing accountants and auditors. Senior audit professional who like to understand more about the issue involved in the audit of non-profit entities are welcome to attend.

Competency Mapping

Category 3 = 7.00 Hours

Schedule & Fees

Date & Time

16 Jul 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 345.61
For Non-Members: $ 415.16

Programme Facilitator(s)

Dr Chinnu Palanivelu

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

20 Dec 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Dr Chinnu Palanivelu

Date & Time

11 Dec 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Dr Chinnu Palanivelu

Date & Time

11 Dec 2017 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Dr Chinnu Palanivelu

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


User-added image

Dr Chinnu Palanivelu

D.Litt. (Finance and Taxation), CA Singapore, FCCA, CPA (Australia), MBA (Finance), FAIA, CMA, B. Acc. (Hons), GRCP, GRCA, Dip IFRS, Cert IAS, ATP (Income Tax), Dip Tax
 
Dr. Chinnu is currently an Audit Partner with Stamford Assurance PAC. He worked with an international audit firm for a decade and Small and Medium-size practices for few years.
 
He has more than 20 years of experience in public practice, industry, government, non-profit sector, academia, technical and training. He has served for a wide range of clients including SGX-listed companies, several US SEC registrants, subsidiaries of large multi-national corporations, societies, charities, co-operatives, statutory boards, government linked companies, private equity funds, small and medium enterprises and owner-managed business. He also carried out pre-IPO audit, fraud investigation work and internal audit, etc. 
 
He is a regular trainer in ISCA CPE in several core auditing and financial reporting courses. He is also Adjunct Lecturer for Singapore CA programme, ICAEW professional course and James Cook University’s degree and master degree courses. Chinnu also conduct in-house training and technical consulting assignments for several Small-Medium Practices. He has passion for training and development and he has conducted numerous presentations which include seminars organised by the ISCA, ACCA, James Cook University, Kaplan, London School of Business and Finance, CPA Australia, ITE, National Council of Social Service, and Republic Polytechnic, just to name a few.
 
He is practicing member of ISCA, ACCA and Member of CPA Australia, Association of International Accountants, SID, Institute of Internal Auditors, ICMA (Australia), Association of Certified Fraud Examiners, SIATP, Institute for Adult Learning Singapore and International Association for Accounting Education and Research
 
He is currently serving and has served in many public and civic institutions in various capacities, including: Ministry of Education, Ministry of Social and Family Development, Singapore Youth Corps (MCCY), London School of Business and Finance, ACCA, People’s Association, Association for Person with Special Needs, Student Care Services, ITE and Association of Certified Fraud Examiners. He also chaired audit committee of Association for Person with Special Needs, Student and Public Practice committees of ACCA Singapore and also served finance, investment and tender committees, Honorary Treasurer and Auditor of various charities and societies.
 
Chinnu was conferred honorary Doctorate Degree (D. Litt.) in Finance and Taxation for his outstanding contribution to accounting and charity sectors in Singapore and India. Chinnu also received the President award for Lifelong Learner award, Appreciation Award from People’s Association for community services, Appreciation Award from ACCA for contribution to student development and an Excellent Volunteers Service Awards from National Council of Social Service and Ministry of Social and Family Development for contribution to family policies development and initiatives.

Chinnu is currently perusing Doctorate Degree in Financial reporting and Audit Quality from the University of Northampton (UK) and Chartered Secretary programme.

 


Programme Objective
To provide audit professional with guidance on the audit of non-profit entities such as clubs, cooperative, societies, business chambers, charities. This course will also cover the key financial statement reporting and disclosure requirement.
 

Programme Outline

Overview for financial reporting framework for non-profit entities in Singapore
 

  • Financial Reporting Standards
  • Charities Accounting standards
  • Other framework for smaller non-profit entities
  • Withdrawal of RAP 6 and replacement with CAS

 
Overview of audit requirements for non-profit entities in Singapore
 
Overview of non-profit sector in Singapore

  • Societies
  • Cooperative
  • Charities
  • Clubs
  • Business chambers

 
Overview of Business vehicle for charities in Singapore

  • Companies Act, chapter 50, companies limited by guarantee
  • Societies Act, Chapter
  • Trustee Act, Chapter 337
  • Co-operative Societies Act, Chapter 62

 
Compliance requirement for non-profit entities: Key provisions on:

  • Charity act
  • Charity act (IPC)
  • Charity act (account and annual report)
  • Charity act (large charity)
  • Society act
  • Society regulations
  • Cooperative societies rules 2009
  • Trustee Act

 
Additional provision for cooperative and large charities and compliance opinion by the external auditors

  • Compliance opinion under Audit Guidance Statement (“AGS”)  9 for co-operatives
  • Compliance opinion under regulations 16 of Charities Act (IPC)
  • Compliance opinion under regulations 15 of Charities Act (IPC) on fund raising

Code of Governance

  • Code of Governance for Registered Societies
  • Code of Governance for charities and IPC

Overview of internal control for charities
 
Statutory obligation for charities:

  • Annual report
  • Financial statements
  • AGM
  • Governance instruments
  • Financial reporting and other info to sector administrator
  • Financial reporting and other info to NCSS
  • Tax submission to IRAS

 
Role of sector administrators and auditors responsibilities

  • 5 sector administrators
  • Charity commissioner
  • NCCS
  • ROS
  • Registry of co-operative societies

 
Common finance statement items and key audit procedures for non-profit entities

  • Donations (designated donations, general donations and donations in kinds)
  • Grant (operating and capital grant)
  • Funds (trust funds, general funds)
  • Reserve (general, designated and restricted funds)
  • Deferred capital grants
  • Government grants
  •  

Working with various sub-committees and boards in relation to:

  • Submission of audit plan and approval
  • Communication with management and board on the internal controls weakness
  • Audit findings

 
Practical guidance to address the Common financial statement issues

Competency Mapping
Category 3
 
Training Methodology
Lecture style, with exercises/case studies

Closing Date for Registration
1 week before programme or until full enrolment

Intended For

A foundation to Intermediate level programme intended for Practicing and non-Practicing accountants and auditors. Senior audit professional who like to understand more about the issue involved in the audit of non-profit entities are welcome to attend.

Competency Mapping

Category 3 = 7.00 Hours

Programme Facilitator(s)

User-added image

Dr Chinnu Palanivelu

D.Litt. (Finance and Taxation), CA Singapore, FCCA, CPA (Australia), MBA (Finance), FAIA, CMA, B. Acc. (Hons), GRCP, GRCA, Dip IFRS, Cert IAS, ATP (Income Tax), Dip Tax
 
Dr. Chinnu is currently an Audit Partner with Stamford Assurance PAC. He worked with an international audit firm for a decade and Small and Medium-size practices for few years.
 
He has more than 20 years of experience in public practice, industry, government, non-profit sector, academia, technical and training. He has served for a wide range of clients including SGX-listed companies, several US SEC registrants, subsidiaries of large multi-national corporations, societies, charities, co-operatives, statutory boards, government linked companies, private equity funds, small and medium enterprises and owner-managed business. He also carried out pre-IPO audit, fraud investigation work and internal audit, etc. 
 
He is a regular trainer in ISCA CPE in several core auditing and financial reporting courses. He is also Adjunct Lecturer for Singapore CA programme, ICAEW professional course and James Cook University’s degree and master degree courses. Chinnu also conduct in-house training and technical consulting assignments for several Small-Medium Practices. He has passion for training and development and he has conducted numerous presentations which include seminars organised by the ISCA, ACCA, James Cook University, Kaplan, London School of Business and Finance, CPA Australia, ITE, National Council of Social Service, and Republic Polytechnic, just to name a few.
 
He is practicing member of ISCA, ACCA and Member of CPA Australia, Association of International Accountants, SID, Institute of Internal Auditors, ICMA (Australia), Association of Certified Fraud Examiners, SIATP, Institute for Adult Learning Singapore and International Association for Accounting Education and Research
 
He is currently serving and has served in many public and civic institutions in various capacities, including: Ministry of Education, Ministry of Social and Family Development, Singapore Youth Corps (MCCY), London School of Business and Finance, ACCA, People’s Association, Association for Person with Special Needs, Student Care Services, ITE and Association of Certified Fraud Examiners. He also chaired audit committee of Association for Person with Special Needs, Student and Public Practice committees of ACCA Singapore and also served finance, investment and tender committees, Honorary Treasurer and Auditor of various charities and societies.
 
Chinnu was conferred honorary Doctorate Degree (D. Litt.) in Finance and Taxation for his outstanding contribution to accounting and charity sectors in Singapore and India. Chinnu also received the President award for Lifelong Learner award, Appreciation Award from People’s Association for community services, Appreciation Award from ACCA for contribution to student development and an Excellent Volunteers Service Awards from National Council of Social Service and Ministry of Social and Family Development for contribution to family policies development and initiatives.

Chinnu is currently perusing Doctorate Degree in Financial reporting and Audit Quality from the University of Northampton (UK) and Chartered Secretary programme.

 

Upcoming Schedule

Date & Time

16 Jul 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 345.61
For Non-Members: $ 415.16

Programme Facilitator(s)

Dr Chinnu Palanivelu

Venue

60 Cecil Street
ISCA House
Singapore 049709