Course Detail(ADT133 : Audit of Internal Control under SOX and PCAOB requirements)

UTAP Funding

ADT133 : Audit of Internal Control under SOX and PCAOB requirements

7.00 CPE Hours (Category 3, Others)
Classroom


Programme Objective
To provide audit professional with guidance on the integrated audit and Internal Control Testing under SOX and PCAOB Audit Standard 2201 - An Audit of Internal Control over Financial Reporting that is integrated with an Audit of Financial Statements. This course is also helpful for control approach to audit of financial statements for local listed companies, MNCs, charities and SMEs clients.
 

Programme Outline

  • Overview of change of codification of PCAOB audit standards
  • Overview of SOX audit requirements and ISCA’s Audit Guidance Statement (AGS 9)
  • Practical guidance on COSO framework
  • Auditors responsibility under Audit Standard 2201 (formerly known as AS 5)
  • Discuss key concepts/provisions of Auditing Standard 2201-An Audit of Internal Control over Financial Reporting that is Integrated with an Audit of Financial Statements
    • Integrating the audit
    • Planning the audit
    • Role of risk assessment
    • Scaling the audit
    • Addressing the risk of fraud
    • Using the work of others
    • Materiality
    • Using a top-down approach
    • Identifying entity-level controls
    • Identifying significant accounts and disclosures and their relevant assertions
    • Understanding likely sources of misstatements
    • Selecting controls to test
    • Testing control (testing design effectiveness and testing operating effectiveness)
    • Relationship of risk to the evidence to be obtained
    • Special consideration for subsequent years audits
    • Evaluating identified deficiencies
    • Indicators of material weaknesses
    • Forming an opinion
    • Obtaining written representation
    • Communicating matters with management and group auditors
    • Reporting
    • Material weaknesses
    • Subsequent event
  • Practical guidance in relation to working with group auditors in the US
  • Practical guidance on typical controls for the following cycles
    • Property, Plant & Equipment
    • Revenue and receipt cycle
    • Purchase and payable cycle
    • Payroll cycle
    • Financial Reporting Close Processes (FRCP)
    • Tax
  • Discuss certain PCAOB’s observations on the internal control testing

 

Training Methodology
Lecture style, with exercise/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-Practising accountants and auditors. Senior audit professional who like to understand more about the issue involved in the audit of US listed entities and also audit of Singapore’s Statutory boards.

Competency Mapping

Category 3 = 4.50 Hours
Others = 2.50 Hours

Schedule & Fees

Date & Time

02 Oct 2020 (9:00 AM - 5:00 PM)

Registration is closed

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

27 Sep 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Dr Chinnu Palanivelu

Date & Time

07 Sep 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Dr Chinnu Palanivelu

Date & Time

08 Sep 2017 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Dr Chinnu Palanivelu

Testimonial

Funding

1] NTUC Union Training Assistance Programme (UTAP)
UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members. NTUC member gets to enjoy UTAP funding 50% of the unfunded course fee capped at $250 every year. This excludes miscellaneous fees such as GST and registration fee etc.
 
This course is approved for UTAP support for intakes conducted between 12 June 2019 – 31 March 2020.
 
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.

  
To submit for UTAP claims, please visit 
http://skillsupgrade.ntuc.org.sg/. Terms and conditions apply.
 
Should you have queries on the funding scheme, you can email to UTAP@e2i.com.sg or call NTUC Membership Hotline at 6213-8008.

 

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 integrated audit and Internal Control Testing under SOX and PCAOB Audit Standard 2201 - An Audit of Internal Control over Financial Reporting that is integrated with an Audit of Financial Statements. This course is also helpful for control approach to audit of financial statements for local listed companies, MNCs, charities and SMEs clients.
 

Programme Outline

  • Overview of change of codification of PCAOB audit standards
  • Overview of SOX audit requirements and ISCA’s Audit Guidance Statement (AGS 9)
  • Practical guidance on COSO framework
  • Auditors responsibility under Audit Standard 2201 (formerly known as AS 5)
  • Discuss key concepts/provisions of Auditing Standard 2201-An Audit of Internal Control over Financial Reporting that is Integrated with an Audit of Financial Statements
    • Integrating the audit
    • Planning the audit
    • Role of risk assessment
    • Scaling the audit
    • Addressing the risk of fraud
    • Using the work of others
    • Materiality
    • Using a top-down approach
    • Identifying entity-level controls
    • Identifying significant accounts and disclosures and their relevant assertions
    • Understanding likely sources of misstatements
    • Selecting controls to test
    • Testing control (testing design effectiveness and testing operating effectiveness)
    • Relationship of risk to the evidence to be obtained
    • Special consideration for subsequent years audits
    • Evaluating identified deficiencies
    • Indicators of material weaknesses
    • Forming an opinion
    • Obtaining written representation
    • Communicating matters with management and group auditors
    • Reporting
    • Material weaknesses
    • Subsequent event
  • Practical guidance in relation to working with group auditors in the US
  • Practical guidance on typical controls for the following cycles
    • Property, Plant & Equipment
    • Revenue and receipt cycle
    • Purchase and payable cycle
    • Payroll cycle
    • Financial Reporting Close Processes (FRCP)
    • Tax
  • Discuss certain PCAOB’s observations on the internal control testing

 

Training Methodology
Lecture style, with exercise/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-Practising accountants and auditors. Senior audit professional who like to understand more about the issue involved in the audit of US listed entities and also audit of Singapore’s Statutory boards.

Competency Mapping

Category 3 = 4.50 Hours
Others = 2.50 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

Registration is closed

Date & Time

02 Oct 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