Course Detail()

3.50 CPE Hours (Category 1, Category 2, Category 3, Category 4, Others)
Classroom


Programme Objective

After attending this course, participants will gain insights on the various opportunities for collaboration between external & internal auditors to harness synergy from the work they perform. Participants will also learn how attaining audit efficiencies is a real possibility, potential pitfalls of working together and relevant requirements of Auditing Standards including 1) Singapore Standards on Auditing and 2) International Professional Practices Framework (IPPF).
 

Programme Outline

1. Background

a. Role of External Auditors
b. Role of Internal Auditors
c. Efficiencies arising from synergies – cost, time, coverage, expertise, etc
 
2. Scope of work (deep-dive)
a. Scope of work of both teams of auditors – modus operandi to collaborate, synergy and pitfalls to avoid:
Planning – risk assessment
Planning – process documentation and walk through
Execution – use of samples & data analytics
Reporting & wrap up
 
b. Scope of work of both teams of auditors – differences (materiality)
 
3. Requirements of Singapore Standards of Auditing (SSAs)
a. SSA 200 i) Independence ii) Professional Competence and due care
b. SSA 500 Audit Evidence
c. SSA 315 (Revised) Identifying and assessing the risks of Material Misstatement through understanding the entity and its environment
d. SSA 610 (Revised 2013) Using the work of Internal Auditors
i. Using the work of Internal Audit Function & requirements
ii. Using Internal Auditors to provide direct assistance & requirements
iii. Points of consideration
iv. Documentation
 
4. Requirements of International Professional Practices Framework (IPPF)
a) Attribute Standards – 1100: Independence & Objectivity
b) Performance Standards – 2010: Planning
c) Performance Standards – 2050: Coordination & Reliance
d) Performance Standards – 2320: Analysis & Evaluation
e) Performance Standards – 2330: Documentation
 
5. Case study – Participants to be allocated into groups for role play (External Auditor, Internal Auditor, AC Chairman, Chief Financial Officer, etc). Groups to play different roles in a simulated external audit environment to reinforce learning.
 
6. Key Takeaways & wrap up
 
Training Methodology
Lecture style introduction to theory & subject matter on hand, followed by;
Integrated case study for participants to practice role play to reinforce learning in a practical manner
 
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

Foundation to intermediate level for external auditors and internal auditors.

Schedule & Fees

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Programme Objective

After attending this course, participants will gain insights on the various opportunities for collaboration between external & internal auditors to harness synergy from the work they perform. Participants will also learn how attaining audit efficiencies is a real possibility, potential pitfalls of working together and relevant requirements of Auditing Standards including 1) Singapore Standards on Auditing and 2) International Professional Practices Framework (IPPF).
 

Programme Outline

1. Background

a. Role of External Auditors
b. Role of Internal Auditors
c. Efficiencies arising from synergies – cost, time, coverage, expertise, etc
 
2. Scope of work (deep-dive)
a. Scope of work of both teams of auditors – modus operandi to collaborate, synergy and pitfalls to avoid:
Planning – risk assessment
Planning – process documentation and walk through
Execution – use of samples & data analytics
Reporting & wrap up
 
b. Scope of work of both teams of auditors – differences (materiality)
 
3. Requirements of Singapore Standards of Auditing (SSAs)
a. SSA 200 i) Independence ii) Professional Competence and due care
b. SSA 500 Audit Evidence
c. SSA 315 (Revised) Identifying and assessing the risks of Material Misstatement through understanding the entity and its environment
d. SSA 610 (Revised 2013) Using the work of Internal Auditors
i. Using the work of Internal Audit Function & requirements
ii. Using Internal Auditors to provide direct assistance & requirements
iii. Points of consideration
iv. Documentation
 
4. Requirements of International Professional Practices Framework (IPPF)
a) Attribute Standards – 1100: Independence & Objectivity
b) Performance Standards – 2010: Planning
c) Performance Standards – 2050: Coordination & Reliance
d) Performance Standards – 2320: Analysis & Evaluation
e) Performance Standards – 2330: Documentation
 
5. Case study – Participants to be allocated into groups for role play (External Auditor, Internal Auditor, AC Chairman, Chief Financial Officer, etc). Groups to play different roles in a simulated external audit environment to reinforce learning.
 
6. Key Takeaways & wrap up
 
Training Methodology
Lecture style introduction to theory & subject matter on hand, followed by;
Integrated case study for participants to practice role play to reinforce learning in a practical manner
 
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

Foundation to intermediate level for external auditors and internal auditors.

Programme Facilitator(s)


No course instances or course instance sessions available.