Course Detail(ADT155 : Audit of Revenue under the new FRS 115 Regime)

ADT155 : Audit of Revenue under the new FRS 115 Regime

3.50 CPE Hours (Category 3)
Classroom


Programme Objective
To provide audit professionals with guidance on the audit of revenue (including combined contracts, contract modifications, sales discounts and sales returns). This course will also cover the key concepts of the new revenue accounting standard, FRS 115, including the 5-step model, identification of performance obligations, allocation of transaction price and principal vs agent.

Programme Outline

  • Understand the key concepts of the new accounting standard for revenue recognition (FRS 115), including presentation and disclosure requirements. (Specific examples of certain industries will be used to illustrate the key concepts).
  • Understand the auditor’s responsibility for identifying, assessing and responding to risks of material misstatement arising from improper revenue recognition.
  • Develop an understanding of the client’s revenue and receivable cycle, and the relevant financial statement assertions to be addressed.
  • Identify and assess the risks of material misstatement in the client’s revenue and receivable cycle taking into account mitigating internal controls.
  • Recognise the importance of addressing fraud risk in relation to revenue recognition.
  • Determine the extent of reliance to place on internal controls in the revenue process; plan the nature, extent and timing of tests of controls, including evaluating the results of these tests of controls and assessing the impact on extent of substantive testing.
  • Plan the nature, extent and timing of substantive tests (analytical procedures and tests of details) for various assertions related to revenue.
  • Evaluate the audit findings and draw appropriate audit conclusions for revenue.
 
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 Audit professionals.

Competency Mapping

Category 3 = 3.50 Hours

Schedule & Fees

Date & Time

29 Apr 2020 (9:00 AM - 12:30 PM)

Fee (inclusive of GST)

For Members: $ 199.02
For Non-Members: $ 237.54

Programme Facilitator(s)

Loh Chay Hiah

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

23 Oct 2019 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Loh Ji Kin

Date & Time

29 May 2019 (2:00 PM - 5:30 PM)

Registration is closed

Programme Facilitator(s)

Loh Chay Hiah

Date & Time

15 Nov 2018 (2:00 PM - 5:30 PM)

Registration is closed

Programme Facilitator(s)

Loh Ji Kin

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Loh Ji Kin
Director, Assurance
Nexia TS Public Accounting Corporation

Mr. Loh is a Director in Nexia TS Public Accounting Corporation. His main role in firm is serving as engagement partner for audit clients, which includes a spectrum of publicly listed and private clients spanning various industries. Mr. Loh also heads the firm’s Training Department as well as its Assurance Technical and Quality Control Department, being a subject matter expert in both accounting and auditing standards.

Prior to joining Nexia TS, Mr. Loh spent almost 15 years with an international accounting firm, serving a number of roles. In an assurance capacity, he served clients in statutory audits and other special assignments. These clients included listed and private companies as well as multi-national corporations, in various industries, including the oil & gas, insurance, investment-holding and manufacturing sector.

Mr. Loh also played an integral role in the internal technical department, primarily focused on auditing standards and audit quality, including external reporting, in both audit and non-audit services. He also played a key role in conducting training in accounting standards, audit methodology and related soft skills, including project and client management.

Mr. Loh is a practising member of the Institute of Singapore Chartered Accountants.


Loh Chay Hiah
CA (Singapore)
CA ANZ


Ms Loh started her professional career with an international accounting firm in the assurance department.  There she accumulated vast knowledge and expertise in the performance of statutory audits as well as other special engagements that included initial stock listings and other financial due diligence work. Her clients included both listed and non-listed companies as well as multi-national corporations in various industry sectors including shipping, manufacturing, services and investment-holding.

Ms Loh also spent a considerable number of years in the technical department of the international accounting firm where she focused on accounting and auditing standards. In addition to providing technical consultations to internal assurance teams, she was also actively involved in conducting training on accounting standards and auditor reporting.

Ms Loh is a member the Institute of Singapore Chartered Accountants.  She is also a member of the Chartered Accountants of Australia and New Zealand. In addition, she also served as a member of the Learning and Assessment Committee- Professional Programme (LAC-PP) for the Singapore Chartered Accountants Qualification Programme for four years. The Programme, developed by the Singapore Accountancy Commission, leads to the national Chartered Accountant qualification.  The LAC-PP looks at the learning and assessment aspects of the Programme.
 


Programme Objective
To provide audit professionals with guidance on the audit of revenue (including combined contracts, contract modifications, sales discounts and sales returns). This course will also cover the key concepts of the new revenue accounting standard, FRS 115, including the 5-step model, identification of performance obligations, allocation of transaction price and principal vs agent.

Programme Outline

  • Understand the key concepts of the new accounting standard for revenue recognition (FRS 115), including presentation and disclosure requirements. (Specific examples of certain industries will be used to illustrate the key concepts).
  • Understand the auditor’s responsibility for identifying, assessing and responding to risks of material misstatement arising from improper revenue recognition.
  • Develop an understanding of the client’s revenue and receivable cycle, and the relevant financial statement assertions to be addressed.
  • Identify and assess the risks of material misstatement in the client’s revenue and receivable cycle taking into account mitigating internal controls.
  • Recognise the importance of addressing fraud risk in relation to revenue recognition.
  • Determine the extent of reliance to place on internal controls in the revenue process; plan the nature, extent and timing of tests of controls, including evaluating the results of these tests of controls and assessing the impact on extent of substantive testing.
  • Plan the nature, extent and timing of substantive tests (analytical procedures and tests of details) for various assertions related to revenue.
  • Evaluate the audit findings and draw appropriate audit conclusions for revenue.
 
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 Audit professionals.

Competency Mapping

Category 3 = 3.50 Hours

Programme Facilitator(s)

Loh Ji Kin
Director, Assurance
Nexia TS Public Accounting Corporation

Mr. Loh is a Director in Nexia TS Public Accounting Corporation. His main role in firm is serving as engagement partner for audit clients, which includes a spectrum of publicly listed and private clients spanning various industries. Mr. Loh also heads the firm’s Training Department as well as its Assurance Technical and Quality Control Department, being a subject matter expert in both accounting and auditing standards.

Prior to joining Nexia TS, Mr. Loh spent almost 15 years with an international accounting firm, serving a number of roles. In an assurance capacity, he served clients in statutory audits and other special assignments. These clients included listed and private companies as well as multi-national corporations, in various industries, including the oil & gas, insurance, investment-holding and manufacturing sector.

Mr. Loh also played an integral role in the internal technical department, primarily focused on auditing standards and audit quality, including external reporting, in both audit and non-audit services. He also played a key role in conducting training in accounting standards, audit methodology and related soft skills, including project and client management.

Mr. Loh is a practising member of the Institute of Singapore Chartered Accountants.

Loh Chay Hiah
CA (Singapore)
CA ANZ


Ms Loh started her professional career with an international accounting firm in the assurance department.  There she accumulated vast knowledge and expertise in the performance of statutory audits as well as other special engagements that included initial stock listings and other financial due diligence work. Her clients included both listed and non-listed companies as well as multi-national corporations in various industry sectors including shipping, manufacturing, services and investment-holding.

Ms Loh also spent a considerable number of years in the technical department of the international accounting firm where she focused on accounting and auditing standards. In addition to providing technical consultations to internal assurance teams, she was also actively involved in conducting training on accounting standards and auditor reporting.

Ms Loh is a member the Institute of Singapore Chartered Accountants.  She is also a member of the Chartered Accountants of Australia and New Zealand. In addition, she also served as a member of the Learning and Assessment Committee- Professional Programme (LAC-PP) for the Singapore Chartered Accountants Qualification Programme for four years. The Programme, developed by the Singapore Accountancy Commission, leads to the national Chartered Accountant qualification.  The LAC-PP looks at the learning and assessment aspects of the Programme.
 

Upcoming Schedule

Date & Time

29 Apr 2020 (9:00 AM - 12:30 PM)

Fee (inclusive of GST)

For Members: $ 199.02
For Non-Members: $ 237.54

Programme Facilitator(s)

Loh Chay Hiah

Venue

60 Cecil Street
ISCA House
Singapore 049709