Course Detail(ADT034 : Group Audits)

SDF Funding, SkillsFuture Credit, UTAP Funding

ADT034 : Group Audits

7.00 CPE Hours (Category 3)
Classroom

Programme Objective
To provide audit professionals with guidance on performing audits of group financial statements, including special considerations for dealing with components and component auditors.
 

Programme Outline

 

  • Develop an understanding of the special considerations, complexities and the key financial statement reporting and disclosure requirements for group reporting.
  • Discuss the common practical issues/problems that auditors encounter during planning, execution and completion of a group audit engagement.
  • Develop an understanding of the group, its components and their environments; identify significant components and components that are not significant components; understand the group’s consolidation process; consider overseas components with functional and reporting currencies that differ from that of the group, components with financial information not prepared in accordance with the financial reporting framework applied to the group financial statements and/or components with financial reporting period-end different from that of the group.
  • Obtain an understanding of the component auditor, and determine if sufficient appropriate audit evidence can be obtained in relation to the consolidation process and the financial information of components on which to base the group audit opinion.
  • Establish the overall group audit strategy and group audit plan; ensure that those performing the engagement, including component auditors, collectively have appropriate levels of competence, capabilities and independence; obtaining updates on group developments; agreeing the scope of audit engagement with the client; determine the extent of reliance to place on component auditors’ work.
  • Assess the risks of material misstatement and determine materiality levels at both overall group financial statement level and component financial statement levels.
  • Communications with component auditors; instructions for the group audit engagement on the work to be performed, the use to be made of that work, and the form and content of the component auditor’s communication with the group engagement team; requests for the component auditor on its ability to comply with ethical and independence requirements for the group audit; requests from the component auditor to communicate, on a timely basis, relevant information on component audited to the group engagement team, including information on component related parties.
  • Documentation of the group audit engagement, including the analysis of components, the nature, timing and extent of work performed by the group engagement team and the component auditors on significant components, and written communications between the group engagement team and component auditors.
  • Matters to consider when performing the group audit, including the audit of consolidation packages, aggregation schedules and other computations, obtaining external confirmations and assessing the need to impair goodwill.
  • Monitor and review component auditors’ work, including evaluating the sufficiency and appropriateness of audit evidence obtained, and resolution of misstatements identified during the audit.
  • Design and perform procedures to identify subsequent events at component level that may require adjustment or disclosure in the group financial statements.
  • Communicate with group management and those charged with governance of the group on identified deficiencies in internal control and/or other pertinent matters relating to the group audit engagement, at both group and component levels.
  • Evaluate the group audit engagement findings and draw appropriate audit conclusions for audit reporting.
  • Determine the appropriate group audit report to to be issued.

Training Methodology

Lecture style, with Exercises/Case Studies, Quiz / Knowledge Check

Closing Date for Registration

1 week before programme or until full enrolment
 

Intended For

An Intermediate to Advanced level programme intended for both Practising and Non-Practising Accountants and Auditors. Those who like to gain more understanding in performing Group Audits are welcome to attend.

Competency Mapping

Category 3 = 7.00 Hours

Schedule & Fees

Date & Time

22 Apr 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

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

Programme Facilitator(s)

Goh Kia Hong

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

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

Registration is closed

Programme Facilitator(s)

Goh Kia Hong

Date & Time

22 May 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Goh Kia Hong

Date & Time

24 Oct 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Goh Kia Hong

Testimonial

Funding

1] SkillsFuture Credit (SFC)
Funding Period: Until 7 Jan 2021 
Course Ref No.: CRS-N-0034588

 

All Singaporeans aged 25 and above will receive an opening credit of S$500 from the government. The credits will not expire and periodic top-ups will be provided by the government. SFC may be accumulated to pay for skills related course fees. You may wish to use your SFC to pay for partial/full ISCA course fees.  (For more information on the SFC scheme, please visit http://www.skillsfuture.sg/credit)

If you wish to enrol for the course with SFC Funding, please proceed with the following steps:

  • Step 1: Register for the course online via ISCA Portal. Upon adding to cart, the system will prompt a question “Do you wish to apply for SkillsFuture Credit?”, click “Yes” and input all required information. At the Cart page, please ensure that SFC funding is applied before clicking “Checkout”.
  • Step 2: After successful enrolment, please proceed to submit SFC claim on Skillsfuture Portal within 60 days before the course start date and obtain the necessary approval. Please submit SFC claim via SFC portal here: http://www.skillsfuture.sg/credit.

 

Failure to submit claim application and obtain necessary approval before the course start date will result in topping up of the SFC indicated for use. Please note that there will be an administrative fee of $42.80 for any revision of invoice.


2] WDA Training Grant - SDF Funding
This course is approved for SDF funding ($2 per training hour) for Company-sponsored participants only (Eligibility criteria apply). 
 
 Funding Period: Until 7 Jan 2021 
Funded Hours: 7 hours
Course Ref No.: CRS-N-0034588

 

If you wish to enrol participants with SDF Funding, please proceed with the following steps (For Corporate enrolments only) :

  • Step 1: Register for the course online via ISCA Portal. Upon adding to cart, the system will prompt a question “Do you wish to apply for WDA Funding?”, click Yes and input all required information. At the Cart page, please ensure that SDF funding is applied before clicking “Checkout”.
     
  • Step 2: After successful enrolment, please proceed to submit the Training Grant application via SkillsConnect Portal here: https://www.skillsconnect.gov.sg/

 

Employers of company-sponsored participants must submit training grant via SkillsConnect system to obtain training grant for course fees. You may submit the Training Grant application within the period from 30 days before the course start date to 30 days after course start date. Please note that there will be an administrative fee of $42.80 for any revision of invoice.

 

Eligibility Criteria:

  • Company must be registered or incorporated in Singapore and;
  • Applicant is taking the course for the first time.
  • Applicant must be employed, and is either Singapore Citizen or Permanent Resident of Singapore and;
  • Applicant must achieve at least 75% attendance, and pass all examinations /assessments and;
  • Applicant must be fully sponsored by the Company for all costs associated with the training and;
  • Payment has to be made via corporate means (e.g. corporate cheque, corporate GIRO, corporate credit card).

 

3] 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 01 April 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)


Kia Hong is a senior lecturer at Nanyang Business School (NBS) of Nanyang Technological University (NTU).  He is actively involved in curriculum and pedagogical development in the risk management and assurance courses that he teaches in the bachelor and master degree programmes.  His teaching accolades include the 2015 NBS Accountancy Teacher of the Year and 2015 NBS Teaching Excellence Award for Accounting Division.  He holds a Master of Science (Marketing) from NTU where he was awarded the Dean's Honours List. 

Before joining NTU, Kia Hong was an audit partner of a public accounting firm and had worked as chief executives of companies in Singapore and South Korea. His roles included formulating strategies to meet business objectives, enterprise risk management and leading the teams to ensure seamless operations of the businesses. During the same period, he taught in various public and private institutions in accounting, marketing and entrepreneurship on adjunct arrangements and proactively led the design and development of courses he taught.

Having accumulated a wealth of industry experience prior to joining the academia, he brings real-world insights into his classes, which participants are very appreciative of.
 

Kia Hong is an avid researcher who has published in professional journals and contributed articles to local print media. Kia Hong’s services extend beyond NTU. Notably, he is a regular speaker in the Accounting and Corporate Regulatory Authority (ACRA), the Institute of Singapore Chartered Accountants (ISCA) and Association of Chartered Certified Accountants (ACCA) major conferences and a trainer with ISCA’s continuing professional education. He also provides regular training, consultancy and research work to accounting firms and corporate organisations.  He is a member of ISCA’s judging panel for the prestigious Annual Report Award (ARA) under the Singapore Corporate Awards (SCA) and ISCA’s Investigation and disciplinary panel. He was previously a member of ISCA’s Auditing and Assurance Standards Committee and had worked with ISCA on ACRA’s Practice Monitoring Programme.

Kia Hong is currently the Chairman of Bukit Merah Secondary School Advisory Committee and was awarded the Service to Education Awards by the Ministry of Education in 2006 and 2011.  He is a member of the Inquiry Panel, the body responsible for appointing members of the Review Committees and Inquiry Committees investigating complaints made against advocates and solicitors. He is also a member of Mensa Singapore.
 

Programme Objective
To provide audit professionals with guidance on performing audits of group financial statements, including special considerations for dealing with components and component auditors.
 

Programme Outline

 

  • Develop an understanding of the special considerations, complexities and the key financial statement reporting and disclosure requirements for group reporting.
  • Discuss the common practical issues/problems that auditors encounter during planning, execution and completion of a group audit engagement.
  • Develop an understanding of the group, its components and their environments; identify significant components and components that are not significant components; understand the group’s consolidation process; consider overseas components with functional and reporting currencies that differ from that of the group, components with financial information not prepared in accordance with the financial reporting framework applied to the group financial statements and/or components with financial reporting period-end different from that of the group.
  • Obtain an understanding of the component auditor, and determine if sufficient appropriate audit evidence can be obtained in relation to the consolidation process and the financial information of components on which to base the group audit opinion.
  • Establish the overall group audit strategy and group audit plan; ensure that those performing the engagement, including component auditors, collectively have appropriate levels of competence, capabilities and independence; obtaining updates on group developments; agreeing the scope of audit engagement with the client; determine the extent of reliance to place on component auditors’ work.
  • Assess the risks of material misstatement and determine materiality levels at both overall group financial statement level and component financial statement levels.
  • Communications with component auditors; instructions for the group audit engagement on the work to be performed, the use to be made of that work, and the form and content of the component auditor’s communication with the group engagement team; requests for the component auditor on its ability to comply with ethical and independence requirements for the group audit; requests from the component auditor to communicate, on a timely basis, relevant information on component audited to the group engagement team, including information on component related parties.
  • Documentation of the group audit engagement, including the analysis of components, the nature, timing and extent of work performed by the group engagement team and the component auditors on significant components, and written communications between the group engagement team and component auditors.
  • Matters to consider when performing the group audit, including the audit of consolidation packages, aggregation schedules and other computations, obtaining external confirmations and assessing the need to impair goodwill.
  • Monitor and review component auditors’ work, including evaluating the sufficiency and appropriateness of audit evidence obtained, and resolution of misstatements identified during the audit.
  • Design and perform procedures to identify subsequent events at component level that may require adjustment or disclosure in the group financial statements.
  • Communicate with group management and those charged with governance of the group on identified deficiencies in internal control and/or other pertinent matters relating to the group audit engagement, at both group and component levels.
  • Evaluate the group audit engagement findings and draw appropriate audit conclusions for audit reporting.
  • Determine the appropriate group audit report to to be issued.

Training Methodology

Lecture style, with Exercises/Case Studies, Quiz / Knowledge Check

Closing Date for Registration

1 week before programme or until full enrolment
 

Intended For

An Intermediate to Advanced level programme intended for both Practising and Non-Practising Accountants and Auditors. Those who like to gain more understanding in performing Group Audits are welcome to attend.

Competency Mapping

Category 3 = 7.00 Hours

Programme Facilitator(s)

Kia Hong is a senior lecturer at Nanyang Business School (NBS) of Nanyang Technological University (NTU).  He is actively involved in curriculum and pedagogical development in the risk management and assurance courses that he teaches in the bachelor and master degree programmes.  His teaching accolades include the 2015 NBS Accountancy Teacher of the Year and 2015 NBS Teaching Excellence Award for Accounting Division.  He holds a Master of Science (Marketing) from NTU where he was awarded the Dean's Honours List. 

Before joining NTU, Kia Hong was an audit partner of a public accounting firm and had worked as chief executives of companies in Singapore and South Korea. His roles included formulating strategies to meet business objectives, enterprise risk management and leading the teams to ensure seamless operations of the businesses. During the same period, he taught in various public and private institutions in accounting, marketing and entrepreneurship on adjunct arrangements and proactively led the design and development of courses he taught.

Having accumulated a wealth of industry experience prior to joining the academia, he brings real-world insights into his classes, which participants are very appreciative of.
 

Kia Hong is an avid researcher who has published in professional journals and contributed articles to local print media. Kia Hong’s services extend beyond NTU. Notably, he is a regular speaker in the Accounting and Corporate Regulatory Authority (ACRA), the Institute of Singapore Chartered Accountants (ISCA) and Association of Chartered Certified Accountants (ACCA) major conferences and a trainer with ISCA’s continuing professional education. He also provides regular training, consultancy and research work to accounting firms and corporate organisations.  He is a member of ISCA’s judging panel for the prestigious Annual Report Award (ARA) under the Singapore Corporate Awards (SCA) and ISCA’s Investigation and disciplinary panel. He was previously a member of ISCA’s Auditing and Assurance Standards Committee and had worked with ISCA on ACRA’s Practice Monitoring Programme.

Kia Hong is currently the Chairman of Bukit Merah Secondary School Advisory Committee and was awarded the Service to Education Awards by the Ministry of Education in 2006 and 2011.  He is a member of the Inquiry Panel, the body responsible for appointing members of the Review Committees and Inquiry Committees investigating complaints made against advocates and solicitors. He is also a member of Mensa Singapore.
 

Upcoming Schedule

Date & Time

22 Apr 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

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

Programme Facilitator(s)

Goh Kia Hong

Venue

60 Cecil Street
ISCA House
Singapore 049709