Course Detail(ADT035 : Fraud Considerations in an Audit)

ADT035 : Fraud Considerations in an Audit

3.50 CPE Hours (Category 3)
Classroom

Programme Objective

Provide audit professionals with guidance on the auditor’s responsibility to consider fraud in an audit of financial statements including the identification and evaluation of red flag indicators of fraud in the audit client and fraudulent misstatement of the financial statements. This course will also touch on various facets of fraud: the different types of fraud, the magnitude, elements and some characteristics of frauds, fraudsters and victims of fraud.

Programme Outline

  • The SSA definition of fraud, and the different types of fraud – larceny, misappropriation of assets and fraudulent financial reporting.
  • Misstatements due to fraud vs. error – differences in their effects on audit materiality and the assessment of risk in the audit of financial statements.
  • The auditor’s responsibility in relation to fraud in the financial statements – planning and performing the audit, fraud risk identification and assessment at both financial statement and assertion level.
  • The auditor’s responsibility to consider fraud in an audit of financial statements vs. the auditor’s responsibility in a forensic audit engagement.
  • The auditor’s response to assess fraud risks and implications for audit planning, professional skepticism and the design of appropriate audit procedures.
  • How to identify and evaluate red flag indicators of fraud in the financial statements.
  • Fraud prevention and detection by client management - the roles of internal controls and corporate governance mechanisms within the client company.
  • Methods, procedures and tools available for detecting and preventing fraudulent activity.
  • Communicating identified/suspected fraud to appropriate levels of management and those charged with governance and regulatory agencies.
  • Communicating significant and other deficiencies in internal control to those charged with governance and management.
  • The importance of adequate audit documentation of identified/suspected fraud in the audit of financial statements.
  • Illustrative examples of fraudulent financial reporting perpetrated in Singapore – case analysis of the fraud triangle (incentive, opportunity and rationalization). 


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 suitable for both Practising and Non-Practising Accountants and Auditors. Those who require guidance on the auditor’s responsibility on fraud considerations are welcome to attend.

Competency Mapping

Category 3 = 3.50 Hours

Schedule & Fees

Date & Time

17 Oct 2019 (2:00 PM - 5:30 PM)

Registration is closed

Programme Facilitator(s)

Kenneth Aik

Date & Time

18 Dec 2018 (2:00 PM - 5:30 PM)

Registration is closed

Programme Facilitator(s)

Kenneth Aik

Date & Time

23 Oct 2017 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Kenneth Aik

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Kenneth Aik
CA Singapore
Partner, Audit Services
RSM Chio Lim LLP


Kenneth joined the firm as a Director of Audit Services. He was previously with the Accounting and Corporate Regulatory Authority (ACRA) for over 3 years. At ACRA, he performed practice reviews of audits carried out by public accountants and conducted quality reviews of public accounting firms in Singapore. He was later promoted to Head (Deputy Director), Practice Monitoring Division, overseeing the administration of the Practice Monitoring Programme. He also represented ACRA and Singapore in several overseas meetings and workshops with the International Forum of Independent Audit Regulators and with regional audit regulators.

Between 2007 and 2009, Kenneth was a Controller for a global fund management group that specialises in distressed debt and private equity situations, assisting its CFO in US GAAP financial reporting and the management of finance operations of the group's funds in Asia.

Kenneth started his career with Ernst & Young in 1997 where he provided assurance and advisory services to clients for over 10 years. In 2001, he was transferred from Ernst & Young's Singapore office to its New York office where he serviced US GAAP clients in the asset management industry for over 2 years. In 2003, he was transferred back to Ernst & Young Singapore as an Audit Manager in the Global Financial Services (GFS) Department and promoted to Senior Manager in 2006. He was responsible for managing and leading engagement teams in financial statement audits of asset management and futures brokerage clients under Singapore Financial Reporting Standards, US GAAP and IFRS.

Programme Objective

Provide audit professionals with guidance on the auditor’s responsibility to consider fraud in an audit of financial statements including the identification and evaluation of red flag indicators of fraud in the audit client and fraudulent misstatement of the financial statements. This course will also touch on various facets of fraud: the different types of fraud, the magnitude, elements and some characteristics of frauds, fraudsters and victims of fraud.

Programme Outline

  • The SSA definition of fraud, and the different types of fraud – larceny, misappropriation of assets and fraudulent financial reporting.
  • Misstatements due to fraud vs. error – differences in their effects on audit materiality and the assessment of risk in the audit of financial statements.
  • The auditor’s responsibility in relation to fraud in the financial statements – planning and performing the audit, fraud risk identification and assessment at both financial statement and assertion level.
  • The auditor’s responsibility to consider fraud in an audit of financial statements vs. the auditor’s responsibility in a forensic audit engagement.
  • The auditor’s response to assess fraud risks and implications for audit planning, professional skepticism and the design of appropriate audit procedures.
  • How to identify and evaluate red flag indicators of fraud in the financial statements.
  • Fraud prevention and detection by client management - the roles of internal controls and corporate governance mechanisms within the client company.
  • Methods, procedures and tools available for detecting and preventing fraudulent activity.
  • Communicating identified/suspected fraud to appropriate levels of management and those charged with governance and regulatory agencies.
  • Communicating significant and other deficiencies in internal control to those charged with governance and management.
  • The importance of adequate audit documentation of identified/suspected fraud in the audit of financial statements.
  • Illustrative examples of fraudulent financial reporting perpetrated in Singapore – case analysis of the fraud triangle (incentive, opportunity and rationalization). 


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 suitable for both Practising and Non-Practising Accountants and Auditors. Those who require guidance on the auditor’s responsibility on fraud considerations are welcome to attend.

Competency Mapping

Category 3 = 3.50 Hours

Programme Facilitator(s)

Kenneth Aik
CA Singapore
Partner, Audit Services
RSM Chio Lim LLP


Kenneth joined the firm as a Director of Audit Services. He was previously with the Accounting and Corporate Regulatory Authority (ACRA) for over 3 years. At ACRA, he performed practice reviews of audits carried out by public accountants and conducted quality reviews of public accounting firms in Singapore. He was later promoted to Head (Deputy Director), Practice Monitoring Division, overseeing the administration of the Practice Monitoring Programme. He also represented ACRA and Singapore in several overseas meetings and workshops with the International Forum of Independent Audit Regulators and with regional audit regulators.

Between 2007 and 2009, Kenneth was a Controller for a global fund management group that specialises in distressed debt and private equity situations, assisting its CFO in US GAAP financial reporting and the management of finance operations of the group's funds in Asia.

Kenneth started his career with Ernst & Young in 1997 where he provided assurance and advisory services to clients for over 10 years. In 2001, he was transferred from Ernst & Young's Singapore office to its New York office where he serviced US GAAP clients in the asset management industry for over 2 years. In 2003, he was transferred back to Ernst & Young Singapore as an Audit Manager in the Global Financial Services (GFS) Department and promoted to Senior Manager in 2006. He was responsible for managing and leading engagement teams in financial statement audits of asset management and futures brokerage clients under Singapore Financial Reporting Standards, US GAAP and IFRS.


Upcoming Schedule

Registration is closed

Date & Time

17 Oct 2019 (2:00 PM - 5:30 PM)

Fee (inclusive of GST)

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

Programme Facilitator(s)

Kenneth Aik

Venue

60 Cecil Street
ISCA House
Singapore 049709