Introduction

Auditors are required to audit financial statements in compliance with Singapore Standards on Auditing (SSA). These SSAs provide procedures and guidance on how auditors conduct audit of financial statements that give true and fair view. Various SSAs set out audit procedures on obtaining sufficient appropriate audit evidence (SSA500), use of external confirmation procedures to obtain audit evidence (SSA505), use of substantive analytical procedures (SSA520), collecting audit evidence for accounting estimates and fair value measurement (SSA540) etc

The collection of sufficient appropriate audit evidence is directly dependent on auditor’s technical knowledge and understanding of Accounting Standards (FRS) that set out the principles of preparing financial statements. Over the years, accounting Standards are subject to numerous changes in fundamental concepts and technical contents. One of the most important features of changes to FRS over the years is the increasing use of judgement by management both in recognizing assets, liability, income and expense as well as increasing use of complex measurement methodology such as fair value and complex mathematical model to estimate a value to be included in financial statements.    

The objective of this seminar is to highlight the salient technical features of FRS that auditors should be aware when collecting sufficient appropriate audit evidence in accordance with the SSAs.

The seminar will deal with the follow salient features:

• Distinguishing the difference between technical and judgemental requirements of FRS
• Highlighting the technical requirements in each FRS that an auditor must be aware
• Designing of audit programme to specific requirements of FRS
• Explaining the fundamental audit risk when information is netted in financial statements
• Be aware of the audit risk when applying an FRS in isolation to a specific event and transaction
• Honing the skills of integrating and linking the application of different FRS so that financial statements are presumed to be fairly presented
• Understanding the various measurement basis used in FRS and how to determine that sufficient appropriate audit evidence have been collected
• Understanding the recognition criteria for assets, liability income and expense
• Analyzing the inherent audit risk of using judgement in applying accounting policies and estimating uncertainty under FRS
• Highlight the important of making technical and/or judgemental decision on whether to disclose certain information in accordance with FRS

Intended For

This Intermediate to Advanced Level programme is suitable for the following:

• External auditors
• Internal auditors
• Group Accountants

Training Methodology

Practical case studies and interactive discussions