The SID Audit Committee Chapter

An Audit Committee (AC) Chapter has been set up by SID with the objective of building capacity and improving the effectiveness of ACs. It will be a community of people involved with ACs – AC chairmen and members, management personnel in companies who provide support to or interact closely with ACs, and professionals who provide support to ACs.

The AC Chapter aims to:

  • Provide a platform for active discussion on issues relevant to ACs with a view to helping ACs to carry out their roles effectively.
  • Develop thought leadership for ACs through articles in the SID Bulletin, press and other publications.
  • Contribute to the professional development of ACs through courses and seminars.
  • Advocate on issues that are relevant to ACs.

AC Chapter members are SID members who sign up to be Chapter members. There is no chapter membership fees. Those interested in joining SID and/or the AC Chapter are requested to submit the attached application form to SID secretariat or email to membership@sid.org.sg.

AC Chapter Application Form
(Microsoft Word Document)

AC Chapter Pit Stops

The first AC Chapter Committee has organized a series of “pit stop” sessions to specially help AC Chapter members deep dive into specific areas of significance to ACs in 2017.

Pit Stop 1
Date:        16 February 2017, 0900 to 1100
Partner:   Deloitte

Topic:  Relevance of the Enhanced Auditor’s Report to Directors, ACs and Management
The enhanced auditor’s report is effective for audits of financial statements for periods ending on or after 15 December 2016. The session will cover what the changes are from the conventional audit report, with particular emphasis on:

  • Key audit matters (KAM) and the role of the ACs and management in relation to them.
  • Going concern, especially in “close-call” situations.
  • “Other Information” which is usually the annual report (other than the financial statement) and the added importance attached to it in the enhanced audit report. 

The session will discuss how ACs should prepare for the AGM in the light of the enhanced auditor’s report.

Pit Stop
Date:        12 April 2017, 0900 to 1100
Partner:   ACRA

Topic:  FRSP and AQIs
This Pit Stop will cover two of ACRA’s key regulatory programmes, the FRSP and the AQIs Disclosure Framework,  targeted  at  helping  audit  committees  raise  the  quality  bar  of  financial  reporting  and  audit  in Singapore.

  • Case studies developed from real-life cases with practical tips on how audit committees could detect red flags and pick up potential irregularities in financial statements; and
  • “Restatements-first” policy and other revised FRSP processes taking place from 1 April 2017 geared towards involving more stakeholders in the review process.

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Pit Stop 2
Date:        27 July 2017, 0900 to 1100
Partner:   KPMG

Topic:  Practical Implications of FRS 115 Revenue from Contracts with Customers
ACRA and ASC have issued reminders to directors to pay attention to the significance of and changes in FRS 115. The session will focus on the most common issues faced by companies when implementing the new standard:

  • How should a company approach the analysis?
  • Who needs to be involved in such a project and how to drive the change?
  • What IT implications arise from these changes? 
  • What process and control measures should be taken to maintain the high level of control effectiveness?
  • What are the lessons learnt from the experience of companies that have early adopted the standard?
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Pit Stop 3
Date:        7 September 2017, 0900 to 1100
Partner:   PwC

Topic:  Practical Implications of FRS 109 Accounting for Financial Instruments
The new Standard introduces significant changes in the accounting for financial instruments, particularly in the areas of financial assets and hedge accounting. This session will provide:

  • An overview of the key requirements of FRS 109.
  • Key impact of the Standard to a company's financial performance and systems, process and data requirements.
  • Key implementation challenges and typical timeline with examples from companies undergoing the implementation process.
  • Key governance questions directors should be asking in relation to the Standard.

Pit Stop 4
Date:        16 November 2017, 0900 to 1100
Partner:   EY

Topic:  Demystifying Sustainability Reporting and Integrated Reporting
The SGX has made sustainability reporting a requirement on a “comply or explain” basis with effect from financial year 2017 onwards. Over time, annual reports are expected to evolve beyond reporting of statutory financial performance to disclosing fully the value created by the enterprise and how it will be sustained in the future.
The session will:

  • Address the rationale for non-financial reporting and help participants on their journey of non-financial reporting.
  • Discuss the principles and requirements of both sustainability reporting and integrated reporting.
  • Provide participants with an understanding of the key differences between the two reporting frameworks, and the suitability of each reporting framework to their companies.

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