Reviewing Financial Statements and Selecting Auditors (C)
Ask the Right Questions - Reviewing Financial Statements and Selecting Auditors
Audit Committees (ACs) are key to upholding investors’ confidence in financial statements, through effective reviews of financial statements and ensuring the appointment of effective auditors. Amidst several corporate failures in recent years, the role of the AC is thrust into the spotlight with much gravity and urgency.
ACs take on a dual oversight role over financial reporting and audit. You are expected to ensure all significant accounting and valuation issues are picked up and resolved. At the same time, to fulfil your duties in delivering reliable financial reporting to the shareholders, you are also expected to evaluate the auditors' ability to deliver quality audits and appoint a suitable auditor. It is all about picking up the key issues and asking the right questions.
At this Pit Stop, ACs will learn from ACRA officers and valuation expert supporting them:
- how to identify red flags and key accounting issues when reviewing financial statements, and how to identify serious accounting breaches identified by ACRA in its third review cycle of the Financial Reporting Surveillance Programme;
- how to ensure valuation is credible and fit for financial reporting purposes, and the common valuation issues;
- how to interpret the data provided by audit firms based on ACRA’s Revised Audit Quality Indicators (effective Mar 2020) and ask the right questions to evaluate audit quality and select auditors.
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CPD Hours : 2
| SID Member: |
S$90.00 (excl. GST) |
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S$96.30 (incl. GST) |
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| Non-SID Member: |
S$120.00 (excl. GST) |
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S$128.40 (incl. GST) |
SID Corporate Member may utilise their complimentary vouchers.
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