The SID Audit Committee Chapter

 

Education


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.

Date     :   19 July 2018, 0900 to 1100

Topic:  Harnessing the Full Potential of Internal Audit

The pace of innovation in every industry is accelerating and risk professionals face the growing challenge of helping their organisations ensure effective processes and controls exist without hindering its progress. For this AC pit stop, we brought together two speakers who will share their expert views and different perspectives on how to harness the full potential of internal audit.

Mr. David Toh, PwC, will share the results of the 2018 PwC’s State of the Internal Audit Profession Survey and provide a closer look into how internal audit functions are creating a technology- and talent- enabled foundation to support their organisation’s innovation strategy.

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    Date     :   28 June 2018, 0900 to 1100

    Topic:  Getting Ready for FRS 116 (Leases)

    From 2019, the accounting treatment of leases by lessees will change fundamentally.

    FRS 116 eliminates the current dual accounting model for lessees, which distinguishes between on-balance sheet finance leases and off-balance sheet operating leases. Instead, there is a single, on-balance sheet accounting model that is similar to current finance lease accounting.

    Bringing operating leases on-balance sheet and accounting it like finance lease will make lessees appear to be more asset-rich but also more heavily indebted. The resulting impact on key financial performance indicators may be significant.

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      Date     :   23 May 2018, 0900 to 1100

      Topic:  THE AC’S ROLE IN CRISIS MANAGEMENT
      Small to mid-sized listcos operate in a world with far less media and investor attention than the big caps. With less access to "oxygen of capital" due to lower valuations, liquidity and public profile, they face many challenges.

      At the same time, they occasionally face crisis situations, be it the sudden loss of a major customer, a plant accident, internal corporate fraud and, increasingly, shareholder activism.

        Date     :   29 March 2018, 0900 to 1100

        Topic:  AML/CFT for Non-Financial Companies
        There is a common misconception among non-financial companies that requirements for Singapore’s Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regime is only applicable to the financial sector and in particular, the financial institutions.

        In  Singapore,  Terrorism  (Suppression  of  Financing)  Act  TSOFA  requires  any  persons  (including  entity)  to inform the Police if they are in possession of property or has information about a transaction belonging to a terrorist.

          Date     :   8 January 2018, 0900 to 1100
          Partner:   Ernst & Young LLP, KPMG LLP and PwC LLP

          Topic:  Financial Reporting and Audit Considerations for 2018
          Rapid changes are taking place in Singapore’s audit and financial reporting landscape. 2017 saw the implementation of the enhanced auditor’s reports (EARs), which provided investors with greater transparency over the audit process. 2018 will see the next wave of accounting changes. Two major new accounting standards will be effective: FRS 109 Financial Instruments and FRS 115 Revenue from Contracts with Customers. At the same time, Singapore listed companies will apply a new financial reporting framework identical to the International Financial Reporting Standards (IFRS).

            Held on 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.

            Held on 3 November 2017, 0900 to 1100
            Partner:   Deloitte & Touche

            Topic:  The Critical Role of ACs in Valuation and Impairment of Assets
            Many board members often lament that the capital markets undervalue their companies due to the lack of appreciation for their businesses. Yet in many cases, companies have not developed their own rigorous, detailed perspective on what value lies within their companies. An honest assessment of a company’s value lies at the heart of this issue.

              Held on 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 classification and measurement, impairment and hedge accounting. In this seminar, you will learn how FRS 109 affects various balance sheet items including trade receivables, intercompany loans, investments, contract assets and the profitability of the company using practical examples. We will also share key governance questions to ask your management to ensure FRS 109 had been applied appropriately.

              Course Objectives

              • High level overview of the key requirements of FRS 109 and differences with FRS 39 from a corporate perspective.
              • 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.

              Held on 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?

              Held on 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.

              Held on 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 covered 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 also discussed how ACs should prepare for the AGM in the light of the enhanced auditor’s report.

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