Workshop Overview

This advanced workshop is designed to equip audit professionals with the latest updates in Singapore Standards on Auditing (SSAs), focusing on practical application for firms with multiple partners and diverse client portfolios (ranging from simple to complex engagements).

Participants will gain in-depth insights into risk assessment, audit execution, and emerging challenges, ensuring compliance with regulatory requirements while enhancing audit quality and efficiency.

Through case studies, hands-on exercises, and real-world scenarios, auditors will refine their skills in fraud detection, group audits, and data-driven auditing techniques, preparing them for audits of financial statements for periods beginning January 2025 onwards.

Workshop Outline

1. Latest Developments in Singapore Auditing Standards & Regulatory Updates

• Key changes in SSA 315 (Revised 2021) – Enhanced Risk Assessment
• Impact of new/revised SSAs on audit methodologies
• Regulatory & Global Influence: ACRA and IAASB expectations
• Implications for Firms & Practitioners
• Audit Quality & Future Outlook
• Conclusion & Key Takeaways

2. Advanced Risk Assessment & Audit Planning

• Client acceptance & continuance in a high-risk environment
• Materiality considerations for varying client complexities
• Fraud risk assessment & response strategies
• Group audit challenges & coordination techniques

3. Effective Audit Execution for Diverse Clients

• Tailoring audit approaches for simple vs. complex engagements
• Substantive procedures & sampling in the era of big data
• Evaluating internal controls in different business environments
• Auditing high-risk areas (revenue recognition, estimates, related parties)

4. Leveraging Technology in Modern Audits

• Data analytics & AI tools for risk identification & testing
• Automation in audit documentation & workflow efficiency
• Practical applications of digital auditing tools

5. Quality Management & Ethical Considerations

• Implementing revised Singapore Standards on Quality Management (SSQMs)
• Independence & ethical dilemmas in multi-partner firms
• Common audit deficiencies & how to mitigate them

Key Takeaways

✔ Master the updated SSA 315 (Revised 2021) risk assessment framework
✔ Apply advanced audit techniques for both simple and complex engagements
✔ Enhance fraud detection & internal control evaluation
✔ Optimize audit efficiency using technology & data analytics
✔ Strengthen compliance with regulatory & quality management standards

Who Should Attend?

• Audit Partners & Managers
• Senior Auditors & Practitioners
• Quality Control & Compliance Professionals
• Anyone involved in audit engagements under SSAs

This workshop ensures that audit professionals are well-equipped to navigate evolving standards, manage risk effectively, and deliver high-quality audits in a dynamic regulatory environment.