Practical Audit Training - Advanced

Introduction

Professional and technical competency is one of the corner stone of the audit profession. As adequate job knowledge is vital for any audit staff to perform their task effectively and efficiently, professional accounting bodies have made professional competency mandatory for its members. Auditing standards and auditing manuals have also provided guidance for auditors to perform their audit properly and in a complete manner.

Equipped with intermediate working audit experience, senior audit personnel must enhance their knowledge with more advanced/complex skill-sets in executing & completing an audit effectively and able to provide necessary supervision to their sub-ordinates. As a senior staff playing the role of team leader, he or she will frequently face critical accounting and client/business related issues and more often than not, has to provide a solution for these issues. At this juncture, they are also more exposed to client interaction, especially with senior management. Therefore, a senior has to be technically sound in accounting standards, audit approach and professional requirements. He or she must also be developed in leadership and communication capabilities.

Course Objectives

This course is aimed to provide senior audit staff with necessary skills to perform more complex audit assignments and lead an audit team.

At the end of the course, the participants will have acquired adequate knowledge on:

· Further enhancing their understanding of the audit process and audit approach for medium to large group of companies
· Strengthening their knowledge on crucial audit tools, auditing standards and job management
· Perform risk assessment on audit & comprehensive management of an audit.

Course Outline

Module I

· Audit engagements – procedures & documentation
· Auditor’s consideration on Independence
· Client acceptance and retention – purpose, approach & documentation

Module II

· Introduction to important elements of MIA’s adopted International Standards on Quality Control (“ISQC 1”)
· Audit risk & assessment of engagement risk
· The auditor’s responsibility to consider fraud and error in an audit – AI240 (revised)
· Going concern and the responsibility of auditors
· Case Study on Going Concern

Module III

· Audit on group of companies & public listed entities – practical considerations and issues
· Using the work of another auditor – AI600
· Considering the work of internal audit – AI610 & using the work of an expert – AI620

Module IV

· Complexities of fair value accounting & the auditors approach – practical considerations
· The auditors report & various types of opinion, comparatives & other information in documents containing audited financial statements
· Changes in Auditors’ Report – ISA700 (Revised) and ISA701
· Financial statement review
· Case study on Financial Statements Review

Target Audience: Audit seniors with more than 3 years of working experience
CPD Code: 081114JB1

Speaker’s Profile

Ramesh Ruben Louis

Ramesh is an accountant by profession with over 11 years of working experience. He is a member of the Malaysian Institute of Accountants (“MIA”), Malaysian Institute of Certified Public Accountants (”MICPA”), as well as a Certified Financial Planner (“CFP”). He started his career in Arthur Andersen and subsequently moved over to BDO Binder. He also has experience in corporate finance whilst attached to Southern Investment Bank Berhad. He is currently the Head of Training & Practice Development for a leading medium sized accounting firm in Kuala Lumpur., where he also acts as the Technical Manager for the firm. Ramesh is also the Director of Operations for Knowledge Shop Malaysia.

His experience in auditing ranges from large public listed companies to multinational corporations, government agencies as well as SME’s in a spectrum of industries including plantation, property development, manufacturing, trading, IT, shipping, retailing, etc. Besides auditing, Ramesh also has hands-on experience on other corporate exercises such as due diligence, IPO’s, issuance of bonds, corporate & debt restructuring and investigative audit. With his vast experience, he now conducts training for audit and other financial professionals to enable them to perform their tasks more effectively.

His training experience includes topics on Auditing Approach, Comprehensive Practical Auditing Series for various levels of audit staff, Enterprise Risk Management & Internal Controls, Review and Assurance Engagements, Going Concern, Performance Measurement & Reporting, Manpower Planning & Career Development as well as seminars/workshops on practical application of Financial Reporting Standards (“FRS”) & Private Entity Reporting Standards (“PERS”). Ramesh is also actively involved in improving & updating processes & procedures for an effective practice especially for assurance services