Share-based payments continue to feature as part of employee remuneration arrangements and other transactions entered into by Singapore companies, including, increasingly, SMEs. The relatively complex accounting requirements for these arrangements present specific challenges not only for preparers... Read More

Accounting estimates have always been intriguing to the stakeholders on how the amounts were derived, perplexing to the management on how to come up with the amounts, and challenging to the auditors on how to audit the amounts. In the absence of precise means of measurement, accounting estimates... Read More

The going concern assumption is a fundamental principle in the preparation of financial statements, and the appropriateness of its use is a matter for the auditor to consider on every audit engagement. Singapore Financial Reporting Standard (FRS) 1 requires that management assess the entity’s... Read More

Analytical procedures are an important part of an audit process and consist of evaluations of financial information through analysis of plausible relationships among financial and non-financial data. Rick Chan, Partner, Head of Technical and Training, Mazars LLP, facilitated this topic for a group... Read More

Audit of accounts payable (AP) remains an area where common and repeated findings are highlighted at the Practice Monitoring Programme (PMP). What are the areas to look out for in the audit of AP? Wong Sook Yee, an experienced consultant, facilitated this topic at a technical clinic for a group of... Read More

It is not practical for the auditor to test 100% of the population within an account balance. Therefore, the auditor applies audit sampling in the selection of samples to obtain audit evidence from that account balance. Wee Kong Eng, Partner of K E Wee & Associates, shared insights on this topic... Read More

An audit needs to be properly planned before the detailed audit work begins. Adequate audit planning helps to ensure that adequate resources are allocated to important areas of the audit and that potential problems are identified on a timely basis. Mona Low, Managing Partner of Low Yap &... Read More

The completion stage of the audit is of great importance. It is at this stage of the audit that the auditor summarises all the work performed in order for the engagement partner to conclude that sufficient appropriate audit evidence has been obtained in all material aspects to support the audit... Read More