Programme Objectives
Pressure to “cook the book” during an economic downturn is usually intensified. Companies may be under pressure to show results to avoid breaching loan covenant or to seek additional funding. Directors may have their shares in the company pledged to banks as collateral of their personal loans. Share price has to stay up before they have to top up the collateral. Fraudulent reporting usually leaves traces in the financial statements.
Programme Outline
- Motivation for management to commit fraudulent reporting
- Some common fraudulent reporting techniques:
o Channel stuffing
o Round-trip transactions
o Cookie jug reserve
o Capitalisation
o Revenue recognition
o Hiding liabilities
o and their traces that may alert users of financial statements to possible irregularity.
- Symptoms for audit assistants to look out for during audit field work – detection through financial statements analysis is sometimes impractical
The auditing standards require the auditor to perform risk assessment procedures during planning and conduct engagement team briefing on fraud risk discussion. The above knowledge can help the auditor to conduct and document the risk assessment and engagement team discussion in a more structured and efficient manner.
Intended for
Accountants and auditors who may have a chance to come across fraudulent reporting in their work.
Competency Mapping: A1
Programme Facilitator
Daniel Chee
FCPA Singapore
Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 13 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with multi-national corporations, managing their operations in Singapore and Asia.
Mr Chee currently serves as a committee member of both the IT Committee and the Examination Committee of ICPAS, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).
Venue
SAA City Campus
6 Raffles Quay #23-00 S(048580)
*6 Raffles Quay {formerly known as John Hancock Tower} is located behind AIATower.
Exit through Exit I (LauPa Sat Exit) at Raffles Place MRT Station
Closing date for registration: 1 week before programme