The Technical Group Discussion, “Lessons from the Financial Crisis: Auditing in the Recovering Economy and the Implications of the Clarified Singapore Standards on Auditing (SSAs) 200, 700, 705 and 706” held on 18 March was facilitated by Mr Henry Tan, Managing Director, Nexia TS Public Accounting Corporation. Mr Tan is also the Asia Pacific Chairman and International Board member of Nexia International.
Mr Tan shared with more than 35 participants on the implications of the Clarified SSAs 200, 700, 705 and 706”, highlighting the key requirements of the relevant SSAs, case studies and anecdotes from his own practising experience. Mr Tan emphasised the importance of maintaining an attitude of professional skepticism and readiness to make a stand in situations where the auditor’s position could be compromised.
The session ended with an interactive Q&A segment. Mr Tan shared insights on many practical problems faced by practitioners in light of the recovering economy. As Singapore’s economy recovers from the global financial crisis, there are several lessons to be learned. Auditing during these times can never be more challenging, noted Mr Tan. He added that companies need to work towards strengthening their corporate governance practices and internal controls.