Revised auditing standards - Workshop 2018

Due to financial management renovations and changes in business models, related accounting policies and practices unavoidably have to be adjusted with an aim to record the true picture of business activities. Therefore, it is natural and appropriate that concepts stipulated in Accounting Standards and related applications are subject to revisions in order to catch up with changes in accounting procedures and presentation of information. As a result, it becomes inevitable that Auditing Standards shall also to be revised in order to cope with these changes and ensure proper assurance engagement is conducted and reporting of opinion/conclusion meets the requirements of relevant stakeholders.

This workshop covers selected Standards that are related to revisions in Code of Ethics for Professional Accountants ("COE" )and Reporting of Audit Opinion.

The speaker will examine HKSA 250 (Revised), focusing on how auditors deal with incidences of identified or suspected client's non- compliance with laws and regulations. Additional sections on this aspect was added in the revised COE.

Key topics covered:

• Meaning of Key Audit Matters ("KAM") and how it is determined and communicated
• The reason of KAM is significant to intended users of financial statements of large sized entities (e.g. listed companies)
• Impact on an entity's financial statements if there is non-compliance with Laws and Regulations and parties responsible for ensuring compliance
• Audit procedures in tackling identified or suspected non-compliance situation
• Management's responsibility of assessing the entity's Going Concern and auditor’s evaluation of such assessment
• Auditor's responsibilities relating to Other Information and the significance in audit opinion

Trainer profile:

Clarence Choi is a professional accountant and member of three renowned professional accountancy bodies. He has over 15 years experience in external and internal audit plus over 12 years teaching experience in auditing and accounting related subjects. Over the past years, he routinely conducted various lectures in HKU SPACE, including bachelor degree program. He has previously lectured the subject Advanced Audit and Assurance in revision program course of CPA Australia launched through HKU SPACE. He serves as speaker for CPA Australia's CPD event on several sessions of Audit Essentials. He is also a technical consultant of a long established local CPA firm.

Learning objectives

• Familiarise with audit procedures that tackle identified or suspected non-compliance with Laws and Regulations and how they are communicated
• Understand the meaning of Key Audit Matters ("KAM") and how it is determined and communicated
• Know better why Going Concern consideration is highlighted in revised format of Independent Auditor's Report
• Ensure auditors comprehending the importance of consistence of Other Information with their knowledge of client and its impact in audit opinion

Audience

This workshop is suitable for professional auditors who want to obtain relevant updates of selected Standards discussed and how they affect the opinion contained in revised Independent Auditor's Report. Commercial accountants may also find the contents useful in enhancing better communication with auditors.