Practitioners Conference

Practitioners Conference 2021

At the Lead of Change

About

ISCA’s flagship event for practitioners and the final instalment of the Singapore Accountancy and Audit Convention (SAAC) Series.

This year’s Practitioners Conference emphasises the role of auditors as leaders in the face of change, and the need to respond to change quickly to continuously bring value to stakeholders. Covid-19 provoked fundamental changes and shifts, shaking up historical norms, and inspired new business and operating models. The profession needs to move faster than the change in the business environment and be a partner to businesses’ change agenda.

Join us as industry leaders discuss some of these challenging areas facing the profession. The Conference will also drive the important theme of audit quality, an important core of the audit profession.

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Programme

Time	Topic
12.30pm	Registration
1.00pm	Welcome Address Mr Kon Yin Tong, President, Institute of Singapore Chartered Accountants
1.15pm	Keynote Address by Guest-of-Honour Mrs Tan Ching Yee, Permanent Secretary (Finance), Ministry of Finance
1.30pm	Panel Discussion: At the Lead of Change The pace of change seems to be accelerating at a rate impossible to fathom. Covid-19 provoked fundamental changes and shifts, shaking up historical norms, and inspired new business and operating models. The question is no longer “whether” and “how” the auditor needs to acclimate in view of these changes; it’s “how fast?” This panel discussion emphasises the role of auditors as leaders in the face of change, and the need for the profession to move faster than the change in the business environment to be a partner to businesses’ change agenda. Moderator: Mr Lee Eng Kian, Managing Partner, PKF-CAP LLP Panellists: Ms Kuldip Gill, Assistant Chief Executive, Accounting & Compliance Group, Accounting and Corporate Regulatory Authority Mr Marcus Lam, Executive Chairman, PricewaterhouseCoopers LLP Ms June Sim, Senior Vice President and Head, Listing Compliance, Singapore Exchange Regulation Mr KG Tan, Managing Director, Precursor Assurance PAC
2.30pm	Quality Management in the New Norm COVID-19 has accelerated the implementation of technology in audits, and this has been reflected in revisions to auditing standards and guidance to allow for innovation and deployment of technological audit tools. The changes in the suite of Quality Management Standards will go a long way towards advancing the audit profession, achieving high quality audit engagements, generate value for the stakeholders in the financial reporting ecosystem, and ultimately maintaining public trust. To promote high quality audit, ACRA will be enhancing its audit regulatory regime to widen the scope of inspection powers through amendments to the Accountants Act. ACRA will be sharing the key proposed legislative amendments as well as highlight observations from its firm level and engagement inspections, common and recurring deficiencies, and key reminders to guide the audit profession in upholding high quality audits. Speaker: Ms Kuldip Gill, Assistant Chief Executive, Accounting & Compliance Group, Accounting and Corporate Regulatory Authority
3.00pm	Screen Break - 15mins
3.15pm	Emerging Risks and Considerations from Infrastructure Sector Growth Infrastructure investments are critical to providing basic needs and are a key driver of economic recovery and long-term growth. In Southeast Asia, infrastructure investment needs are estimated to be USD 184 billion per annum from 2016 to 2030. With a fuelled growth in the sector, the potential risks, whether business or financial, that could arise during the infrastructure project lifecycle will also evolve. What are the emerging risks and considerations arising from the rapid infrastructure sector growth? Join us to find out more about the implications of these risks on the audit of infrastructure development companies now. Speaker: Mr Brendon Joyce, Associate Partner, Infrastructure Advisory, EY Corporate Advisors Pte. Ltd.
3.15pm
3.45pm	Audit Adjustments Matter (2^ndedition): Unlocking the Value of Audits Following ACRA’s 2014 study on the nature and extent of proposed audit adjustments for the listed companies in Singapore, ACRA has commissioned a second audit adjustment study to assess how listed companies have fared in recent years. This follow-up study, led by Dr Themin Suwardy (Singapore Management University) and Dr Lim Chu Yeong (Nanyang Technological University), will provide deeper insights into the nature and extent of common audit adjustments made by auditors, and highlight potential areas of improvement to raise the quality of financial reporting in Singapore. Speaker: Dr Themin Suwardy, Associate Professor, Singapore Management University
4.05pm	Data Analytics: The Future of Audit In the age of digitalisation, data analytics is the immediate game-changer for the audit industry as the profession seeks to innovate its way to more effective audits in the face of mounting stakeholder expectations, business complexities, technological advancements and volume of transactions. Adapting to new technologies has never been more critical. AGS 13 Data Analytics in a Financial Statements Audit was issued by ISCA to provide guidance for auditors on the key principles of the application of data analytics in the audit of financial statements. In this segment, the Chairman of the AASC Data Analytics Sub-Committee, will share how data analytics can contribute to highly effective audits, and how auditors can kick-start their data analytics journey using AGS 13. Speaker: Mr Sanjay Gordhan Panjabi, Chairman, ISCA Auditing and Assurance Standards Committee (AASC) Data Analytics Sub-Committee; Deloitte Singapore Audit & Assurance Partner & Audit Innovation Leader, Deloitte Southeast Asia Audit Analytics Leader
4.30pm	Ethics and Independence in a Dynamic World This segment addresses the role of auditors as ethical leaders under the Ethics Code, especially in the face of change in a dynamic world. It also introduces strengthening of guardrails around auditor independence, which increases in importance when business and operating models change. Speaker: Ms Caroline Lee, Chair of ACRA PAOC Ethics Sub-Committee; Deputy Chair of International Ethics Standards Board for Accountants (IESBA)
5.00pm	Panel Discussion: Raising the Bar for Quality Management in Audit Firms The new and revised quality management standards¹, that will become effective 15 December 2022, are expected to create a paradigm shift in the way audit firms approach quality management. The standards seek to address an evolving and increasingly complex audit ecosystem and a need for quality management systems that are proactive and adaptable. This panel discussion will address the following pertinent areas: How the new quality management standards can help elevate audit quality, which is a focus area in the current climate of increasing stakeholder expectations Potential implementation challenges that may be faced by firms and how to address them Perspectives of regulator on the rationale of the new quality management standards and expectations on how firms should implement these standards Moderator: Mr Ng Kian Hui, Audit Partner, Head of Audit & Assurance, BDO LLP Panellists: Mr Lee Tze Shiong, Director - Transformation and Quality/ Assurance, Nexia TS PAC Ms Ng Meow Ling, Director and Chief Inspector, Practice Monitoring Department, Accounting and Corporate Regulatory Authority Ms Tan Bee Nah, Partner, Assurance Standards and Technology Leader, PwC Singapore ¹Quality Management standards consists of: Singapore Standard on Quality Management (SSQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements; SSQM 2, Engagement Quality Reviews; and Singapore Standard on Auditing (SSA) 220 (Revised), Quality Management for an Audit of Financial Statements.
6.00pm	End of Conference

*Programme is subject to changes without further notice

Speakers


Kuldip Gill Assistant Chief Executive, Accounting & Compliance Group, Accounting and Corporate Regulatory Authority	Brendon Joyce Associate Partner, Infrastructure Advisory, EY Corporate Advisors Pte. Ltd.	Marcus Lam Executive Chairman, PricewaterhouseCoopers LLP

Caroline Lee Chair, Ethics Sub-Committee, Public Accountants Oversight Committee (PAOC) Deputy Chair, International Ethics Standards Board for Accountants (IESBA)	Lee Eng Kian Managing Partner, PKF-CAP LLP	Lee Tze Shiong Director - Transformation and Quality/ Assurance, Nexia TS PAC

Ng Kian Hui Audit Partner, Head of Audit & Assurance, BDO LLP	Ng Meow Ling Director and Chief Inspector, Practice Monitoring Department, Accounting and Corporate Regulatory Authority	Sanjay Gordhan Panjabi Chairman, ISCA Auditing and Assurance Standards Committee (AASC) Data Analytics Sub-Committee; Deloitte Singapore Audit & Assurance Partner & Audit Innovation Leader, Deloitte Southeast Asia Audit Analytics Leader

June Sim Senior Vice President and Head, Listing Compliance, Singapore Exchange Regulation	Themin Suwardy Associate Professor, Singapore Management University	Tan Bee Nah Partner, Assurance Standards and Technology Leader, PwC Singapore

KG Tan Managing Director, Precursor Assurance PAC

Venue

LIVE WEBINAR

Important Notice: In view of the COVID-19 situation and to minimize the risk of community spread, we would like to inform that we have changed the format of the seminar to a live webinar. The live webinar will be web-based and accessible via desktops, laptops and any other mobile devices. For all registrants, a detailed set of instructions on how to access the webinar will be sent before the start of the live webinar.

Partners

Strategic Partners

Supporting Partner

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Confirmation invented electronic confirmation 20 years ago, reshaping the audit confirmation process to make it faster, more efficient and secure. We are now a leading provider of online audit confirmation services. Today, Confirmation helps 1.5 million users across 170 countries confirm more than $1 trillion in financial data every year, as in bank confirmation, legal confirmation, AR/AP confirmation, and asset verification, among others. Our global digital platform is trusted by audit firms, banks, law firms and credit managers all around the world to verify financial data quickly and securely. Go paperless and move online to Confirmation now.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s more than 345,000 people worldwide make an impact that matters at www.deloitte.com.

Deloitte Asia Pacific Limited is a company limited by guarantee and a member firm of DTTL. Members of Deloitte Asia Pacific Limited and their related entities, each of which are separate and independent legal entities, provide services from more than 100 cities across the region, including Auckland, Bangkok, Beijing, Hanoi, Hong Kong, Jakarta, Kuala Lumpur, Manila, Melbourne, Osaka, Seoul, Shanghai, Singapore, Sydney, Taipei and Tokyo.

EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate. Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com/sg.

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KPMG operates as an international network of member firms offering audit, tax and advisory services. We work closely with our clients to mitigate risks and grasp opportunities.
Our firms' clients include business corporations, governments and public sector agencies and not-for-profit organizations. They look to us for a consistent standard of service based on high order professional capabilities, industry insight and local knowledge.
KPMG member firms can be found in 153 countries and territories. Collectively we employ 207,000 people across a range of disciplines.

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GOLD PARTNERS: