TT Profession

What are we going to audit - revenue, trade receivables, unquoted equity investments, trade payables, etc What audit procedures (nature, timing) to be performed to ascertain each of the assertions What contents inside the evidence to be obtained from the audit procedures and why it can ascertain the assertions in accordance with FRS and SSA What sampling to be applied (extent) and why applying such sampling methodology and in accordance with SSA Evaluate the evidences obtaine

Before we place reliance on audit schedule provided by client in an audit engagement, we are required to ensure the completeness and accuracy of the audit schedule. In order to address the issue, we need to document the process of how the client prepares the audit schedule, then we perform substantive test on the completeness and accuracy of the audit schedule or test of control on the client prepared the schedule. We need to document the objective of the audit schedule and w

In business valuation, enterprise value is the value of the business. It includes any intangible assets not booked such as goodwill,...

To perform walk through in audit with the objective to ascertain the audit assertions. We need to understand the control or process in...

Per FRS 109, para 5.1.1, financial assets such as equity instruments shall be initially measured at fair value. And subsequently measured...

In Singapore FRS 36, paragraph 96 ”The annual impairment test for a cash-generating unit to which goodwill has been allocated may be...

When there was a judgement made in prior year without concrete evidence of support. The audit should have qualified it. When in...

Under US GAAP, the carrying amount of the assets is compared to the undiscounted future cash flow of the assets generated. If the amount...

When apply discount on lack of marketability (DLOM) and lack of control (DLOC) on enterprise value (EV), it is a multiple of EV x...

In accordance with SFRS109, investment in equity instruments must be subsequently measured at fair value. In limited circumstances, cost...

In contract revenue to recognise using input method, one of the key audit procedures is to ascertain the budgeted cost of the project...

For change of accounting policy for PPE from cost model to revaluation model. It is not follow FRS 8 as exempted from prior year...

When receivables classified from current to non-current, it needs to be measured at fair value upon reclassification. The different will...

For start up company, issue of Employee Share Option Scheme (ESOS) is a common remuneration package to employee. For accounting purpose,...

Per FRS115, para 35, there are 3 criteria for revenue should be recognised over time if one of the criteria is met as mentioned in 35...

In the case when we issue a financial statements on a date after the next financial year end. There may be an event happened after the...

When there is an investment in equity instrument, it is required to measure it subsequently at fair value per FRS109. It is also required...

In the money changing and payment services provider, the completeness in FX gain is always a challenge to auditor. We have to rely on...

Company’s directors always misunderstood that audit is more important than proper accounting. Auditor will fix everything for the...

Completeness assertion is transaction should have been recorded have been recorded. We need to ascertain transaction happened have been...