Course Description

Synopsis:

This module presents the highlights of the ISCA Web-Bitez Learning Series on "Implementation of Quality Management Standards and Updates on Identifying and Assessing Risks of Material Misstatement".

Part 1: Quality Management

ISCA issued three interrelated standards that address quality management in October 2021, namely:

  • 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 (previously SSQC 1)
  • SSQM 2, Engagement Quality Review
  • Singapore Standard on Auditing (SSA) 220 (Revised), Quality Management for an Audit of Financial Statements

The new standards are effective from 15 December 2022.

The requirements of SSQM 1 are extensive and represent a significant change from SSQC 1.  SSQM 1 requires the firm to apply a risk-based approach in designing, implementing and operating the components of the system of quality management such that the firm proactively manages the quality of engagements performed by the firm.

In this webinar, our speaker will provide insights on the implementation process, including helpful tips to address practical challenges.

 

Part 2: Identifying and Assessing Risks of Material Misstatement

SSA 315 (Revised 2021) Identifying and Assessing Risks of Material Misstatement, which is effective for periods beginning on or after 15 December 2021, requires a more robust risk identification and assessment, thereby promoting better responses to identified risks.

The webinar will cover the significant changes to this standard.  

 

Intended For:

  • Audit Professionals / PAIP

 

Competency Mapping: 

  • CPE Category 3 = 1.5 CPE Hours 
Instructor Image

Narissa Chen

Member, ISCA Auditing and Assurance Standards Committee Partner, Head of Audit and Assurance, Mazars

Narissa is the Head of Audit and Assurance, as well as a member to the Executive Committee (EXCO) of Mazars LLP. Narissa is also the Partner in charge of Technical, Training and Talent. Having started her career in a Big 4 firm, Narissa has over 15 years of professional practice in audit and assurance, as well as technical research. She is a Chartered Accountant of Singapore and is currently a member of the ISCA Auditing and Assurance Standards Committee. She researches complex technical matters and conducts technical reviews for compliance with International/Singapore Financial Reporting Standards and auditing standards. She provides independent technical advice to clients. In addition to contributing to in-house and external technical publications, Narissa develops training materials and delivers training to local and international audience via various platforms such as live classroom, video conference or e-learning in either English or Mandarin.Narissa has more than 5 years of experience in developing and implementing quality control policies and procedures related to International/Singapore standards on quality control, as well as conducting cross-border quality and compliance reviews.  She also has extensive experience in auditing companies of various sizes and industries. Her industry audit experience includes transportation such as automotive and shipping, retail, manufacturing, trading, digital assets, tooling and plastic injection molding, as well as investment holding. In addition to having been involved in Initial Public Offering (IPO) and financial due diligence projects, Narissa also audits issuers listed on SGX and NYSE.

Course Rating

Speaker's Rating

1.5 CPE Hours

Lesson(s)

5

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