Course Description

Synopsis:

This e-learning series will present the top PMP (Practice Monitoring Programme) Inspection Findings by ACRA and how to address the deficiencies.

Part 3 of the series will elaborate on the top PMP findings regarding the fair value measurement of investments in unquoted equity instruments. Using references from FRS 109 and FRS 113, the course explains the valuation approaches and techniques that auditors and preparers should apply, along with common pitfalls observed in practice.

Topics covered include:

• PMP Findings – Fair Value of Unquoted Investments

• Overview of Market, Income, and Cost Approaches under FRS 113

• Adjusted Net Asset Method and Application to Private Companies

• Common Challenges: Lack of Information, Different Year-Ends, Illiquidity and Non-Controlling Discounts

• Using Transaction Prices and Cash Flow Projections to Support Fair Value

• Case Studies on Valuation of Private Equity Investments

More PMP findings in:

Top PMP Inspection Findings and How to Address Them - Part 1: The Audit Report

Part 1 will elaborate on the top PMP findings on deficiencies identified in the Auditor's Report on financial statements, and how to address the deficiencies. 

Top PMP Inspection Findings and How to Address Them Part 2: Going Concern

Part 2 will elaborate on the top PMP findings regarding the appropriateness of management’s use of the going concern basis of accounting in the preparation of the financial statements.

Intended For:

• Audit Professionals / PAIP

This module will be particularly relevant to: 

• Audit engagement partners who prepare and sign off audit reports
• Audit quality reviewers of audit reports

Competency Mapping: 

• CPE Category 3 = 0.5 CPE Hour