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Making Audits Cost-Effective for Charities

PROVIDE CONFIDENCE TO STAKEHOLDERS THROUGH PROPER AUDIT EXECUTION

Understand the cost composition of an external audit and the measures that your charity can adopt to improve cost-effectiveness in the audit process.

Date & Time

12 & 13 Jan 2023

Day 1: 9AM to 5PM, Day 2: 1PM to 5PM

Venue: Online via Zoom

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COURSE HIGHLIGHTS

  • Understand the cost composition of an external audit and measures to adopt in  improving cost-effectiveness.

  • Avoid unnecessary audit costs, channelling funds saved to more productive uses that directly support your charity's beneficiaries.

  • Complimentary coaching session available for 4 or more participants from the same organisation. 

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ABOUT THE COURSE

Charities may not regard an external audit as vital to their operations, or may view it as another compliance cost competing with limited resources. However, the benefits of a good external audit, which include greater stakeholder confidence in the charity’s governance, may outweigh the costs. Furthermore, a cost-effective external audit can help charities to avoid unnecessary audit costs, with funds saved channelled to more productive uses that directly support its beneficiaries.

 

Our Making Audits Cost-Effective for NPOs course will help charities understand the cost composition of an external audit and the measures that they can adopt to improve cost-effectiveness in the process. 

WHAT YOU WILL LEARN

By the end of the programme, participants will be able to:

  1. Develop a good understanding of the annual audit requirements.

  2. Create an effective plan in working with the auditors.

  3. Provide timely assistance to complete the audit in the assigned timeline.

  4. Ensure proper financial statements to provide confidence to stakeholders.

  5. Continually improve on the quality of financial statements and the internal controls systems.

  6. Minimise common errors.

COURSE HIGHLIGHTS

  1. Why should charities be audited – for renewal of charity and or IPC status?

    • Compliance with statutory requirements.

    • Accountability to stakeholders.

    • Identify and minimise the risk of material errors, omissions and misstatements.

  2. How to evaluate and appoint the “right” auditor?

    • Analyses auditor’s track record.

    • Meeting the organisation’s needs.

    • Value adding services.

  3. What are the expected reports from auditors - What is required from the Board, Audit Committee and Senior Management?

    • Audit plans - approach, processes, timelines and responsible people.

    • Presentation and report to Board, Audit Committee and senior management.

    • Management Letter - improvements to internal controls and other areas.

    • Audit opinion on whether the financial statements are true and fair.

    • List of adjustments and reclassifications where applicable.

  4. What are the key factors that impact on audit fees?

    • Seniors vs juniors audit staff.

    • Time spent on audit.

    • Choice of financial year end (December year end being the peak for audit firms).

    • Strength of internal control systems.

    • Documentation of policies, operating procedures, and major contracts.

    • Staff preparedness to provide assistance to auditors in queries and interviews.

  5. Checklist for preparing for the audit

    • Policies and Procedures.

    • Conflict of interest declarations.

    • Related party transactions if any.

    • Minutes of Board and committee meetings especially those relating to finance.

    • Regulatory submissions.

  6. What are the common reporting errors to avoid?

    • Ensure compliance with Charity Accounting Standards or Financial Reporting Standards.

    • Fund accounting restricted v unrestricted.

    • Fund raising efficiency ratios.

    •  Governance costs and Programme costs computation.

    • Key items disclosure eg non related party disclosure, top three remuneration over $100K.

  7. Preparing the Board’s Response to Auditor’s Management Letter

  8. Post audit follow up action

    • Review of delays where applicable.

    • Communication process with auditors.

    • The role of internal audit.

The course is taught across 16 hours, with lectures, videos, case studies, group discussions, checklists, *invited speaker(s). For 4 or more participants from the same organisation, 1-hour post-session coaching will be provided.​

*Invited speaker(s) may be pre-recorded.

WHO SHOULD ATTEND

Board members, Finance Subcommittee, Audit & Risk Subcommittee, Senior management, HODs, and Finance and Operations staff.

 

Finance team is required to attend this training, to be up to date with the accounting standards and this is a necessary part of the charity compliance.

SEMINAR FEES & FUNDING

Save up to $324 by reserving your seats before 30 Dec!

Fee Options
After Early Bird
Early Bird
**Community Care Training Grant (CCTG)
$194.40
$162
*VWOs-Charities Capability Fund (CCF) Training Grant
$944
$620
Standard Fee
$1,944
$1,620

All prices stated include prevailing GST.

*Up to 80% seminar fee funding for NCSS member agencies

**Up to 90% seminar fee funding for AIC approved organisations

COURSE DATES & TIMES

12 & 13 Jan 2023

Day 1: 9AM to 5PM

Day 2: 1PM to 5PM

ABOUT THE FACILITATOR

Chris Ong Kok Chiong is a Managing Consultant with ILC, focusing on governance advisory services in internal controls and risk management. Chris is currently serving as a resource consultant to a major charitable organisation in Singapore. Chris has been a trainer with the Institute of Singapore Chartered Accountants since 2013 and has also provided training for other institutions and conference organisers.

Chris has robust global management experience across Asia, Europe and North America. He has been involved in leading roles in risk consulting and management since 2000. Chris was formerly the CEO of an organisation that is dedicated to serving charities in governance areas. He is the author of “Budgeting and Cash Flow Management”, Book 1 of Accounting and Finance Handbook for Charities, published in 2019.

Chris has a Bachelor of Science (honours) in Accounting and Information Technology from Leeds University (UK) and a Master in Business Administration from the University of Dubuque (Iowa, USA). He is currently a Fellow Chartered Accountant (England & Wales). He has qualified as a Chartered Accountant (Singapore) as well as a Certified Internal Auditor. He is also a member of the Singapore Institute of Directors.

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