CPE & Event Catalog

The value provided by internal auditing. Outsourcing concerns. General steps in auditing outsourced functions. The periodic risk assessment. The ideal environment for auditing outsourced activities.

Auditor objectives. Auditing characteristics of payroll. Capitalization of labor costs. Ghost employees. Payroll ending balance. The payroll register. Auditor questions. Auditing activities. Precompute pay. Trace to general ledger. Conduct analytical procedures. Timing of auditing activities.

Procurement process overview. In-process procurement controls. Procurement fraud schemes. Procurement negligence. Auditor activities. Conflicts of interest. Outsourcing issues.

Auditing receivables. The allowance for doubtful accounts. Accounting for notes receivable.

Audit revenue. Revenue rules.

Fraud and the auditor's role. Fraudulent financial reporting. Extended audit procedures.

Conducting compilation engagement. Preparation of financial statements.

Conducting review engagement. Analytical procedures. Variations of the accountant's review report.

The client acquisition process. Audit objectives. The audit process. Engagement letters. Planning audit procedures. Audit sampling. Audit evidence. Analytical procedures, and more.

Key factors for to consider when evaluating whether you are getting the most quality and insight from your auditors.

Getting a better return on financial statement audits.

Reasonable cause and good faith. Case law. Revenue Procedure 84-35, 194-1 C. B. 509.

Identifying audit risks - behavioral and management cues. Behavioral cues in fraud detection. Key indicators of stress or unusual behavior. Behavioral warning signs in employees and management. Using interviews and observation to identify behavioral red flags. Building relationships to encourage transparency. Management representations and estimates. Common red flags in management estimates. Identifying potential biases in management's assumptions. Techniques for auditors to challenge management's assumptions.

Identifying audit risks - compliance and going-concern issues. Going-concern assessments and the auditor's responsibility. Key financial and operational red flags. Red flags related to management's plans to mitigate going-concern risks. Audit techniques to assess the adequacy of going-concern disclosures. Cybersecurity risks and the increasing importance of it in audits. Key cybersecurity red flags. Effectiveness of an organization's cybersecurity controls. Potential data breaches or weaknesses in IT governance, and more.

Identifying audit risks - financial reporting and revenue recognition. Financial statement irregularities. Key financial ratios and benchmarks. Unusual accounting practices. Financial statement warning signs. Using analytics and trend analysis. Revenue recognition red flags. Common methods of fraudulent revenue recognition. Unusual patterns in customer relationships and sales. Detecting improper revenue recognition.

Identifying audit risks - internal controls and audit evidence. The role of internal controls in detecting and preventing fraud. Common internal control weaknesses. Red flags related to control overrides. Evaluating the design and operating effectiveness of internal controls. Identified control deficiencies or weaknesses. Types of audit evidence and their relevance to the audit process. Red flags in audit evidence. Incomplete, misleading, or unreliable evidence during fieldwork. Audit techniques to verify authenticity of audit evidence. Maintaining professional skepticism. Appropriate audit documentation.

Improve auditor and auditee relationship. Useful presentation skills. Auditee communication. Audit findings and response techniques.

Conducting conferences with the auditee. Presentation skills. Staffing and selling the findings. Soliciting written comments. Incorporating the auditee's response.

Tips for improving the critical audit skills of inquiry and research.

Internal audit priorities. Remote workforce risks. Financial controls. Financial risks. Brand risks.