Saving Time on Audits: A Potpourri ON DEMAND

Overview

Despite time constraints, auditors are responsible for producing high-quality audits that minimize risk and maximize profits. This course offers numerous methods that are practical, easy to implement, and designed to save you time when performing both large and small audits. From the planning phase through the completion phase, these policies and procedures work together to generate top-notch audit engagements in the least amount of time. By challenging traditional approaches to performing audits, this course offers a potpourri of opportunities to increase audit engagement and a firm’s profitability.

Highlights

Auditing Overview. Planning an Audit. Audit Performance.

Prerequisites

None.

Designed For

CPAs, controllers, accountants, financing professionals, business owners, and managers.

Objectives

Recognize strategies to increase profits through ongoing client investigations and save time with quality control. Identify ways to modify practice aids. Recognize the importance and benefits of investing in staff training. Recognize the optimum order for audit planning, noting the results of performing planning procedures out of order, planning on the run, or failing to plan. Identify various reporting frameworks and select an appropriate framework to maximize time savings. Recall ways to maximize time when reviewing prior year’s working papers. Cite changes that an auditor can make to gather lesser amounts of evidence while still complying with the requirements of applicable auditing standards. Cite engagement activities that maximize on-the-job-training, ways to maximize substantive evidence from risk assessment procedures, and the use of a planning document to guide planning activities. Recognize cost-beneficial audit strategies, noting the effects of inherent risk, control environment on control risk, and low-reliance tests of controls or walk-through procedures, and more.

Preparation

None.

Notice

None.