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Are You Ready for the Auditor? Secrets You need to Know to Survive the Audit

4.6 (5)

Michel Morley

Mike Morley

Tuesday, January 05, 2021 | 10:00 AM EDT

  • CPA (Canada)
  • CIA
  • CMA
  • CPA (US)
  • IAP
  • QIAL

2 Credits

$20

Subject Area

Auditing

Webinar Qualifies For

2 CPE credit of Accounting & Auditing for all CPAs

2 CPE credit of External Financial Reporting Decisions for CMAs

2 CPD credit (Verifiable) for Canadian CPAs

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

It happens every year. Year-end is quickly approaching, and that means putting the financial statements together and getting everything ready for the auditor. You can't avoid it, but you can make it easier and less stressful. This session will look at every section of the balance sheet, income statement, cash flow statement, and notes so that you can anticipate what the external auditor will ask. In addition, we’ll suggest the amount and type of documentation help you and the auditor.

Getting ready for the auditor means knowing the basics the auditor will ask for and then being prepared for the follow-up questions that are sure to come up. In addition, as mentioned above, you should be ready with that documentation. You should know what an auditor considers an adequate sample that will be representative of the section of financial information being examined.

On top of that, you should look for exceptions that you will have to explain and justify. This is especially useful if interaction with management will be needed. Although auditors are used to people waiting until the auditor asks them for information or documentation, getting and staying a few steps ahead will not only shorten the duration of the audit, but it will foster an atmosphere of cooperation and is more likely to have the auditor trust the financial information and documentation more readily.

A good audit means fewer headaches, a more reliable financial statement that serves shareholders, potential investors, lenders, and other external users such as regulatory bodies. Since public companies have no choice but to go through an external audit, why not learn a few tricks to make it faster and less work?

Major Topics Covered:

  • Year-end "must-do" items checklist
  • "Special" areas the auditor always checks
  • Key information and documentation the auditor always wants
  • What else could the auditor ask for?
  • How much should you tell the auditor?
  • What not to say to the auditor
  • Knowing what the auditor will ask your boss and be ready
  • Getting ready in case the auditor asks you for details about your organization's accounting policies

Attend this session and learn the secrets of preparing for the audit and doing it quickly and easily. We will help you prepare a Year-end "must-do" items checklist covering those "special" areas the auditor always checks. You will anticipate what information and documentation the auditor will require. You will judge the amount of time and effort you should invest in preparing for the audit. You will know what items should be discussed with management ahead of time so they can get ready for questions that the auditor will ask them directly. You will be aware of your firm’s accounting policies and how they are applied.

Learning Objectives

  • Key information and documentation the auditor always wants
  • What else could the auditor ask for?
  • How much should you tell the auditor?
  • What not to say to the auditor
  • Knowing what the auditor will ask your boss and be ready

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Auditors
  • Bookkeepers & Accountants & Tax Preparers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Testimonial

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    [no_of_record] => 5
    [average] => 4.6000
)
 

4.6

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CW

This was a wonderful webinar which taught me a lot. I am glad I attended this one. The pace and the handouts were perfect and up to the mark. Thank you myCPE.

WB

I look forward to many more webinars like this one on the myCPE platform. They always come up with the latest and most knowledgeable webinars. Thanks myCPE.

CH

I WILL DO MORE WEBINARS

RG

It was a lively webinar. I enjoyed the learning experience on myCPE platform. I recommend the MyCPE platform to all for a great learning experience and earning CPE and CE credits.

BM

I would highly recommend this webinar to everyone who practices in this field. It is apt in clearing a lot of doubts and makes sure that we leave with more than we bargained for.