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Corporate Accounting & Auditing Best Practices

  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Course Description

SESSION -1: ARE YOU READY FOR THE AUDITOR? SECRETS YOU NEED TO KNOW TO SURVIVE THE AUDIT


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.


SESSION - 2: CORPORATE REVENUE ACCOUNTS REVIEW AND AUDIT BEST PRACTICES

Revenue recognition is a significant risk that requires special audit considerations for financial statement auditing purposes. Revenue is one area that is particularly susceptible to fraud because its manipulation can make a company appear to be an attractive investment target and result in fabulous bonuses paid out to its executives. Hence, accountants and internal auditors’ have a crucial role to play in preventing revenue manipulation by ensuring that proper revenue policies and procedures are being followed.

This session avails you with an overview of how to ensure revenue recognition has followed all the updated standards. Further, it offers some of the best practices in corporate revenue account review being used today.


Major Topics Covered:

  • Simplifying revenue policies and procedures
  • The pros and cons of random audits
  • Avoiding the month-end close review crunch
  • Using online management reporting systems
  • Best practices in revenue allocation and deferral
  • Best use of rolling revenue forecasts
  • Centralizing your revenue account review function
  • Internal controls for fraud detection
  • Internal audits
  • Inserting a fair value into the revenue recognition cycle
  • Timeliness of revenue recognition issues
  • Revenue data collection and analysis of best practices

This webinar will provide tips and techniques for obtaining sufficient and appropriate audit evidence to support efficient revenue recognition and its audit conclusions.

SESSION - 3: CORPORATE EXPENSE ACCOUNTS REVIEW AND AUDIT BEST PRACTICES

In today’s busy corporate environment, the staff has to move in many directions at the same time, incurring expenses that require reimbursement. Organizations need to ensure that its expense reimbursement policy is followed through proper monitoring and oversight without overburdening the accounting staff and still encouraging compliance by making the following expense policy as easy and painless as possible. This webinar provides you an opportunity to learn some secrets from someone who has been at both ends and will help you with the required special perspective.

Major Topics Covered:

  • Simplifying the management of your corporate credit card program
  • Developing online management reporting systems for reviews
  • Deciding when employees are to be notified of pending expenses reimbursements
  • Centralizing your expense account review function while maintaining flexibility
  • Establishing and maintaining effective Internal controls for fraud detection
  • Looking at strategies that encourage timeliness
  • Evaluating the pros and cons of random audits

One of the trickiest areas to work in - is the review of corporate expense accounts. If you are or have been involved in tracking or approving corporate expense accounts, you are already aware how sensitive people can be about expense accounts. If you believe you could use some helpful hints to navigate the minefield, this session is for you.

SESSION -4: FINANCIAL STATEMENT AUDIT BEST PRACTICES

Auditors have a duty to express their view as to whether the company’s financial statements present fairly the financial condition of the company and are therefore free of any material misstatements. On the reliability of such a view, many stake holders take important business decisions. For instance, investors and lenders rely on the opinion of an independent outside auditor to make their economic decisions to invest or lend their money. 

Realizing the importance of audit, regulators, and many legislative bodies apply strict controls on audit procedures. However, this can be a risk-laden area for compliance professionals due to the ongoing legal requirements of Sarbanes-Oxley and other Acts. Although there are well-established procedures for proceeding with an audit, some may tend to be especially risky and should be replaced by those that have proven more effective and more efficient. 

This webinar covers the following major topics that provide information and guidance as to how this can be efficiently applied and ensured.

Major Topics Covered:

  • What is a financial statement audit?
  • Why a financial statement audit is required?
  • The expansive role of the audit committee
  • The 6 phases of the financial statement audit process
  • Quality system and legal compliance audit checklists
  • Audit procedures for income statements, revenue, fraud detection, cash procedures
  • Reporting - audit opinion preparation best practices

Learning Objectives

  • Key information and documentation the auditor always wants
  • Getting ready in case the auditor asks you details about your organization's accounting policies
  • To explore the Key information and documentation the auditor always wants
  • To recognize what the auditor will ask your boss and how to be ready for that
  • To strategize for avoiding the month-end review crunch

Who Should Attend?

  • Accountant
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Bookkeepers & Accountants & Tax Preparers
  • Certified Management Accountant
  • Chief Accounting Officer
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • VP Accounts
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 8 CPE Credit for Certified Management Accountants (CMA)
  • 8 CPE Credit of Accounting & Auditing for Certified Public Accountants (CPA-US)
  • 8 CPE Credit of Accounting & Auditing for Certified Public Accountants (CPA-US)
  • 8 CPE Credit for Certified Valuation Analyst (CVA)
  • 8 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)
  • 8 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)
  • 8 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 8 CPE Credit for Internal Audit Practitioner (IAP)
  • 8 CPE Credit for Certified Fraud Examiner (CFE)

Presenter

About Presenter

Michel Morley

Founder Mike Morley

Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.

An entertaining and informative speaker and trainer, Mike is the author of:

“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

 “Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.1

54 Ratings

Excellent

20

Very Good

21

Average

10

Poor

3

Terrible

0

BA

Brian Aber, CPA (US)

Feb 24th, 2021

A very helpful webinar which covered all the important topics. The pace of the presenter was just right. Not too slow and not too fast. Thank you myCPE for bringing to us such wonderful webinars.

JA

Joan Abell, CPA (US)

Feb 17th, 2021

It was very helpful and knowledgeable information which help me to improve my knowledge. I will recommend the platform to all my friends.

JT

Jeffrey Tate, ACCT/BK

Feb 9th, 2021

The webinar was precise and to the point. A range of topics were covered and explained in a fluid, easy-to-understand way. Thank you myCPE.

JD

Jack Donohue, CPA (US)

Feb 3rd, 2021

Very good webinar.

OA

Oluwole Awoyemi, CFE, CISA

Nov 16th, 2021

It was great

Corporate Accounting & Auditing Best Practices

$80

8 Credits

Subject Area

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