Corporate Accounting & Auditing Best Practices

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.