Are You Ready For The Auditor? Secrets You Need To Know To Survive the Audit

  • Accountant
  • CRMA
  • CPA/CFF
  • CFE
  • CGAP
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
  • CBA/MCBA
  • CFIRS
  • CWS

Published: February, 2021

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Why do we have audits?
    4 mins
  • The role of the auditor
    23 mins
  • The role of management
    35 mins
  • What to expect from the audiotor
    50 mins
  • Preparation
    65 mins
  • The auditor file
    87 mins

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

Course Qualification

Webinar Qualifies For

  • 2 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
  • 2 CPE Credit of Auditing for Certified Management Accountants (CMA)
  • 2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit for Accountant/Bookeeper
  • 2 CPE Credit for Certification in Risk Management Assurance (CRMA)
  • 2 CPD Credit of Auditing for Certified Financial Forensics (CFF)
  • 2 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
  • 2 CPE Credit for Certified Government Auditing Professional (CGAP)
  • 2 CPE Credit for Certified Government Financial Manager (CGFM)
  • 2 CPE Credit of Auditing for Certified Valuation Analyst (CVA)
  • 2 CPE Credit for Internal Audit Practitioner (IAP)
  • 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 2 CPE Credit of Auditing for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

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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