Corporate Accounting & Auditing Best Practices

4.7 (7)

Michel Morley

Mike Morley

  • CPA Canada
  • CIA
  • CMA
  • CPA
  • CVA
  • QIAL
  • CFE

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Before starting this self study program, please go through the instructional document.

Overview

  • Why do we have audits?
    4 mins
  • What to expect from the auditor
    49 mins
  • Communicate with your staff about the audit
    93 mins
  • Sales transection information accuracy
    138 mins
  • Invoice delivery to customers
    166 mins
  • But.. managing indirect expenses is usually not a strength..
    209 mins
  • Web-based technology
    256 mins
  • Getting the financial statement
    315 mins
  • Setting limits on risk
    359 mins

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 webinar 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 webinar is for you.

Session 4 - FINANCIAL STATEMENT ANALYSIS BEST PRACTICES

Is financial statement analysis part of your job? Is it a component of your corporate or personal investment strategy? Don’t you wish you had an easier, faster way of doing it? In this scenario, you need to understand and apply financial statement analysis in an efficient manner.

But even if you ignore all these questions, you know that financial statement analysis is a crucial part of any decision making process. Therefore it is absolutely important to know if you are following best practices in the financial statement analysis. Financial statement analysis is a tool that allows you to quickly “read between the lines.” This webinar provides you an opportunity to learn the secrets to analyzing financial statements quickly and easily so you can make the right decisions every time. 

Major Topics Covered:

  • GAAP: The basic building blocks
  • Understanding the Statement of Changes in Financial Position
  • Profit vs. Cash Flow
  • Follow the money - understanding cash flow
  • The hidden risks of mergers and acquisitions
  • Benchmarking
  • Developing a consistent methodology
  • Understanding credit ratings
  • Analysis ratios

This entertaining webinar will teach you the instructor’s unique approach to assessing a company’s ability to pay its bills and pay good returns to its investors. You’ll be amazed at just how much fun taking a class in financial statement analysis can actually be!

Learning Objectives

  • Key information and documentation the auditor always wants
  • Knowing what the auditor will ask your boss and be ready
  • 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
  • To review the merits of expense reimbursement through payroll
  • To identify expense data collection and analysis best practices
  • To dissect a Statement of Changes in Financial Position
  • To recall how to “follow the money”
  • To identify the hidden pitfalls of mergers and acquisitions

Who Should Attend?

  • Accountant
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Accounting Firm
  • CPA (Industry)
  • Auditors
  • Young CPA
  • CPA in Business
  • Entrepreneurial CPA
  • Accounting Practice Owners
  • Senior Accountant
  • VP Accounts
  • Cloud Accountants
  • Entrepreneurial Accountant
  • Accounting Managers
  • Staff of Accounting Firm

Testimonial

4.7

(7)
71%
29%
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MS

The speaker spoke VERY slow, trouble staying engaged with this speaker