How to Audit Time and Expense

Learning Objectives

• To analyze how it will help to devise audit scripts to be used in audits.
• To analyze why time and expense are so crucial and why the audit needs to be taken seriously
• To discuss some real-life examples of audit findings and understand how they were found.
• To collect a grasp for trend analysis that can help in auditing smarter and more efficiently.

Course Description

Do you wish you had 30% extra time in your workweek? (Who doesn’t?) How about during your employees' work week? (Even better!)

It might sound like magic, but it’s much easier than you think.

In a 2017 study, the work habits of business owners, key executives, and employees were evaluated. They found that "time-wasting, low-value, and no-value activities accounted for more than 30% of their workweeks."

You can counteract all of those negative impacts and reclaim 30% of extra time each week. The strategy is to perform a time audit — and it's not hard to do.

On the other hand, a financial audit is a chance for your business to double-check your books for accuracy and proper documentation of expenses. Consider it the company version of "making a list and checking it twice." When reviewing company expenses, auditors evaluate expenditures to make sure they are necessary and in line with internal policies.

This CPE course will focus on the risks, internal controls, and tests the auditor should be doing to perform the audit. 

This Auditing CPE webinar will look at data scripts that could or should be run whether in the course of continuous auditing or as part of the routine audit work. Attendees will be asked to prepare plans for conducting a time and expense audit.

Key topics covered in this course:

• Why do a T&E audit?
• Travel and expense risks
• Data analytics can be your key
• Analyze your policy
• Sometimes it is a matter of why rather than what
• Data scripts that can help procurement

Overview

• Why do a T&E audit

  5 mins
• Travel and expense risks

  15 mins
• Data analytics can be your key

  29 mins
• Analyze your policy

  45 mins
• Sometimes it is a matter of why rather than what

  62 mins
• Data scripts that can help procurement

  90 mins