Audit Essentials: Engagement Planning and Risk Assessment, Root Cause Analysis, Audit Follow-up

Welcome to myCPE

Reviewed

April, 2023

Learning Objectives

To determine how to identify audit risk and appropriate audit planning tools and techniques.
To determine how to apply critical thinking skills to the planning and risk assessment phase to perform an effective audit.
To discover the best techniques for team management.
To develop the foundation for effective root cause analysis.
To describe how to apply root cause analysis methods and explore tools and techniques for analyzing causes.
To describe the elements and the operation of a Root Cause Analysis, and its principal processes.
To describe the means of conducting a Root Cause Analysis.
To discuss the concepts, approaches, methods and techniques used for the application of a Root Cause Analysis.
To develop the foundation for effective root cause analysis.
To review and apply the root cause analysis methods to problem solving.
To explore tools and techniques for analyzing causes.
To discuss importance of audit follow-up and how to perform it effectively.
To describe how to effectively communicate findings and analyze and understand root cause analysis.

Course Description

This 6 CPE course takes attendees through an overview of the audit process, end to end, and how to create value-added findings. Additionally, to create value-added findings, auditors must be able to complete a detailed root cause analysis and components of a finding, which will be discussed. Finally, the means, timing and method of follow-up will be discussed, including tracking and efficient follow-up procedures.

Engagement Planning and Risk Assessment

Planning is the foundation for every efficient and effective audit. If audit teams take the time to build an effective audit risk assessment and plan the audit accordingly, the opportunity for a smooth and under budget audit increases exponentially. This online CPE course will take attendees through the basics of audit-level risk assessments and appropriate steps throughout the planning phase of an audit.

Major topics covered about engagement planning and risk assessment in this online CPE webinar:

The importance of audit planning
Engagement Risk Assessment Process
Audit Planning Process
Walkthroughs/ Narratives / Documentation
Keys to build an effective work program

Root Cause Analysis

Have you ever communicated a recommendation only to discover the implemented recommendation didn’t resolve the problem?

Do you feel like you identify symptoms of problems?

Does your organization use the Band-Aid approach to correcting communicated audit findings?

If you answered yes to any of these questions, this CPE course is for you.

While management should perform root cause analysis, they often don’t have the time and will simply implement a recommendation provided by the auditors. This means that auditors must complete a root cause analysis. However, identifying the root cause is hard and often overlooked by auditors. Moreover, the root cause may be politically sensitive when communicated by auditors.

Performing a Root Cause Analysis will allow you to investigate problems, perform a cost-benefit analysis, and identify the true cause of your organization’s audit findings. By understanding and employing a Root Cause Analysis, you will be able to assist your organization to increase productivity and decrease inefficiencies.

By understanding and employing the basic techniques associated with Root Cause Analysis, you will be able to assist your organization to increase its productivity and decrease its inefficiencies.

Major Topics covered about root cause analysis in this CPE course:

Root cause analysis and when it is used
Why is root cause integral to audit success?
How to perform root cause analysis?
What are the RCA tools and methods?

Audit Follow UP

If performed ineffectively, audit follow-up can be a time consuming and non-value added endeavor. The speaker Danny Goldberg will explain the importance of audit follow-up and how to perform it in an efficient and effective manner.

Major topics about audit follow up covered in this online continuing education course:

What is audit follow up?
Why do follow up work?
Why is follow up necessary?
What is the real value of follow up?
What should be the timing/ method of follow up?

Overview

Root Cause Analysis And When It's Used

8 mins
RCA Tools and Methods

27 mins
5Y - Transitional Cause

52 mins
Critical Thinking Exercise

79 mins
Initial Cause Hypothesis

118 mins
Perception vs Reality

145 mins
What Do the Standards Say?

177 mins
Group Exercise

220 mins
Knowledge Gathering

242 mins
Key Controls for Everyone

275 mins
Updated Engagement-Level Risk Assessment (Residual RIsk)

305 mins
Workpaper Documentation Concepts

341 mins

Webinar Qualifies For

6 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
6 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
6 CPD Credit of Auditing for CPA in Canada
6 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
6 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
6 CPE Credit of Auditing for Certified Management Accountants (CMA)
6 CPE Credit of Auditing for Certified Valuation Analyst (CVA)
6 CPE Credit of Auditing for Certification in Risk Management Assurance (CRMA)
6 CPD Credit of Auditing for Certified Financial Forensics (CFF)
6 CPD Credit for Association of Chartered Certified Accountants (ACCA)
6 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
6 CPD Credit for Chartered Accountant - ICAEW
6 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
6 CPD Credit for Chartered Accountants - Scotland
6 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
6 CPD Credit for CPA - Ireland
6 CPD Credit for Chartered Accountants - Ireland (CAI)

About Instructor

Danny Goldberg

President, GoldSRD

Danny M. Goldberg is the Founder of GoldSRD (www.GoldSRD.com), a leading provider of Staff Augmentation, Executive Recruiting and Professional Development services. Danny is a well-known speaker on internal auditing and People-Centric Skills, co-authoring People-Centric Skills: Communication and Interpersonal Skills for Internal Auditors, via Wiley Publications. People-Centric Skills, 2nd Edition, the follow-up to this critically acclaimed book, is currently available via Amazon and through GoldSRD at a discounted rate.

Danny has over 22 years of professional experience, including five years leading/building internal audit functions. Danny was named as one of the Fort Worth Business Press 40 Under 40 for 2014.

He is a thought-leader in the profession, recognized through his numerous articles in trade magazines and consistent rating as a top speaker in the industry. Mr. Goldberg is also accredited as the Professional Commentator of the Bureau of National Affairs - Internal Audit: Fundamental Principles and Best Practices (Professional Commentator). This book was authored by renowned audit scholars Curtis C. Verschoor and Mort A. Dittenhofer – coauthor of Sawyer’s Internal Auditing.

Mr. Goldberg is an active member of the Institute for Internal Auditors, both at a local and national level. Leadership roles include:

Current IIA Dallas Chapter Board Member and Programs Committee Co-Chair
Former IIA Fort Worth Chapter Board Member and Programs Committee Co-Chair
Former Member of the IIA North America Learning Committee (2015)
Former Volunteer Chairman of the American Lung Association (2014)
Former Audit Committee Chairman/Director at numerous religious organizations

Danny is a Certified Public Accountant (CPA), Certified Internal Auditor (CIA), Certified Information Systems Auditor (CISA), Certified in the Governance of Enterprise Information Technology (CGEIT), Certified in Risk and Information Systems Control (CRISC), Certified in Risk Management Assurance (CRMA), has obtained his Certification in Control Self Assessment (CCSA) and is a Chartered Global Management Accountant (CGMA).

Additional Information

Duration

6 Hours

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

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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.

Ratings and Review

3.6

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Gina Cabral, CPA (US)

Great course for understanding audit planning and risks.

Iwona Mierzwa, CPA (US)

Not at all what I expected. Instructor was tired and boring. He yawned so many times during the lecture that I found disrespectful to students. He also spent first ten minutes talking about his book which had nothing to do with class. Wasted time that should have been spent learning. I had to force myself to listen to the lecture and barely got through it. I did not learn anything.