The Importance of Auditing Time and Expense

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The Importance of Auditing Time and Expense

Reviewed

January, 2024

Denise Cicchella

Learning Objectives

To analyze why Time and Expense Audit is important to the organization.
To discuss some frauds that have happened and the symptoms of each.
To investigate how problems in time and expense can affect the whole organization.
To discuss that time and expense can be a precursor to bigger fraud.

Course Description

Do you ever reach the end of the workday and wonder where the time went? Of course, you do.

You felt like you were busy working on important things all day, but when it was time to go home, you wondered what you did all day.

How did the time get away from you?

If you want to figure out where your time goes, try doing a time audit.

On the other hand, expenses are a high-risk area for any company when comes to terms of accounting, and the chances of fetching quality observations are quite high compared to other accounting processes.

When reviewing company expenses, auditors evaluate expenditures to make sure they are necessary and in line with internal policies. Expenses can be anything like the company paid money for in return for income – rent, invoiced expenses like the cost of supplies, and reimbursable expenses such as travel charges incurred by an employee.

Mention time and expense audit and you will get yawns around the conference room. But this is more than just a tick mark exercise and should be taken seriously.

But why?

This CPE Auditing course will talk about the importance of auditing time and expense.

In this CPE webinar speaker, Denise Cicchella will highlight fraud and errors seen through the all-time years and expense abuse or fraud. She will not go into great depth as to how to do the actual audit but will touch a bit on it.

This Auditing CPE webinar will tell you how skipping a Time and Expense audit can be catastrophic to the organization and how doing a time and expense audit can get you out of hot water with certain regulatory agencies.

Key topics Covered:

Why do a time and expenses audit?
What mistakes might do?
Business decision making
What should the policy include?
Using the data as a tool
Errors symptomatic of bigger frauds

Overview

What mistakes might do

9 mins
Business decision making

26 mins
Possible controls

33 mins
Director's remuneration

52 mins
Using the data as a tool

84 mins

Webinar Qualifies For

2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
2 CPD Credit of Auditing for CPA in Canada
2 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
2 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
2 CPE Credit of Auditing for Certified Management Accountants (CMA)
2 CPE Credit of Auditing for Certification in Risk Management Assurance (CRMA)
2 CPD Credit of Auditing for Certified Financial Forensics (CFF)
2 CPD Credit for Association of Chartered Certified Accountants (ACCA)
2 CPE Credit of Auditing for Certified Government Financial Manager (CGFM)
2 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
2 CPD Credit for Chartered Accountant - ICAEW
2 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
2 CPE Credit of Auditing for Master Analyst In Financial Forensics (MAFF)
2 CPE Credit of Auditing for Certified Internal Controls Auditor (CICA)
2 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
2 CPD Credit for Chartered Accountants - Scotland
2 CPE Credit of Auditing for Iowa Licensed Public Accountant (IA-LPA)
2 CPD Credit for Chartered Accountants - Ireland (CAI)
2 CPD Credit for CPA - Ireland
2 CPE Credit of Auditing for Maine Licensed Public Accountant (ME-LPA)
2 CPE Credit of Auditing for Delaware Licensed Public Accountant (DE-LPA)
2 CPE Credit of Auditing for Certified Controls Specialist (CCS)

About Instructor

Denise Cicchella

Founder & CEO, Auspicium

Denise Cicchella is a recognized expert in construction audit, protecting owners from the overpayment of construction costs due to error, negligence or fraud.

Dense is a Certified Internal Auditor, Certified Fraud Examiner, Certified Construction Auditor, Project Management Professional and Fellow of the Life Management Institute. She holds an MBA in International Business from Fairleigh Dickinson University and a BBA in Accounting from Loyola University. She is the Founding President of the New York/New Jersey Chapter of the National Association of Construction Auditors. She has audited and led audit teams for small construction project as well as multi billion dollar projects.

She is an experienced trainer and can often be seen teaching domestically and internationally.

Additional Information

Duration

2 Hours

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

Click Here to View

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

4.6

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Josh Fruscello, CISA, CPA (US)

Great real world examples of T&E fraud.

David Walker, CPA (US)

Good Refresher

Omar Carrillo, CFE, CIA

Thank you

2 Credits

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Subject Area

Auditing

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The Importance of Auditing Time and Expense

Course Details

Learning Objectives

Course Description

Overview

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

Denise Cicchella

Other Details

Additional Information

2 Hours

Basic

QAS Self Study

None

None

FAQ’s

NASBA APPROVED

Ratings and Review

4.6

Josh Fruscello, CISA, CPA (US)

David Walker, CPA (US)

Omar Carrillo, CFE, CIA

Subject Area

Unlimited Access Plan

Inclusions

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