Auditing Capital Projects - OAP132

Overview

When given a project to audit, the task may seem daunting and impossible. Many will not know where to start. Through this course, students will understand the importance of auditing capital projects and will learn tips and tricks to determine the project's risks and risk mitigation techniques. The course will be a general overview and will enable an auditor to develop an audit workflow, prioritize tasks, and understand how all the pieces of the projects fit into one another. Students will be able to have a more intelligent conversation with the project management staff, as some common terms will be defined in the course. Students will also be able to develop effective audit strategies. There are many complexities in understanding the payment process that may affect the findings discovered during the audit. Students will be walked through the chaos to better understand issues and document the correct findings amount. This course will also review some of the most common myths and misconceptions about having a contract and auditing it. Being able to understand contracts and contract risks will be discussed so that students can more effectively understand what the wording means and how a simple word can change the entire intention. Consequently, students will learn what the correct word choice should be and why the contract may not be as strong as they first imagined. Lastly, students will understand what is typically found during an audit and why the audit is important. They can bring this knowledge back to the audit committee or senior management to become a champion that will encourage further audits and to better protect the organization.

Learning Options

Below are the available learning options for this course:

AuditProTV

Online On-Demand

This course is available through AuditProTV — a subscription-based, on-demand learning platform. As a subscriber, you will have access to an ‘all you can watch’ library of courses that are built in alignment with the National Association of State Boards of Accountancy (NASBA) standards.

Learn More & Subscribe

Enterprise Solutions

Tailored Experience

Bring this course to your organization at your convenience. ACI Learning can deliver this instructor-led course for your team at a chosen location or virtually. Alternatively, choose the topic(s) you need and ACI will craft a training solution to keep your team future-proof.

Customize Your Training

1.) Explain what goes into a successful project and identify potential project challenges.

2.) Describe how to prioritize tasks to mitigate risks, minimize errors, and prevent fraud.

3.) Define the technical terms that go into contracts and are spoken by a project manager to have more effective conversations with the project management team.

4.) Describe the project life cycle and explain why the life cycle is cyclical.                

5.) Explain the invoice process, the change order process, and the importance of monthly testing."

Learning Options

Below are the available learning options for this course:

AuditProTV

Online On-Demand

This course is available through AuditProTV — a subscription-based, on-demand learning platform. As a subscriber, you will have access to an ‘all you can watch’ library of courses that are built in alignment with the National Association of State Boards of Accountancy (NASBA) standards.

Learn More & Subscribe

Enterprise Solutions

Tailored Experience

Bring this course to your organization at your convenience. ACI Learning can deliver this instructor-led course for your team at a chosen location or virtually. Alternatively, choose the topic(s) you need and ACI will craft a training solution to keep your team future-proof.

Customize Your Training