Better, Faster, Cheaper: Streamlining the Audit

Overview

This course focuses on ways to ensure that the time spent on your audits is used effectively and efficiently to achieve optimal results. It covers the reasons audits fail, the common an avoidable traps that result in audits overrunning their budgets, delivering late and not answering the key audit questions. It shows you how to focus the audit and avoid surprises, and how to use the tools and methods to identify high-risk areas.

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

NASBA Certified CPE

24 Credits

Auditing

Why you should take this course

You should attend because this course addresses the concepts to delivering a timely and successful audit outcome.

Who should take this course

Financial, Operational, and Information Technology Auditors; Experienced Auditors who want to improve their audit product.

What You'll learn

You will learn the process and steps necessary to ensure that the time spent on your audits is used effectively and efficiently to achieve optimal results.

Prerequisites

Fundamentals of Internal Auditing - OAG101
Advanced Auditing for In-Charge Auditors - OAG201

Defining a Successful Audit:

identifying the characteristics that define a successful audit
key aspect of success
identifying the factors that inhibit success
addressing controllable and non-controllable obstacles

The Elements of a Successful Audit:

first steps – understanding why you are there
role of the audit team
elements of the audit process that guarantee success
the facilitators of the audit that make it work

Effectively Planning the Audit:

why traditional audit planning doesn’t always lead to success.
effective and successful elements of planning
levels of planning and responsibilities to plan
planning resources
planning at the macro and micro level
brainstorming

Developing the Objective and Scope:

understanding the reasons for the audit
why are your there
answering the “why” question
recognizing how time frames can impact achieving your goals
scope creep

Communication:

why this is the most important part of the audit
biases and their impact
working with difficult personalities

What You Need to Know:

how much is too much and how much is not enough
professional skepticism
rules of evidence
identifying potential problem areas
knowns and unknowns

Identifying and Addressing Significant Risk:

understanding risk
some less obvious ways of identifying risk

Evaluating the Adequacy of the Control Structure:

controls and risk
using COSO in your audit

Focusing the Audit:

effectively focusing audit resources to your mission
answering key questions: why are we here and what are we expected to do?
understanding the audit objective and scope
establishing time frames

Tools to Insure Your Staff are Effectively Utilized:

assessment of staff talents
assignment of responsibilities
oversight and supervision

Efficiencies and Time Wasters:

procrastination
managing administrative time
effective use of meeting time
ideas to maximize available time

Managing the Audit:

day- by- day
delegating
decision-making

Preliminary Findings and Reports:

purpose and usefulness
facilitating the writing process
delivering an on-time product