How to Run and Deliver Successful and Timely Audits - OAG205

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

 

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

ACI Learning 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.