Audit inspection reports have identified issues about the level and consistency of professional skepticism being applied in audits. Additionally, the complexity of transactions and markets continues to increase, requiring auditors and managers to use more professional judgment during audit engagements.
This interactive course will provide an overview of professional skepticism, including what it is and why it is important in audit engagements. Featuring case studies to teach the content and concepts, this course will help participants gain knowledge about how to apply professional skepticism and techniques to enhance the use of professional skepticism in their own practice.
Revenue and cash receipts are two critical areas that require strong controls to prevent intentional fraud or unintentional misstatements. While there is well- publicized fraud in these areas in larger companies, it also occurs, and can even be more likely to occur, in smaller businesses and not-for-profit entities. A sound system of internal control is needed to help prevent fraudulent activities and reporting related to the revenue and cash receipts cycle. It is crucial that an internal control system is tailored to the unique needs of each organization with a dedicated focus on areas posing the greatest risk; this course is designed to help you to do this.
DESIGNED FOR
Auditors of any level who would like more insight into how to better incorporate professional skepticism into their audits. Auditors, practitioners and all levels of CPA professionals.
BENEFITS
- Recall the importance of professional skepticism to auditing in today’s complex environment
- Recognize concerns raised about the level of skepticism in audit performance and steps the profession is taking to address concerns
- Identify factors that influence an auditor’s use of professional skepticism
- Apply techniques that help to enhance your application of professional skepticism in an audit
- Identify common frauds in the revenue and cash receipts processes
- Identify internal controls that mitigate various risks
- Recall an analysis process to improve efficient and effective risk management in your organization
HIGHLIGHTS
- Professional judgment
- Judgement framework
- Fraud triangle
- Traditional revenue system
- Retail revenue cycle
- Manufacturing revenue cycle
- Service revenue cycle
- Accounts receivable and billing
- Cash receipts
- Revenue frauds and fraudulent financial reporting
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None
ADDITIONAL NOTES
- This seminar is not eligible for the AICPA discount.
Course materials are distributed electronically and we’ve passed the savings along to you - registrants save $20 on all 8-hour seminar pricing. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.