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How to Run & Deliver Timely Audits

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Date(s): Nov 09, 2020 - Nov 10, 2020
Time: 8:00AM - 4:30PM
Registration Fee: $399.00
Cancellation Date: Nov 02, 2020
Location: Online

Course Description

In this seminar 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. This seminar addresses the concepts to delivering a timely and successful audit outcome. During the course, you will explore the reasons why audits fail and review the key components to planning and focusing the audit. You will come away with the skills to manage and deliver an on-time product. Engaging case studies and class exercises will be used throughout to demonstrate key concepts and put theory into practice.

 


Potential CPE Credits: 16.0
Govt Hours: This class meets 16.0 hours of the 24-hour requirement for governmental CPE under Government Auditing Standards (yellow book), in most cases.
Technical Hours: This class meets 16.0 CPE credits of technical training in compliance with Texas Admin. Code Rule 523.102.

Instruction Type: Live
Experience Level: BEGINNING
Category: 02 Auditing

Course Objectives

Upon completion of this course, participants will be able to:

·         Identify the common and avoidable traps that result in audits overrunning their budgets and not answering key questions

·         Assess the audit environment to avoid surprises and how to utilize tools and methods to identify the high-risk areas

·         Deliver successful timely audits that add value to your organization

 

1. 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

2. 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

3. 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

4. Developing the Objective and Scope
• understanding the reasons for the audit
• why are you there
• answering the “why” question
• recognizing how time frames can impact achieving your goals
• scope creep

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

6. 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

7. Identifying and Addressing Significant Risk
• understanding risk
• some less obvious ways of identifying risk

8. Evaluating the Adequacy of the Control Structure
• controls and risk
• using COSO in your audit

9. 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

10. Tools to Ensure Your Staff are Effectively Utilized
• assessment of staff talents
• assignment of responsibilities 
• oversight and supervision

11. Efficiencies and Time Wasters
• procrastination
• managing administrative time
• effective use of meeting time
• ideas to maximize available time

12. Managing the Audit
• day-by-day
• delegating
• decision-making

13. Preliminary Findings and Reports
• purpose and usefulness
• facilitating the writing process
• delivering an on-time product

 


Prerequisites

No prerequisites required.

Government Hours: 4.23(q)


Instructors

Kathleen Crawford

Kathleen Crawford is a Senior Consultant for MIS Training Institute. She has more than 25 years' experience in internal audit and fraud investigation. Ms. Crawford is a consultant, specializing in assurance, investigative and advisory projects. Previously, she was an Internal Auditor for Vinfen Corporation, a private, nonprofit human services organization. There she assisted management in the standardizing operations, developing policies and procedures and improving processes. Ms. Crawford also investigated suspected financial crimes, collecting evidence to support successful prosecution and recovery of assets. She created unique methodology to detect and document fraud while complying with unique requirements of MA and CT human services regulations.

Ms. Crawford began her career as a bank auditor, first with Bank of New England, then Eastern Bank and State Street Bank. In all three institutions, she was responsible for both internal audits and fraud investigations. Ms. Crawford holds an MBA from the University of Phoenix, attended Babson College Graduate School of Business, and holds a BA in English from Boston College. A member of the Institute of Internal Auditors, she is a past President of the Greater Boston Chapter of the IIA. She is also a member of the Association of Certified Fraud Examiners and the Association for Talent Development. Ms. Crawford serves as Treasurer of the Board of Trustees of the Foxborough Regional Charter School and its foundation, Friends of FRCS. She is also Chair of Vinfen Corporation's Family Advisory Council, a group that consults on issues important to persons with intellectual and developmental disabilities.


Additional Information

TAC Rule 523.142(g) requires the CPE Sponsor to monitor individual attendance and assign the correct number of CPE credits. Participants will be asked to document their time of arrival and departure in compliance with this Rule. Additionally, attendance will be monitored throughout the day and CPE certificates will reflect actual attendance of each participant.

If you are making travel plans to come to Austin, we recommend making "refundable" air and hotel reservations or waiting until 14 days before the class to actually book your reservations. Courses are occasionally canceled or rescheduled due to low enrollment. We determine whether a course has enough participants 16 days prior to the course date. If we cancel or reschedule, we will email the participant and his or her billing contact no later than 14 days before the original class date.

The course coordinator will contact you with parking information. Handicapped parking is free at the meters around the downtown area.

Vending machines with Coca-Cola products and various snack items are available. There is also a refrigerator and microwave in our coffee bar area. Feel free to bring in your own drinks and food if you prefer.

You might want to bring a light sweater or jacket, as room temperatures vary.

To see answers to our Frequently Asked Questions, visit http://www.sao.texas.gov/training/faq.html.


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