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 Lansing Chapter Contract Auditing

Chapter Training
11/6/2013 8:30 AM
11/7/2013 4:30 PM
MSU Federal Credit Union, Lansing | Michigan

The Lansing Chapter of the IIA is presenting a two day, 16 CPE event on CONTRACT AUDITING on November 6-7th!  James S. Fargason, a current full-time faculty member for the MBA program at LSU  will be leading the course.  Mr. Fargason has two law degrees and has been a member of the auditing and legal professions for over 15 years.  Contract auditing is relevant to all auditors so sign-up to learn how to effectively and efficiently audit contracts.  Space is limited. 

 Course Outline:

 Sources of Contract Law
  • List the various sources of contract law
  • Define those sources
  • Compare and contrast the law of different jurisdictions
  • Identify the purpose of contracts and their role in reducing organizational risk
  • Perform meaningful exercises to enhance participant understanding 
Contract Components
  • Describe the four parts to a contract
  • Learn what constitutes offer and acceptance
  • Define consideration
  • Review the numerous issues when dealing with capacity
  • Identify Illegal provisions which render contracts void
Planning the Audit of Contracts 
  • Review effective audit planning steps
  • Perform a walkthrough
  • Flowchart the process
  • Integrate contract valuation into the planning process
  • Perform an exercise illustrating planning steps

Selecting Audit Samples of Contracts

  • Select a representative sample
  • Describe sampling strategies and techniques
  • Identify risks in limiting audit scope
  • Determine when to test beyond the selected sample
Performing Control and Substantive Tests
  • Itemize tests of controls
  • Itemize substantive tests
  • Discuss issues of materiality when performing audit steps
  • Exercise using examples of control and substantive tests
 High Impact Reporting
  • Assess various audit outcomes
  • Prioritize audit findings
  • Ensure high-impact reports
  • Plan corrective action




E-mail for registration