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4/12/2017 - 4/13/2017
08:00:00 - 17:00:00
One of the most difficult skills associated quality and quantity of auditing procedures. This session will provide you with skills and techniques necessary to identify the appropriate evidence to support the audit conclusion. The tools with auditing is determining the propriety of audit evidence; does it support the audit objective, is it enough, is it too much and inefficient, and how does professional judgment affect the and techniques shared will also provide you with approaches to guide your use of critical thinking skills to facilitate decision making and gathering of audit evidence. Real life examples of strong and weak evidence will be provided to further the learning process. Finally, the course will be interactive and provide opportunities for you to practice what you learn.
In this seminar, we will discuss the following important issues:
- Provide an annual risk assessment process example and review the basics of risk-based auditing
- Review the importance of appropriate, competent, sufficient, relevant, useful and persuasive audit evidence
- Discuss the meaning and application of professional judgment
- Identify the types of evidence and discuss methods, techniques and tools to gather information to support audit objectives/results
- Learn why and how auditors can improve professional skepticism
- Provide examples of the link between methodologies and evidence gathered to support audit results
- Identify types of decisions faced by auditors and important differences in the approach
- Provide a sample of the critical thinking process
- Demonstrate how critical thinking helps improve audit evidence and the audit process
- Provide samples of how root cause analysis can be used in the audit process
- Compare and contrast auditor judgment and critical thinking skills
- Review/learn ways to develop critical thinking to enhance the audit process
- Identify how mind mapping can be used to improve the audit process
- Demonstrate how to determine that the evidence gathered is appropriate, competent, sufficient, relevant, useful and persuasive to support audit conclusions
- Identify the different types of evidence and how to best use them during the audit process
- Understand the importance and use of evidence during audit engagements
- Learn new methods and approaches to gather evidence
- Obtain the steps of a critical thinking process
- Develop critical thinking skills for future use (including root cause analysis, mind mapping, lateral/reflective thinking, etc.)
- Learn techniques/exercises to strengthen your critical thinking
- Use the tips, tools and techniques to gather audit evidence that is appropriate, competent, sufficient, relevant, useful and persuasive to support audit results
After completing this training, you will be able to:
- Gather better evidence to support audit issues, findings and conclusions
- Use risk-based auditing throughout the audit process
- Strengthen your professional judgment and demonstrate better use auditor skepticism
- Consider what is the right amount of evidence and the impact of gathering too much evidence
- Learn the value of using critical thinking throughout the audit process
- Use critical thinking to enhance audit evidence & strengthen decision making
- Understand how professional judgment & critical thinking are alike and similar
- Better identify root causes
- Become more efficient/effective in carrying out audit responsibilities
Auditors with at least 2 years’ experience in order to draw upon their professional audit experience.
CPE Hours Available: 16
Knowledge Level: Intermediate
Field of Study: Auditing
11:30:00 - 13:00:00
Meeting information coming soon...
5/15/2017 - 5/16/2017
08:30:00 - 17:00:00
Project time, energy, and resources are always constrained. Yet, demand for valid, reliable, and useful information on control systems and the data they generate is always rising. As a result, the appropriate choice and use of sampling methods tools is a core competency for all auditors, reviewers, investigators, and evaluators as they apply criteria to, determine the condition of, and make assertions about management processes and environments, especially when a balance must be struck between conflicting calls for economy, efficiency, and effectiveness.
Upon completion of this course, participants will be able to:
- Define the standards, terms, concepts, parameters, and objectives of sound audit sampling
- Identify outliers in population data and specify their effect on sampling
Calculate sample size, tolerable error, upper/lower error limit, desired precision, risk of over-reliance, confidence level, margin of error, expected percent error rate, estimated population error rate and error amount, standard deviation, and confidence intervals
- Compare and determine when to use random sampling, purposeful sampling, discovery-acceptance, attribute estimation sampling, variable sampling, and monetary-unit sampling
- Discuss and compare sampling with ACL, IDEA, RAT-STATS, EZQUANT, and Excel
Use information from prior work when determining sample size
- Quantify the effect of knowing the size of the population from which samples are drawn
- Quantify the costs and benefits of adding one more observation to a sample
Access, use, and take away automated tools which:
- Establish and document key population parameters and sample statistics, including sample size, tolerable error rate, upper error limit, desired precision, risk of over-reliance, confidence level, margin of error, expected percent error rate, estimated population error rate and error amount, and confidence intervals
- Calculate sample size
- Select, document, and recreate random samples
- Determine sample error rates and sample means
- Estimate and extrapolate sample results to establish, quantify, and monetize control risk, compliance risk, monetary risk, and financial missstatement
- Report and explain results using all available accepted standards-based methods
- Focuses on the practical aspects of sampling with very little theoretical baggage.
- Covers all types of sampling auditors use.
- Provides automated, easily accessed and used fieldwork tools which calculate the most critical sampling parameters – sampling precision, values for z and t, confidence intervals, and extrapolations – at the most common confidence levels of 90%, 95%, 98%, and 99%.
NOTE: All participants MUST bring a laptop computer loaded with licensed versions of Microsoft Word and Excel and Adobe Reader. Excel
MUST have its Data Analysis ToolPak installed and ready to use.
11:30:00 - 13:00:00
Meeting information coming soon...