Are You Ready For The Auditor? Secrets You Need To Know to Survive the Audit
A Certified Public Accountant, business author Mike Morley is an entertaining and informative speaker and a recognized authority in the field of finance.
Mike offers various training programs, such as IFRS, SOX, and Financial Statement Analysis that focus on providing continuing education opportunities for finance and accounting professionals.
Many Fortune 500 companies take advantage of his training programs to bring their staff up to speed so that everyone understands what their responsibilities are.
Mike is the author of several books, including:
- “IFRS Simplified”, which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.
- “Sarbanes-Oxley Simplified,” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.
- “Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.
It happens every year. Year-end is quickly approaches and that means putting the financial statements together and getting everything ready for the auditor. You can't avoid it, but you can make it an easier and less stressful.
This course will look at every section of the balance sheet, income statement, cash flow statement, and the notes in order to anticipate what the external auditor will ask. The amount and type of documentation will be suggested for helping the auditor.
Getting ready for the auditor means knowing the basics the auditor will ask for and then being prepared for the follow-up questions that are sure to come up. In addition, you should be ready with that documentation. You should know what an auditor considers an adequate sample that will be representative of the section of financial information being examined. On top of that, you should look for exceptions that you will have to explain and justify. This is especially useful if interaction with management will be needed.
Although auditors are used to people waiting until the auditor asks them for information or documentation, getting and staying a few steps ahead will not only shorten the duration of the audit, but it will foster an atmosphere of cooperation and is more likely to have the auditor trust the financial information and documentation more readily.
There is nothing like the experience of being audited to teach you how to get ready for the next time. However, knowing how an auditor thinks and what they are looking for is very valuable. A good audit means less headaches, a more reliable financial statement that serves shareholders, potential investors, lenders, and other external users such as regulatory bodies. Since public companies have no choice but to go through an external audit, why not learn a few tricks to make it faster and less work?
- Key information and documentation the auditor always wants
- What else could the auditor ask for?
- How much should you tell the auditor?
- What not to say to the auditor
- Knowing what the auditor will ask your boss and be ready
- Getting ready in case the auditor asks you details about your organization's accounting policies
Course Level - Basic/Intermediate
Who Should Attend
- Board members
- External auditors
- Compliance professionals
- Operational professionals
- Finance professionals
- Internal auditors
Why Should Attend
Attend this session and learn the secrets of preparing for the audit and doing it quickly and easily. We will help you prepare a Year-end "must-do" items checklist covering those "special" areas the auditor always checks. You will differentiate between the process of analyzing a GAAP financial statement and an IFRS financial statement. You discriminate between the two types of accounting methods by examining the balance sheet, income statement, cash flow statement, and notes on a line-by-line basis using an auditor’s point of view. You will anticipate what information and documentation the auditor will require. You will judge the amount of time and effort you should invest in preparing for the audit. You will know what items should be discussed with management in advance so they can get ready for questions that the auditor will ask them directly. You will be aware of your firm’s accounting policies and how they are applied. You will be prepared to discuss confidentially and accounting irregularities with the auditor and be ready with any supporting documentation. You will recommend any worthwhile improvements in the accounting function. You will keep your accounting qualifications up to date to provide the best possible return on your employer’s investment in your education and skills.