Conducting Remote Audits in Uncertain Times (Currently Unavailable)
Author: Lynn Fountain
| CPE Credit: |
1 hour for CPAs |
As the COVID-19 virus spreads, CPA firms are working to identify unique and innovative ways to ensure staff follow auditing standards while working remotely. This can present a challenge especially when organization employees are spread out in various locations and also working remotely. The ability to make requests, access information, conduct interviews and review documents all create challenges when ensuring the audit work follows audit standards and best practices.
The challenges faced by CPA firms in some respects can be unique due to the sensitivity and importance of financial reporting as well as internal controls over financial reporting. This extends from efforts such as examining accounting processes that may need extra attention to adequately performing internal control risks assessments and maintaining strong documentation practices. It also extends to the potential increased risk for fraud due to the changing economic landscape.
Publication Date: April 2020
Designed For
CPA firm staff, management and partners, organizational client management who need to understand the requirements of an effective audit.
Topics Covered
- Challenges and benefits of remote auditing
- Audit and accounting standard requirements for conducting an audit
- Firm practice management
- Ensuring quality measures are followed during remote work situations.
- Methods to properly communicate with clients
- Sharing information in a safe manner
Learning Objectives
- Identify and understand the challenges and benefits of remote auditing
- Recognize how to review audit and accounting standard requirements for conducting an audit
- Describe methods for firm practice management and ensuring quality measures are followed during remote work situations
- Identify and evaluate methods to properly communicate with clients including methods for obtaining and sharing information in a safe manner
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (1 hour)
Program Prerequisites
None
Advance Preparation
None
