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
Instructor
Lynn Fountain
Lynn Fountain has over 38 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She is a highly sought-after trainer and international speaker. In addition, Ms. Fountain has assisted numerous companies with enterprise risk management frameworks, internal audit processes and financial accounting. She also serves as a discussion leader for the AICPA for numerous classes finance, accounting and risk management topics.
Ms. Fountain is the author of three separate technical books. Her first book released in 2015 by the Institute of Internal Auditors Foundation is entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. Her second book “Leading the Internal Audit Function” was released in October 2015 by Taylor & Francis Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. Her third book “Ethics and the Internal Auditor’s Dilemma” was released in December 2016.
Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.