Overall Approach to a Systems-Based Audit

Duration: 90 Minutes
This webinar provides internal auditors with important information about how to approach their company's audit of internal controls. It presents an overview of the current role of the modern professional internal auditor with an emphasis on its primary role of opining on the adequacy and effectiveness of internal controls.
Systems-Based Audit
Product ID: 507239
It shows the purpose and detail steps involved in an audit of the systems of internal controls from "cradle" to "grave." It gives the attendee a view of what corporate board members and regulators expect. It also clarifies key internal control terminology.
The presentation zeros in on:
  • Identifying what to audit
  • Understanding terminology
  • Obtaining corporate governance "buy in"
  • Identifying steps to be followed when conducting audits of internal controls
Objectives of the Presentation
Attendees will learn the following:
  • The various roles of internal auditors
  • The internal audit profession
  • The key job of the internal auditor
  • The step-by-step approach to audit of a system of internal controls in a business function
  • Reporting on adequacy
  • Possible reporting on effectiveness
  • When to test and when not to test internal controls
Why Should you Attend
One should attend this training:
  • To obtain the big picture approach to an internal auditors to audit or review of an auditee's system of internal control (systems-based audit)
  • To learn about the various steps included in a systems-based audit
  • To discipline the meaning of key internal control terms
  • To emphasize the need for "buy in" by the corporate governors
Areas Covered
  • Beginning to end review of what is commonly called "system" of internal control
  • Reporting on adequacy and effectiveness of internal controls
  • Testing of internal control and when to do such testing
Who will Benefit
  • Internal Auditors - all levels
  • Chief Audit Officer
  • Board Audit Committee Chairperson
  • Regulators
  • Outsize CPAs engaged to audit financial statements of the entity - all levels
  • Chief Risk Officers
Topic Background
The internal audit function has become an important part of the overall management and control responsibilities for corporate entities of all sizes. Internal auditing has evolved from a basic re-computation, verification activity to a profession that focuses on the internal controls in an entity. Internal auditors have taken on many responsibilities. The primary concern of management and the board is whether systems of internal controls (parts of which are "owned" by many different department heads) are adequate and effective. They look to the internal audit department to provide comfort about those systems of internal control.
$200
Recorded Session for one participant
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How it works
Live Session - How it works
  • Login to onlinecompliancepanel with your registered username and password https://www.onlinecompliancepanel.com/login
  • The webinar joining link, username and password for joining the webinar will be updated on your OCP Account 24 hours prior to the webinar
  • Presentation handouts in Downloadable PDF format will be updated on your OCP Account 24 hours prior to the live session
  • Login to the audio conference on the scheduled date and time
  • Get answers to your queries through interactive Q&A sessions via chat at the end of the session
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account 24 hours after the completion of the session
  • Please let us know your thoughts and views at the end of the webinar, your valuable feedback will help us improve
Recorded Session - How it works
  • Login to onlinecompliancepanel with your registered username and password https://www.onlinecompliancepanel.com/login
  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Paul J. Sanchez, CPA, CBA, CFSA, CGMA conducts a small CPA practice in Port Washington, New York. He is also the owner of Professional Service Associates (PSA), a consulting and professional training and development business servicing corporate clients (auditors, controllers, etc.), CPA firms, professional associations and others. He was an assistant professor at Long Island University - C.W. Post Campus as well as an adjunct lecturer at City University of New York. Prior to starting PSA, he was the Vice President-Professional Development for the Audit Division of a regional bank and Director of Professional Practices and Vice President of a money-center bank, where he directed the professional practice development and training for internal auditors. He also was on the technical staff of the Auditing Standards and Examinations Divisions of the AICPA. He practiced public accounting in the New York office of Deloitte where he also was a firm recruiter and in-house professional development instructor. He was an owner and auditing and accounting seminar leader for the Person/Wolinsky CPA Review Courses, a company that prepared candidates to pass the Uniform CPA Examination. He is a frequent lecturer and seminar leader for accounting, auditing, banking, risk assessment and other professional presentations. He is the author of the textbook, "Accounting Basics for Community Financial Institutions" (Financial Managers Society, 2nd edition, Chicago, 2009) and the "Ideas an Analysis Letter: The Sanchez Take" (see www.sanchez-psa.com). As a contributing author, his chapter on 'An Auditor's Approach to Risk-Based Auditing: What to Audit and When,' is included in the textbook, "Effective Auditing for Corporates: Key Developments in Practice and Procedures," (Bloomsbury Information, Ltd, London, 2012).
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