Financial Statement Audit Best Practices

Investors and lenders rely on the opinion of an independent outside auditor to make their economic decisions to invest or lend their money. Auditors have a duty to express their view as to whether the company’s financial statements present fairly the financial condition of the company and are therefore free of any material misstatements. 

Regulators and many legislative bodies require strict controls on audit procedures. However, this can be a risk laden area for compliance professionals due the ongoing legal requirements of Sarbanes-Oxley and other Acts.

Why Should You Attend

If you are involved in the preparation of an independent external audit, you will want to be up to date on the latest techniques and improvements in financial statement auditing.  With the need for the auditor to play an ever increasing role in pointing out issues with internal controls, best practices become an essential tool to close the gap in understanding of the importance of simple internal controls and a sound control environment.
 
With today's advanced technology, one would think that keeping abreast of best practices in auditing would be easy.  However, it can be a time-consuming effort.

Objectives of the Presentation 

Although there are well-established procedures for proceeding with an audit, some may be comparatively risky and should be replaced by those that have proven more effective and more efficient.

Areas Covered in the Session 

•  What is and why a financial statement audit?
•  The expansive role of the audit committee
•  The 6 phases of the financial statement audit process
•  Quality system and legal compliance audit checklists
•  Audit procedures for income statements, revenue, fraud detection, cash procedures
•  Reporting - audit opinion preparation best practices

Who Will Benefit 

•  CEO/CFO
•  Board members
•  External auditors
•  Compliance professionals
•  Operational professionals
•  Finance professionals
•  Internal auditors