What keeps CFOs up at night CPAs and other audit professionals need to develop an understanding of the many risks that;companies face. With this knowledge, auditors can better focus scope and procedures to address both balance sheet and “beyond the balance sheet” risks, with the objective of minimizing auditor risk due to unmet expectations. This program will address these issues and more, including the big picture, the value-drivers, managing the board, risk management, economic analysis, behavioral drivers and credibility assessment. Available in 4 and 8 hour formats
Course ID: ARBBS
Audit Risk – Beyond the Balance Sheet
Learning Objectives
- Understand the totality of risks that concern CFOs
- Learn to minimize auditor risk due to unmet expectations
Major Topics
- The big picture – how investors, analysts and the media impact the strategic, tactical and governance decisions of businesses, and why such expectations should be audited
- The value drivers – how businesses are valued and why audit scope should address the accuracy and achievability of value drivers
- Managing the board – how auditors can best address issues facing boards in an era of high public scrutiny, and why the auditors’ own reputation can be protected by doing so
- Risk management – how auditors should assess enterprise risk and address critical success factors through their procedures, not just from a perspective of “what might go wrong” – but “what must go right” to meet stakeholder expectations
- Economic analysis – how auditors should apply macro- and micro-economic analysis to assess the impact of business cycles on client investment and operating decisions, including how to measure and account for the economic effects of transactions
- Behavioral drivers – how auditors should assess their clients’ decision and accountability culture to determine where pressure points exist, both from a financial and political reward perspective
- Credibility assessment – how auditors should critically evaluate both business and financial capability of clients to determine a “credibility score” to deliver on accountabilities and expectations
Who Should Attend
CPAs and other audit professionals who want to expand their knowledge of how business management and client culture could impact audit risk and the selection of audit procedures
Fields of Study
FinancePrerequisites
Management experience