AuditWatch Initiative
Next Steps to Implementing the Risk Assessment Standards
This program is designed to help you build on the first year of implementing the risk assessment suite of standards by providing hands on practical advice.
Objectives- Share best practices and lessons learned
- Address challenging areas from the first year
- Take the next steps in implementation
Scorecard
The program begins with a in-depth analysis of where you are
in the implementation process. We review engagement files, send surveys,
interview selected individuals,
and work with you to identify the positive and negative aspects of your implementation
process. The result of this phase review is a scorecard, which assesses the
effectiveness and efficiency of your year one implementation in approximately
20 key areas. This scorecard and related discussion with you drives the
creation of a
customized best practices seminar that helps to further implement the suite
of standards.
Best Practices Seminar
The seminar is designed for all auditors and focuses on tips and best practices
for achieving effective and efficient implementation of the risk assessment
standards, as
well as other aspects of the audit process. We tailor the seminar to the
needs of your firm, this includes helping you get the most of the audit
tools
and forms you use.
Seminar focus typically includes the following topics:
- Risk Identification and assessment
- Internal controls evaluation and testing
- IT environment and controls
- Audit documentation
- Project and client management
- Designing audit procedures and programs
- Firm wide processes and attitudes
Team Meetings
AuditWatch will conduct highly focused engagement-level meetings with approximately
five to six team members. These meetings are designed to give auditors hands-on
experience to
- Implement key seminar learning points
- Challenge the work done in the past year from a productivity standpoint
- Identify opportunities to improve the audit
- Design more effective and efficient audit procedures
In these workshops, AuditWatch leads an engagement team to apply the concepts discussed in the seminar to an actual engagement. Each workshop lasts half a day and targets the areas mutually agreed upon with the largest potential benefit.
Looking Ahead
AuditWatch will share our thoughts and observations through a Web meeting with
your audit department or firm leadership. The goal is to help develop future
action plans to
keep the audit improvement efforts on track and in place.
| Program Details | ||
Experience Delivery Method CPE Credits |
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Prerequisites Questions? |
AuditWatch is registered
with the National Association of State Boards of Accountancy (NASBA) as
a sponsor of continuing professional education on the National Registry
of CPE Sponsors. State boards of accountancy have final authority on the
acceptance of individual courses for CPE credit. Complaints regarding registered
sponsors may be addressed to the National Registry of CPE Sponsors, 150
Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org.
