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OnDemand Course

Hot Topics in the Audit Confirmation Process

Gain a better understanding of audit confirmation best practices and real-life examples from an accounting and finance perspective.

This information will help you use confirmations more efficiently and effectively, including avoiding common issues that can result in peer review and enforcement findings. Efficiency is enhanced by evaluating whether confirmations are necessary, evaluating the necessary sample size, and how the confirmations should be transmitted. Confirming other information when appropriate and validating recipients and responses can improve confirmation effectiveness.

Learning Objectives

  • You will be able to identify notable bank confirmation frauds that changed the industry.
  • You will be able to differentiate between the types of confirmations.
  • You will be able to differentiate the benefits of various confirmation methodologies.
  • You will be able to identify the steps in the confirmation process.

Runtime: 94 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Continued Importance of Confirmations

  • Enforcement Findings Related to Cash and Receivable Confirmations
  • Increased Need for Direct Third-Party Evidence to Validate Electronic Source Information
  • New Ways to Transmit and Receive Confirmation

Bank Confirmations

  • How to Determine Whether Bank Confirmations Are Necessary
  • How to Send Electronic Bank Confirmations

Sending Receivables Confirmations

  • Identify When Confirmations Are Not Appropriate
  • How to Determine the Type(s) of Confirmations to Send
  • How to Determine the Number of Confirmations to Send
  • Evaluating Individually Significant Accounts and Whether Stratification Is Necessary
  • Addressing Client Requests Not to Send Selected Confirmations
  • Evaluate the Need to Confirm Special Terms and Other Information
  • Maintaining Control and Validating Recipients

Evaluating Confirmation Responses

  • Determining When Alternative Procedures Are Not Necessary
  • Evaluating Whether a Confirmation May Need Additional Validation
  • Extrapolating Results

Accounts Payable and Other Types of Confirmations

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on January 24, 2020.

Call 1-866-352-9540 for further credit information.

  • CPE/NASBA - QAS Self Study 2.5 including Auditing 2.5
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study 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 submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.5 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Auditing for 2.5 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Randal J. Elder

Randal J. Elder

The Bryan School - UNCG

  • Professor and head of department of accounting and finance in The Bryan School of Business and Economics at the University of North Carolina at Greensboro
  • Previously accounting department chair and senior associate dean at Syracuse University Whitman School of Management
  • Public accounting experience as an audit manager at a large regional audit firm with experience with private companies and government and nonprofit audit clients
  • Chaired research synthesis on audit confirmations and audit sampling performed by the auditing section of the American Accounting Associate for the PCAOB.
  • Co-author on a leading auditing textbook, Auditing and Assurance Services: An Integrated Approach
  • Member of the AICPA and American Accounting Association
  • Ph.D. degree, Michigan State University
  • Can be contacted at 336-256-0530 or [email protected]
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
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  • State Specific Credit Tracker
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* For audio recordings you only pay shipping

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Product ID: 407515
Published 2020
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