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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.

Runtime: 94 minutes
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Why Lorman?

Over 32 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 32 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 Webinar

This course was last revised on April 24, 2019.

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

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.7
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 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 32 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!

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Additional benefits include:

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

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 401107
Published 2019
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