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.
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Why Lorman?
Over 36 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 36 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 April 24, 2019.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.5
- Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.6
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.6 hours credit.
- Arizona CLE 1.5
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.5
- Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
- CT CLE 1.5
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
- GA CLE 1.5
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
- IL CLE 1.5
- This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
- MO CLE 1.9
- This course qualifies for self-study CLE credit in Missouri.
- NM CLE 1.5
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.5 hours of credit.
- PA CLE 1.5
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
- RI CLE 1.5
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
- VT CLE 1.5
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Credit
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Why Lorman?
Over 36 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
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 36 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.
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