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As the COVID-19 virus spreads, CPA firms are working to identify unique and innovative ways to ensure staff follow auditing standards while working remotely. This can present a challenge especially when organization employees are spread out in various locations and also working remotely. The ability to make requests, access information, conduct interviews and review documents all create challenges when ensuring the audit work follows audit standards and best practices.

The challenges faced by CPA firms in some respects can be unique due to the sensitivity and importance of financial reporting as well as internal controls over financial reporting. This extends from efforts such as examining accounting processes that may need extra attention to adequately performing internal control risks assessments and maintaining strong documentation practices. It also extends to the potential increased risk for fraud due to the changing economic landscape.

Who Should Attend:
- CPA firm staff, management and partners.
- Organizational client management who need to understand the requirements of an effective audit.

Learning Objectives

  • Identify and understand the challenges and benefits of remote auditing.
  • Recognize audit and accounting standard requirements for conducting an audit.
  • Identify the methods for firm practice management and ensuring quality measures are followed during remote work situations.
  • Recognize and evaluate methods to properly communicate with clients including methods for obtaining and sharing information in a safe manner.
Last updated/reviewed: June 17, 2020

9 Reviews (32 ratings)Reviews

4
Anonymous Author
I enjoyed this course because of its efficiency in allowing to go at a self-paced. As a junior auditor, it has been very informative and helpful since majority of my learning experience as an entry-level auditor has been working remotely.
5
Anonymous Author
very informative, the course helps keep an inquisitive mind and open flags on what to look for during remote audits, which have become the new normal.
4
Anonymous Author
Overall, good course. I like that it goes in slowly and breaks it up for better understanding. Not much dislikes since it is mainly self learning.
4
Anonymous Author
this was a great module considering the times we are currently in. I can relate to almost everything that was mentioned here.
5
Anonymous Author
It is a very informative course; it will definitely assist with my current job.
4
Anonymous Author
Great presentation of the challenges and considerations that auditors must address and be aware of in this new audit environment.
4
Member's Profile
Good training and compilation of the main challenges auditors are facing when working remotely.
5
Anonymous Author
Great overview of the issue, covers a wide range of topics and areas of concern.
4
Anonymous Author
Very timely, good overview on remote auditing in the time of COVID.

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  3:22Introduction to Conducting Remote Audits
  2:19Remote Audit Definition
  8:35Benefits and Challenges
  15:10Communication Recommendations
  3:44Inventories
  7:22Other Challenges
  4:22Going Concern
  4:05Subsequent Events
  5:00Fraud Risk and Other Services
  1:26Summary
CONTINUOUS PLAY
  55:21Conducting Remote Audits
SUPPORTING MATERIAL
  PDFSlides: Conducting Remote Audits
  PDFConducting Remote Audits Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM