No one ever said that change is easy. However, change is a natural and constant part of life. Especially in the fast-paced world that we live in today. In fact, facing change can be downright scary. But, facing change head-on and embracing it is the only way to truly become successful. Considering the COVID-19 crisis and related economic uncertainty, we’ve been forced to reassess how we work, collaborate, and engage with our employees and our clients. As we embrace and adapt to this new landscape, our clients are facing unique challenges. Furthermore, certain areas may present heightened risks.
For example, some areas to consider include:
- Internal Controls – When states began issuing stay-at home orders during the first quarter of 2020, many clients were not ready to shift from an office environment to remote working. That could heighten the risk of breakdowns in internal controls.
- Fraud Risk – When we think of this risk, recall the fraud triangle, i.e. Incentives/Pressure, Opportunity and Rationalization. With many businesses affected economically, and more than 40 million jobless claims in the US alone, all parts of the fraud triangle are present.
- Auditing Accounting Estimates – How do we as auditors evaluate these estimates? From revenue recognition to intangibles, relying on management’s estimates from prior years may not be sufficient.
Indeed, COVID-19 has led to dramatic shifts in every industry. Therefore, we auditors need to be prepared for these changes.
And, here is how Wolters Kluwer’s School of Audit can help! Specifically, with some new web-based audit training options.
E- Learning with the School of Audit.
As our customers continue to face the disruption of COVID-19, staff development should not have to suffer. To help, the CCH Learning & Development Academy School of Audit Regional Onsite programs have been changed! Now, these offerings are available as web-based for a time:
Experienced Staff Web-Based Audit Training Course
First, the ‘Experienced Staff’ two-day web-based program teaches more complex areas and understanding of more advanced materials. this course highlights:
- One, Accounts Receivable, Inventory and Debt
- Two, utilizing analytics and data extraction tools
- Three, advanced software training using CCH ProSystem fx Engagement and introduction to TeamMate Analytics
Senior Web-Based Audit Training Course
Second, the ‘Senior Staff’ two-day web based program is designed for new seniors with in-charge responsibilities. Course highlights include:
- One, keys to success for an engagement field leader, on-the-job trainer, mentor and efficient and effective auditor
- Two, how to plan an audit, including assessing risk and designing substantive procedures in response to assessed risks. Also, advanced data extraction using TeamMate Analytics.
- Three, financial statement drafting techniques, including advanced linking utilizing CCH ProSystem fx Engagement
Experienced Senior Web- Based Audit Training Course
Third, the ‘Experienced Senior’ two-day web based program is designed for seniors who already have in-charge responsibilities. This one prepares your staff for researching more complex audit areas. Course highlights include:
- One, conduct research using CCH Accounting Research Manager to write effective technical memos
- Two, understand the basics of more complex audit areas, including stock-based compensation, derivatives and fair value measurements and disclosures
- Three, develop professional presentation skills and apply professional judgement in an audit
In summary, while change is not easy, it is a necessary part of life. As we navigate through these trying times, embracing and adapting to change allows us as auditors to draw upon a broader range of skill sets. The CCH Learning and Development Academy recognizes the importance of this.
Learn more about the School of Audit, and sign up for our new web-based audit training course offerings!