Conducting a Remote Audit - Oklahoma Society of CPAs

Overview

Auditing for today’s world

Remoting auditing is happening everywhere you turn. Understanding the considerations for a remote audit and the specific techniques for performing the engagement will help you integrate remote auditing into your practice.

You will learn how to:

Leverage the benefits of remote auditing

Manage the team, client, and audit process remotely

Identify engagement-wide procedures from client acceptance through report issuance when remote auditing

Identify and obtain audit evidence for generally material accounts

Highlights

Benefits of remote auditing

How to manage the team, the client, and the audit process remotely

Engagement-wide procedures, from client acceptance through report issuance when remote auditing

Narrow-topic considerations when remote auditing

Prerequisites

None

Designed For

Auditors

Objectives

Identify why remote auditing has become an important skill.
Recall the general characteristics of a remote audit.
Identify techniques for managing your team, the client, and the remote audit process.
Identify the considerations for engagement-wide audit procedures, including client acceptance, risk assessment, fraud, and documentation.
Recall the considerations for obtaining and using audit evidence and for professional skepticism when conducting a remote audit.
Identify general considerations for auditing significant asset and liability accounts.
Identify techniques that can be used in remote walk-throughs and controls testing.
Recall techniques to effectively perform inventory procedures when conducting a remote audit.

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Daryl Krause

Leader Bios

Daryl Krause

Daryl G. Krause, CPA, has CPA Certifications and he practices in: Illinois, Indiana, Kentucky, Michigan, Ohio and Wisconsin as Manager & CEO of his CPA firm, which he founded in 2005. Previously he enjoyed 23 years of diversified responsibilities with Ernst & Young. Industries he served included manufacturing, construction, real estate and financial services. Daryl has led more than 100 courses for the AICPA in 27 states and the District of Columbia. He also performs technical reviews during the development of certain AICPA courses.

Daryl was the Ohio Valley Area Director of Employee Benefit Plan Services specialty audit practice for 8 years responsible for the technical accuracy and quality of over 300,000 hours of employee benefit plan audit effort. Roles included sign-off partner for approximately one third of the entire area’s engagements, independent reviewer on approximately 100 additional plans per year and technical advisor for all work.

As Senior Manager in the Entrepreneurial Services group for 3 years he managed a portfolio of corporate audit client relationships. Roles included providing SEC reporting assistance to new public companies, assisting in due diligence on potential acquisitions and helping companies improve their controls and financial reporting processes.

He served in E&Y’s National Professional Development group as a Senior Manager for 5 years. Roles included designing, developing and delivering core curriculum Audit and Entrepreneurial Services training programs for the entire U.S. practice. Part of the 11 member team that completed the development effort to introduce the Ernst & Young Audit Approach training for Staff through Partner following the Ernst & Whinney and Arthur Young merger, which was deemed a critical success factor for the newly formed Ernst & Young.

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