This webinar shows auditors how to quantify or "dollarize" their audit findings. It defines "dollar value" or "value added" auditing and shows how such an audit can "refund" to management dollars saved as a result of audit recommendations.
It focuses on:
- Auditor self assessment
- Dollarizing or putting a dollar value to all findings
- "Soft" dollars and "hard" dollars
- An approach that can be used immediately to implement dollar-value auditing
- Dollar value audit as an operational audit involving systematic review for the purpose of:
- Assessing performance
- Identifying opportunities for improvement
- Developing recommendations for improvement
Learning Objectives:
- What is dollar value auditing
- What findings can be dollarized and how
- What are hard dollars
- What are soft dollars
- How can value added auditing be implemented
- How to compare and contrast concerns on traditional audits with those of an operational audits
- Why operational audit is wanted by management
- What are the three "Es" - economy, efficiency and effectiveness
- What auditor skills are needed
- What is an example of a value added approach
Why Should You Attend:
The webinar will give you information about the need to "sell" your audit findings by putting a dollar value on them. Management often is reluctant to make changes unless they can be justified. The justification provided by the auditor will very often be the tipping point to get a finding implemented.
Attendees will take away ideas about how to dollarize their findings, thus making it easier to make changes and to improve the internal control and safety and soundness of the company's operations.
Areas Covered
- Value Added Auditing
- Audit Finding
- Dollarized Audit Finding
- Soft vs hard Dollars
- Convincing management to make changes
- Operational Auditing changes
- Concerns about Economy, Efficiency, Effectiveness
- Examples of Dollarized Findings
Instructor
Paul J. Sanchez, CPA, CBA, CFSA, CGMA conducts a small CPA practice in Port Washington, New York. He is also the owner of Professional Service Associates (PSA), a consulting and professional training and development business servicing corporate clients (auditors, controllers, etc.), CPA firms, professional associations and others.
He was an assistant professor at Long Island University - C.W. Post Campus as well as an adjunct lecturer at City University of New York. Prior to starting PSA, he was the Vice President-Professional Development for the Audit Division of a regional bank and Director of Professional Practices and Vice President of a money-center bank, where he directed the professional practice development and training for internal auditors.
He also was on the technical staff of the Auditing Standards and Examinations Divisions of the AICPA. He practiced public accounting in the New York office of Deloitte where he also was a firm recruiter and in-house professional development instructor.
He was an owner and auditing and accounting seminar leader for the Person/Wolinsky CPA Review Courses, a company that prepared candidates to pass the Uniform CPA Examination. He is a frequent lecturer and seminar leader for accounting, auditing, banking, risk assessment and other professional presentations.
He is the author of the textbook, "Accounting Basics for Community Financial Institutions" (Financial Managers Society, 2nd edition, Chicago, 2009) and the "Ideas an Analysis Letter: The Sanchez Take" (see www.sanchez-psa.com). As a contributing author, his chapter on 'An Auditor's Approach to Risk-Based Auditing: What to Audit and When,' is included in the textbook, "Effective Auditing for Corporates: Key Developments in Practice and Procedures," (Bloomsbury Information, Ltd, London, 2012).