Tuesday, October 6, 2020
12:00 – 1:30 pm (Eastern Time)
11:00 – 12:30 pm (Central Time)
10:00 – 11:30 am (Mountain Time)
9:00 – 10:30 am (Pacific Time)
This bank audit webinar is for both external and internal auditors, seasoned and new. It focuses on the need for changing the way audits are conducted. Both internal and external audits have not changed very much over the years which makes no sense given significant changes in the audit environment, technology, the professionalism of auditors etc. We hear about and read about the “auditor of the future.” The future is now.
Emphasis. Audits must become more efficient. The webinar reviews the following four (4) significant driving forces which are bringing about efficiency:
- The overall approach to audits
- The obsession with risk and risk assessment
- The integrated audits which report on internal controls as well as financial presentations
- Artificial intelligence
The audit webinar carefully defines effectiveness and efficiency and how they are significantly different but, nevertheless, interrelated.
Overall Audit Approach. Heavy emphasis is placed on a top-down audit approach with focus on principles, standards, procedures and techniques.
Risk Obsession. The webinar also strongly emphasizes the importance of the auditor’s risk model and how that really is the auditor’s business risk. It also revisits the important business risks faced by all bankers and faced by the auditors who audit bank financial statements and/or bank internal controls.
Integrated Audit. The modern audit now focuses attention on financial, operational, and information technology. All three must be addressed on every audit engagement. The webinar analyzes the integrated approach and highlights how it is a driving force for efficiency.
Paul J. Sanchez, CPA, CBA, CFSA conducts a 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.
1.5 CPE Credits & 1.8 AAP Credits