Webinars & Events

Have an Internet connection and a separate phone line? Then you're Webinar ready! Join in from your desk or get the whole staff together. No lost time, no travel costs! Rich Lanza , founder of AuditSoftware.Net, will be bringing his tremendous expertise on all facets of audit, anti-fraud, and assurance software to automated general ledger testing:

Proactively Testing Journal Entries To Detect Management Override and Ensure Sarbanes-Oxley Compliance

This is a repeat of the session delivered on September 28, 2006 which had record attendance.

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Date/Time: Offered on Tuesday October 24, 2006 at 2 p.m. EST (GMT-5).

CPE: 1 CPE Credit is available for attending the seminar. View additional information on CPE credits.

Cost: Free

Session Intro:

In looking at some of the recent large-scale frauds, such as WorldCom, management override around the journal entry process was the key contributing factor (according to an Oct. 30, 2002, article in The Wall Street Journal). Companies have spent time documenting, testing, and otherwise fine-tuning their journal entry processes for Sarbanes-Oxley. Standard-setters like the AICPA have even issued guidance to companies on how to prevent management override and how to perform improved journal entry tests. However, none of this documentation, testing or standards can prevent the one-off entry in the middle of the night. If executive management wants to beat the system, they can do so with a few keystrokes.

Auditors and fraud examiners could use manual means to review the general ledger yet this generally proves ineffective given the breadth of the ledger and the fact that the human eye makes errors. This is not to say that manual means are completely obsolete as a person's judgment when reviewing entries is still very valuable; rather that only relying on manual means is obsolete. Anyone serious about stopping financial statement fraud needs to consider implementing effective journal entry controls and automated tests.

Learning Objectives:

• Understand the risks inherent in the journal entry process
• See the audit standards that are associated with journal entry testing
• Learn what manual tests can be done and then the benefits of automating these tests
• Get a list of top journal entry tests that align with audit standards
• Learn how to do a few automated journal entry tests

Presenter: Rich Lanza , (CPA/CITP, CFE, PMP) is president of Audit Software Professionals focusing on using audit and assurance software to improve business intelligence, increase efficiencies, and identify bottom-line savings. He is the founder of AuditSoftware.Net, a free website devoted to educating professionals in the use of audit software. He also provides companies bottom-line savings through training and consulting services. Learn more about Audit Software Professionals at www.auditsoftware.net (Training, Services, and Events tab).

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Need more information? Call 973-601-3701, e-mail us, or Ask Rich.