Improve Your Bottom Line: Tips for Auditing Income & Expenses
Date: Feb 23, 2013 04:00 AM - 05:30 AM
Location: OnlinePrice: $200
This webinar was originally presented on 8/23/2012. Archives are available for six months after this date.
How do people embezzle? Let us count the ways – diverting income, overstating expense, manipulating computer systems to generate unauthorized credits, using a company credit card for personal expenses, getting advances without returning the excess. . . and the list goes on. Auditing your credit union’s income and expense accounts is an excellent way to detect fraud. Even if no one is stealing, a comprehensive income and expense audit may prevent fraud, detect unnecessary overspending, and help eliminate waste and inefficiencies. The beauty of an income and expense audit is that it frequently pays for itself if it’s sufficiently thorough.
When conducting an internal control audit, the objective should be more than a brief review just to check it off your list. What’s the point of spending time and money on a limited-scope audit if it doesn’t reflect the actual condition or identify ways to make improvements? You get more results with a comprehensive audit, because it better identifies problems and ways to save money. This is important in today’s economy and especially true when it comes to auditing income and expense accounts. In addition to improving the controls surrounding your credit union’s income and expense accounts, this webinar will provide several practical forms and instructions.
- Audit tips for purchasing and accounts payable
- Reviewing expense reimbursements and company credit cards
- Yield testing
- Reconciling (to the penny) interest income and interest expense accounts
- Expanded testing of income and expense accounts
- Testing prepaid expenses and accrued expenses payable
- Reviewing service charge waivers
- IRS reporting issues
- Sample forms and audit instructions
WHO SHOULD ATTEND?
This informative session would best suit financial accounting personnel, internal auditors, and management-level personnel who wish to control the costs.
Please note: The live webinar option allows you to have one telephone connection for the audio portion and one Internet connection (from a single computer terminal) to view online visuals as the presentation is delivered. You may have as many people as you like listen from your office speaker phone.
ABOUT THE PRESENTER – Rhonda Hudson, Compliance +, Inc.
Rhonda Hudson is president of Compliance+, Inc., an audit and consulting firm that specializes in practical, common-sense solutions to issues associated with compliance, internal controls, and operations. Years of experience as a banker and consultant have helped her introduce new and innovative methods for resolving client problems, many of which were unique to their operations/systems/resources. Her solutions and methodologies have been well-received by her clients and their examiners.
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