AuditWatch Initiative

The AuditWatch Initiative brings the industry best practices and core training your professionals need to improve each and every engagement. AuditWatch is the industry leader in providing assistance to public accounting firms who desire to maintain and improve the quality of their audit engagements while simultaneously improving efficiency and economics. Delivered by the expert AuditWatch Consulting Team, the comprehensive program has four phases as described below.

AUDITWATCH INITIATIVE PHASES

PHASE 1:
SCORECARD
The program begins with an in-depth analysis to identify the current state of your audits and to identify opportunities for efficiency and quality improvement. We review engagement files, send surveys, interview selected individuals, and work with you to identify the best practices and opportunities for improvement. The result of this phase is a scorecard, which presents our assessment of the opportunities to improve the quality and efficiency of your audit process and related engagements. The scorecard and related discussion drives a solution that includes a two-day customized best practices seminar and other activities designed to improve your firm’s audits and audit process.

PHASE 2:
BEST PRACTICES SEMINAR
The seminar is designed for all auditors and focuses on tips and best practices for completing effective and efficient audits. We tailor the seminar to the specific opportunities at your firm. This includes helping you get the most of the audit tools and forms you use. The seminar focus typically includes the following topics:

Risk identification and assessment
Internal controls evaluation and testing
Audit documentation
Project and client management
Designing audit procedures and programs
Firm wide processes and attitudes

PHASE 3:
TEAM MEETINGS
AuditWatch will conduct highly focused half-day engagement team meetings. These meetings are designed to give team members hands-on experience to:

Implement key seminar learning points
Identify opportunities to improve a specific audit engagement
Design more effective and efficient audit procedures

In these workshops, AuditWatch leads an engagement team to apply the concepts discussed in the seminar to an actual engagement. Each workshop lasts half a day and targets the areas with the largest potential benefit.

PHASE 4:
LOOKING AHEAD
AuditWatch will share thoughts and observations through a web-based meeting with your audit department leadership group. The goal is to help develop future action plans you can take to keep the audit improvement efforts on track and in place.

Program Details
Total recommended CPE credit: 20 credits \| Overview (Seminar: 16, Meetings: 4, Auditing)		Questions? Call 800.775.9866