As financial leaders, CPAs are often tasked with managing organizational risk. In this respect, the supplier relationship can be a tricky one. It is often one of the more familiar and comfortable business relationships we have, yet it may also be the one that presents the most significant risk to our company. In this course, we will explore how to manage the supplier relationship from onboarding to termination. Through case studies and best practices, we will discuss how to continue being a good partner to our suppliers while also understanding where potential risks exist. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation, you will be able to...
- Identify what factors allowed certain frauds to occur.
- Recognize what internal controls may have prevented the frauds.
- Consider application of these lessons to circumstances you encounter in your professional endeavors.
- Apply ethical guidance to scenarios that accounting professionals may encounter in public practice.
Major Topics
The major topics that will be covered in this course include:
- Key changes made by the 2024 Revision to Government Auditing Standards
- Review when the GAGAS requirements are applicable to a financial statement audit
- When reporting on key audit matters may apply in a GAGAS audit
- Clarifications related to the independence requirements in a financial statement audit imposed by the 2024 Yellow Book
- Review the impact of the Quality Management Standards to a financial statement audit conducted under the 2024 Revision to Government Auditing Standards
- Other important matters contained in the 2024 Government Auditing Standards related to financial statement audits
