The Importance of Auditing Time and Expense
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Speaker : DENISE CICCHELLA
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When : Monday, January 13, 2025
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Time : 01 : 00 PM EST
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Denise Cicchella is a Certified Internal Auditor, Certified Fraud Examiner and Certified Construction Auditor. She has over 26 years experience in audit and fraud investigation. As a construction auditor she is normally accustomed to auditing travel and expense from a vendor standpoint but is also accustomed to auditing travel and expense from within the organization. She is a recognized expert and speaker on auditing, fraud,audit committee and construction audit.
Denise is the author of three books on construction audit (Construction Audit Guide -Monitoring, Controlling and Auditing, Essentials of Construction Management and Construction Audit Building a Solid Foundation) and acted as a co-author and technical editor for Auditing for Corporates.
Denise Cicchella is a recognized expert in construction audit, protecting owners from the overpayment of construction costs due to error, negligence or fraud.
Dense is a Certified Internal Auditor, Certified Fraud Examiner, Certified Construction Auditor, Project Management Professional and Fellow of the Life Management Institute. She holds an MBA in International Business from Fairleigh Dickinson University and a BBA in Accounting from Loyola University. She is the Founding President of the New York/New Jersey Chapter of the National Association of Construction Auditors. She has audited and led audit teams for small construction project as well as multi billion dollar projects.
She is an experienced trainer and can often be seen teaching domestically and internationally.
She has written 3 books on the topic of construction audit.
Auditing travel and expenses is critical for organizations for several reasons:
- Financial Integrity: Auditing ensures that financial transactions related to travel and expenses are accurate, legitimate, and comply with organizational policies and regulations. It helps maintain the integrity of financial records and prevents fraud or misuse of funds. Organization need to focus on completeness of time and expense, application of matching theory, compliance with policy, uncovering travel and expense fraud and ensuring not only that time and expense is overstated but that it is not understated as well.
- Cost Control: By scrutinizing travel and expense reports, organizations can identify areas of overspending, unnecessary expenses, or non-compliance with expense policies. Auditing helps control costs, optimize budgets, and allocate resources more effectively.
- Risk Management: Auditing helps organizations mitigate risks associated with travel and expense activities. It allows them to identify potential fraud, errors, or irregularities early on, minimizing financial losses and reputational damage.
- Compliance: Many industries are subject to regulations and compliance requirements regarding travel and expense reporting. Auditing ensures that organizations adhere to these regulations, avoiding penalties, fines, or legal consequences.
- Data Analysis: Auditing provides valuable insights into spending patterns, trends, and areas for improvement. By analyzing audit findings, organizations can make informed decisions, implement strategic changes, and optimize their travel and expense management processes. The data acquired during travel and expense audits can be used to help negotiate favorable contracts and policies that work.
- Vendor Management: Auditing travel and expense can also involve reviewing contracts with travel vendors, ensuring that negotiated terms are adhered to, and identifying opportunities for cost savings or renegotiation.
- Internal Controls: Effective auditing establishes and strengthens internal controls related to travel and expense management. It helps define clear procedures, guidelines, and accountability mechanisms, reducing the likelihood of errors or misconduct.
Travel and expense has always been an important area to audit, but even more so since much of the workforce is work from home after Covid 19. Several reasons perpetuate this:
- Cost Optimization: The economic impact of the pandemic has prompted organizations to reevaluate their budgets and prioritize cost optimization. Effective travel and expense management ensures that every dollar spent aligns with strategic objectives, maximizing value while minimizing unnecessary expenses.
- Remote Work Dynamics: The widespread adoption of remote work has changed the way businesses approach travel and expenses. With virtual meetings becoming the norm, organizations need to reassess their travel policies and expenses related to remote work setups, such as home office equipment and internet connectivity.
- Risk Mitigation: COVID-19 has highlighted the importance of risk mitigation in travel and expense management. Organizations must implement robust policies and procedures to address health and safety concerns associated with business travel. This includes monitoring travel restrictions, implementing health protocols, and ensuring compliance with regulatory guidelines.
- Technology Integration: The pandemic has accelerated the adoption of technology in travel and expense management. Organizations are increasingly leveraging digital solutions such as expense management software, mobile apps, and automation tools to streamline processes, enhance visibility, and improve compliance.
- Focus on Sustainability: COVID-19 has raised awareness about the environmental impact of travel. Organizations are re-evaluating their travel practices to minimize carbon emissions and promote sustainability. This includes encouraging virtual meetings, promoting alternative modes of transportation, and implementing green travel policies.
- Adaptation to New Norms: As businesses adapt to the new normal, they must adjust their travel and expense policies to align with changing workforce dynamics and customer expectations. This may involve redefining travel guidelines, reallocating resources, and embracing flexible work arrangements to meet evolving business needs.
In summary, auditing travel and expenses is essential for organizations to maintain financial transparency, control costs, manage risks, ensure compliance, and drive continuous improvement in their operations. It serves as a proactive measure to safeguard financial resources, enhance decision-making, and uphold organizational integrity.
Areas Covered
- Define the importance of auditing travel and expense
- Explain the objectives and benefits of conducting audits in this area
- Highlight the role of auditing in maintaining financial integrity and compliance
- Discuss the process of planning and preparing for travel and expense audits
- Identify key stakeholders and their roles in the audit process
- Outline the steps involved in setting audit objectives, scope, and criteria
Who Should Attend
Auditors, audit management, human resource management, accounts payable management and accounts payable representative
Why Should You Attend
Unlock the power of financial oversight with this transformative course, "The Importance of Auditing Travel and Expense." In today's dynamic business landscape, meticulous scrutiny of travel and expense processes is paramount for organizational success. This comprehensive program equips students with the indispensable skills and knowledge to navigate the intricacies of auditing with precision and proficiency.
Join us as we delve into the critical role auditing plays in maintaining fiscal integrity within companies of all sizes. From scrutinizing travel expenditure to analyzing expense reports, participants will gain a deep understanding of auditing principles and practices tailored specifically to the realm of travel and expense management.
Led by industry experts, this course offers a unique blend of theoretical concepts and practical applications, ensuring that students not only grasp theoretical frameworks but also see real-world auditing scenarios. Through theory and case studies, attendees will develop the acumen to identify discrepancies, mitigate risks, and optimize expense processes effectively.
Furthermore, our course goes beyond traditional auditing methodologies by incorporating cutting-edge technologies and tools. Participants will explore innovative software solutions and data analytics techniques that streamline auditing procedures, enhance efficiency, and uncover valuable insights hidden within vast amounts of financial data.
By investing in "The Importance of Auditing Travel and Expense," students position themselves at the forefront of a rapidly evolving field, poised to make a significant impact in their organizations. Whether you're a seasoned auditor looking to sharpen your skills or a newcomer seeking to enter the field, this course offers a comprehensive roadmap to success in auditing travel and expenses.
Don't miss this unparalleled opportunity to elevate your auditing expertise and drive financial excellence in your organization. Enroll today and embark on a transformative journey toward mastering the art of auditing travel and expense.
Topic Background
Time and expense may not be the most exciting area to audit but that does not diminish its importance. Additionally, T&E Fraud is often a starter fraud to bigger plans.
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$160.00
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