The Role of Electronic Confirmation in Today’s Audit Practice

Brought to you by AICPA Academics

Wednesday, Nov. 13, 2013 @ 2:00pm Eastern (90 minute length)
Free Webcast, no CPE. Streamable on your iPhone or iPad iOS4.2+

Just because paper-based audit confirmation processes have been around for more than 100 years doesn’t mean it’s a full-proof method for performing confirmations. There have been several high-profile fraud cases that have highlighted the inherent weaknesses in paper-based confirmations and the pressures to address the continuously evolving accounting industry standards. Because of this and other factors, today’s auditors are leveraging technology through an on-line audit confirmation application that increases process efficiency and improves the detection of confirmation fraud-related issues.

In this webcast, The Role of Electronic Confirmations in Today’s Audit Practice, Brian Fox will discuss recent cases that were embroiled in financial fraud and how recent modifications to the auditing standards have altered the way audit confirmations are performed.

To aid in the students’ awareness of these trends and the beneficial role technology has in today’s audit practice, Denise Hanes will share why she and two other professors worked with to develop the Simply Soups teaching case. Denise also will discuss how this teaching case gives students their first in-class hands-on experience using the latest electronic confirmation application, and how the write-up work paper assignment mimics the real-world experience a staff auditor would undertake in the preparation and submission of audit work papers.

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  Denise R. Hanes, CPA, Ph.D. is an assistant professor of Accountancy and Information Systems at Villanova University. She completed her PhD at Bentley University in May 2013. Before joining the doctoral program at Bentley, Dr. Hanes worked at PwC in the firm’s assurance practice. In 2009, she was selected by the AICPA Foundation as one of thirty national recipients of the Accounting Doctoral Scholars Fellowship and left PwC to begin a career in academia. A Philadelphia area native, Dr. Hanes received both her BS and MA from Villanova University in 2005 and 2008, respectively.

Dr. Hanes’ primary area of research interest is auditor judgment and decision making. Currently, she is interested primarily in addressing behavioral issues that manifest themselves in arrangements where auditors are globally dispersed. Other areas of research interest include fraud, audit quality, and ethics. For her research, Dr. Hanes has received several grants including PwC INQuires Grant (2012) and the Center for Audit Quality Research Grant (2012).

Dr. Hanes enjoys teaching Financial Statement Auditing at the undergraduate level and has done so for several semesters. For her work in the classroom she received the Bentley Innovation in Teaching Award in 2012. She is an avid college basketball fan and enjoys traveling.
Brian Fox, CPA, MBA
is the President and Founder of Capital Confirmation, Inc. and is also an Adjunct Professor at Vanderbilt University. Brian is a five-time winner of the accounting profession’s “Top 40 Under 40 CPA in America,” was named as an Entrepreneur of the Year in Nashville, was recognized as one of Nashville’s “40 Under 40” and as one of Nashville’s Emerging Leaders in its inaugural class.  Prior to Capital Confirmation, Brian was in Dallas where he worked in audit for Ernst & Young LLP and in mergers and acquisitions for PriceWaterhouseCoopers.  The company’s service is used by all of the Top 10 Banks, the Federal Reserve and by more than 70,000 accountants in 100+ countries

Brian is a nationally recognized speaker on financial fraud and has written articles for the world’s top newspapers and magazines.  In addition to being on the Board and Advisory Board of several private companies, Brian is also on the Advisory Board for Southern Methodist University’s Masters In Accountancy Program and the Alumni Council for Vanderbilt’s Owen School of Business.  He serves as a mentor in the Inc. 500 Military Entrepreneurs Mentor Program, the Jumpstart Foundry and the Nashville Entrepreneurship Center and is on the Advisory Board for the Nashville Capital Network. Brian is a member of the AICPA where he was a member of the Task Force for the Future and is a member of The Tennessee Society of CPA’s.

Brian completed his MBA at Vanderbilt University’s Owen Graduate School of Management with a dual concentration in Finance and Electronic Commerce and received a BBA in Accounting from Southern Methodist University’s Cox School of Business.

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