Many of you have been asking me to blog about technical topics and how to integrate them with the CFE exam process.
The next few blogs will be about technical integration with the CFE.
When discussing assurance procedures, ensure that you provide the assertion, the risk and the actual procedure. The 3 questions you need to answer for every CFE procedure is WHAT, WHY and HOW.
Purpose: Discuss the Risk/Assertion and specifically WHY you are conducting the procedure.
Procedure: Discuss the WHAT and HOW over here.
The best way to do well on procedures on the CFE is to go through your audit programs at your respective firms. Make a list of the common areas you conduct your assurance engagements on… AR, AP, PPE, Inventory etc. And then narrow down the applicable assertions for each. Then in your study notes, you can include the “cookie cutter” procedures that you would normally conduct as examples.
I will be providing examples for you in the coming blogs.
