1. Potential Audit Review Areas in the Conversion Cycle
- key areas that yield maximum benefit to the company and the audit department
- acronyms and terminology you should not be without on the shop floor

2. Maximizing Audit Returns: Proven Tools and Methodologies
- focusing the engagement on risk and rewards in a shop floor-focused review
- establishing the best audit approach from potential alternatives
- the four-step process to a successful shop floor audit
-- perform a data-centric risk assessment to focus on the issues
-- developing an understanding of the primary physical and logical flows
-- isolating critical events or transactions
-- testing as appropriate to maximize the value

3. Auditing Production Planning and Control
- the key issues in production planning and control
- objectively identifying key risks
- logical flows that impact risk and functionality
- detailing the critical events and transactions
- primary tests to perform to maximize outcome

4. Auditing Materials Management and Control
- Bills of Material (BOMs) and why they are essential
- the critical nature of materials to the costing structure
- supply chain management

5. Auditing Labor and Overhead Application
- job-order labor capture
- piecework payment/banking
- direct and indirect labor breakdowns
- reconciling job hours with paid hours
- composition of the work force

6. Auditing Inventory Valuation/Control and Product Costing
- potential types of fraud in raw materials, WIP, and finished goods
- actual vs. standard costs
- variance calculation and realization as period costs
- verifying the accuracy of parts and component costs
- observation and valuation at annual physical inventory
- accuracy of bills of material
- cost capture
- using WIP to get financial results
- cost breakdowns
- analysis of critical product lines: cost of goods sold

7. Auditing Order Fulfillment, Shipping, and Warehousing
- impacts on customer satisfaction
- costly mistakes that radically increase shipping expenses
- the nuances of warehousing and its impact on your company

8. Auditing Fixed Assets/Equipment and Technological Change
- cost-saving opportunities that go unrealized
- the “other data center”
- the critical nature of fixed asset issues
- new construction and related issues

9. Auditing Regulatory Issues of Significance
- key regulatory bodies that impact manufacturing
- issues of significance in each of the key regulatory areas

10. Auditing R&D
- identifying the key risks in this highly sensitive area
- the key operational aspects that warrant audit review

11. Key Areas of Interest for Outsourced Manufacturing and Contract Manufacturing
- key risks to take into account
- using metrics to measure risk of failure to perform critical process functionality
- auditng  primary operational concerns
- security and intellectual property

12. Case Study