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AuditWatch University Level 2: Experienced Staff Training

 

Course Details
Duration: Three Days
Prerequisite: 5-21 Months Experience
Level of Instruction: Intermediate
Delivery Method: Group-Live
CPE Credits: 24 Credits (19 Auditing, 5 Accounting)
Advanced Preparation: None
Registration: To register for a public course, visit our Course Schedules page.

To inquire about In-House Training, or other questions, call 1-800-775-9866

   
This session introduces auditors to the complete audit process and plan. It focuses on ways for staff to significantly participate in the risk assessment procedures, including efforts surrounding internal controls. In addition, significant time is spent on performance of tests of details such as sampling, auditing estimates, and analytical procedures. Finally, the course includes select technical accounting, auditing, advanced documentation, and business skills modules.

Learning Objectives by Module
After the session, participants should be able to:

The Role of the Experienced Staff Auditor— 1 Credit (Auditing)

  • Describe and provide multiple examples of the increased expectations of an experienced staff person
  • List core auditing concepts that are critical to the success of experienced staff auditors

The Audit Plan — 8 Credits (Auditing)

  • Assist the team in gaining, updating, and documenting their understanding of the entity and its environment, including internal controls
  • Begin to better identify risks of material misstatement using an understanding of the entity and its environment, including internal controls
  • Participate more confidently in the risk assessment process

Substantive Analytical Procedures — 3 Credits (Auditing)

  • Apply the principles of performing substantive analytical procedures
  • Analyze differences from expectations
  • Properly document substantive analytics

Sampling & Other Substantive Tests of Detail — 3 Credits (Auditing)

  • Describe various tests of details
  • Describe common audit approaches when using tests of details
  • Select the appropriate audit approach
  • Plan and implement the selected approach, including nonstatistical sampling

Auditing Estimates and Accruals — 2 Credits (Auditing)

  • Identify common estimates and accruals
  • List three general approaches to auditing estimates and determine when each is most appropriate
  • Determine the approach most likely to be selected for a given estimate

Advanced Documentation — .5 Credits (Auditing)

  • Understand the requirements of AU-C 230, Audit Documentation

Financial Reporting — 4 Credits (3 Credits Accounting, 1 Credit Auditing)

  • Prepare a statement of cash flows
  • Understand various reporting requirements
  • List and identify common issues encountered while preparing and updating the financial statements

Accounting and Review Services — 2 Credits (Accounting)

  • Describe the differences between a compilation, review, and preparation engagements
  • Understand and communicate management’s responsibilities versus the accountant’s responsibilities
  • Summarize the requirements in each type of engagement relating to procedures performed, documentation and reporting

Summary: Best Practices for the Experienced Staff — 0.5 Credits (Auditing)

  • List best practices discussed in the course
  • Describe ways skills learned in this program will be applied in the upcoming year 
     

 

Video ClipAuditWatch University Level 2: Experienced Staff Training
Christopher K. Martin, CPA, and Ericka Racca, CPA, CIA, discuss the AuditWatch University Level 2: Experienced Staff Training.
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For more information regarding refund, complaint, and program cancellation policies, please contact our office at 1-800-775-9866.

AuditWatch is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBAregistry.org.

Course Schedule
 

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