AuditWatch University Level 2: Experienced Staff Training
Course Details To inquire about In-House Training, or other questions, call 1-800-775-9866 |
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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 — 7 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 and the development of better workprograms
Analytical Procedures — 3 Credits (Auditing)
- Identify the key steps in performing preliminary analytical procedures
- Apply the principles of performing substantive analytical procedures to income statement accounts
- Analyze differences from expectations
- Properly document substantive analytics
Sampling & Other Substantive Tests of Detail — 2.5 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
- Design an effective audit approach for a non-complex, common estimate
Advanced Documentation — .5 Credits (Auditing)
- Understand the requirements of AU-C 230, Audit Documentation
Management Letters — 1.5 Credits (Auditing)
- List and define the two types of comments provided to management, including defining the three levels of control deficiencies and the required communications
- Recognize issues that require comment in a management letter or similar communication
- Identify and apply techniques to generate management letter comments
Financial Reporting — 4 Credits (3 Credits Accounting, 1 Credit Auditing)
- Prepare a statement of cash flows
- Understand various reporting requirements
- Complete a disclosure checklist and utilize it to add, modify or delete footnotes
- List and identify common issues encountered while updating the financial statements
Compilations and Reviews — 2 Credits (Accounting)
- Describe the differences between a compilation and a review engagement
- 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
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Describe ways skills learned in this program will be applied in the upcoming year
AuditWatch 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: www.learningmarket.org.
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