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 (17.5 Auditing, 4.5 Accounting, and 2 Communication)
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 800.775.9866

This session introduces auditors to the complete audit process and plan. It focuses on ways for staff and senior accountants 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 and analytical procedures. Finally, the course includes select technical accounting, auditing, and business skill 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 Process and Plan — 5.5 Credits (Auditing)

List the major phases of the audit process and explain the significant elements in each phase
Perform procedures to assist the team in gaining, updating, and documenting their understanding of the entity and its environment
Perform procedures to gain an understanding of and document the client's processes and controls
Assist the team in identifying key controls and evaluating design effectiveness of controls
Identify basic risks of material misstatement using an understanding of the entity and its environment, including internal controls
Describe the role of an experienced staff in the assessment of risk on an audit engagement

Analytical Procedures — 3 Credits (Auditing)

Determine when substantive analyticals are appropriate in an audit
Design and perform analytical procedures to income statement accounts

Sampling & Other Substantive Tests of Detail — 2.5 Credits (Auditing)

Recommend an appropriate tests of details approach based on the nature of the account or items being tested
Perform tests of details, such as scope tests
Perform non-statistical sampling techniques
Evaluate errors and findings and list the required audit team responses to such findings

Auditing Estimates and Accruals — 2 Credits (Auditing)

Identify common estimates and accruals existing at most clients
List the three general approaches to auditing estimates and provide an example of when each is most appropriate
Design an effective audit approach for a non-complex, common estimate such as the reserve for uncollectible receivables or the allowance for sales returns

Revenue — 2.5 Credits (Accounting)

List and explain the four criteria for revenue recognition
Describe common revenue recognition issues and the related accounting treatments
Explain and design basic auditing procedures for revenue and related accounts

Management Comments — 2 Credits (Auditing)

Recognize issues that require comment in a management letter or similar communication
Define the three levels of control deficiencies and required communications
List four procedures that increase the likelihood of identifying value-added business comments

Drafting Financial Statements — 3 Credits (2 Credits Accounting, 1 Credit Auditing)

Explain the purpose of each element of a financial statement package
Describe common relationships between financial statement components
List five or more common mistakes made by staff when preparing or proofing financial statements
Assist a client in the preparation of a non-complex Statement of Cash Flows using the indirect method

Problem Analysis and Solving — 2 Credits (Communication)

Use a thinking model to improve problem analysis
Use creativity tools to increase brainstorming and problem solving abilities
Select sufficient and appropriate information gathering procedures

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

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

For more information regarding refund, complaint, and program cancellation policies, please contact our office at 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 addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. Web site www.nasba.org.