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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 (21 Auditing, 3 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 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 further audit procedures including tests details such as sampling, auditing estimates, and analytical procedures. Finally, the course includes discussions of select technical accounting, auditing, advanced documentation, and business skills.

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

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 and document 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
  • Determine the approach most likely to be selected for a given estimate

Fundamentals of Audit Documentation — 2 Credits (Auditing)

  • List the requirements of AU-C 230, Audit Documentation
  • Identify ways to meet the audit "reperformability" standard
  • Explain the difference between required and optional documentation
  • Describe the difference between evidence and documentation

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

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

Accounting and Review Services — 2 Credits (Accounting)

  • Describe the differences between 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

Beyond the Basics — Advanced Audit Procedures — 2 Credits (Auditing)

  • Identify different types of advanced audit procedures
  • Clearly link program steps with their associated risks
  • Perform advanced audit program steps

Introduction and Summary: Best Practices — 1.5 Credits (Auditing)

  • Describe the role of the experienced staff auditor
  • Summarize key learning points of the course
  • Share your insights with other participants

 

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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Course Schedule
 

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