AuditWatch - The Profession's Premier Training and Consulting Team

AuditWatch University Level 4: Experienced In-Charge Training

 

Course Details
Duration: Three Days
Prerequisite: 3-4 Years Experience
Level of Instruction: Intermediate
Delivery Method: Group-Live
CPE Credits: 24 Credits (22 Auditing, 2 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 800.775.9866

   
This course moves experienced auditors beyond the basics. The session builds upon experiences with running engagements and provides insights and best practices on supervising, motivating, coaching, and evaluating team members. The course challenges experienced auditors to improve the effectiveness and efficiency of their audit engagements through exercises and case studies on common audit scenarios. It also provides an in-depth look at audit tasks typically performed by more experienced team members, such as evaluating design of controls, designing tests that respond to risks, and designing tests of controls.

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

Introduction and Role of the Experienced In-Charge Auditor — 1 Credit (Auditing)

  • Identify the most significant challenges facing experienced in-charge auditors

Supervision — 6 Credits (Auditing)

  • Share, reflect upon, and self-assess supervisory skills
  • Address concerns and challenges, including:
    • Selecting an appropriate leadership style (with self-assessment)
    • Creating and motivating teams
    • Managing subordinates
    • Providing oral and written feedback

Overview of the Audit Plan — 6 Credits (Auditing)

  • Review basic auditing concepts to establish a foundation for further learning
  • Explain and train how to effectively and efficiently plan an audit engagement
  • Effectively and efficiently gain an “understanding” of internal controls
  • Facilitate planning meetings
  • Facilitate the development and customization of further audit procedures

Improving the Audit — 2.5 Credits (Auditing)

  • Evaluate audit procedures for effectiveness in achieving audit goals
  • Evaluate an audit plan for efficiency opportunities

Analytical Procedures and Tests of Controls — 2.5 Credits (Auditing)

  • Determine when and how to design tests of operating effectiveness of internal controls
  • List methods available to test controls
  • Evaluate analytics for effectiveness in achieving audit goals and efficiency opportunities
  • Design effective substantive analytical procedures and document the results
  • Teach the engagement team how to better develop, execute, and interpret analytical results

Identifying and Responding to Fraud Risks — 2 Credits (Auditing)

  • List common fraud risks at small companies
  • Design tailored audit responses to fraud risks
  • Perform specific tests to search for fraud
  • Incorporate the use of technology in fraud responses

Evaluating, Concluding & Reporting — 1.5 Credits (Auditing)

  • Evaluate misstatements and control deficiencies and perform required responses
  • Explain the requirements, evaluate, and report in compliance with AU Section 265 (Communicating Internal Control Matters)
  • List five resources that generate insightful management letter comments
  • Use a three-component model to draft control deficiencies and business advice comments for management

Hot Topics in Accounting and Auditing — 2 Credits (Accounting)

  • List and describe significant new accounting or auditing pronouncements and the audit risks they may introduce
  • Recognize when new technical literature might generate a potential risk of material misstatement on their audits

Summary: Best Practices for the Experienced In-Charge — 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 4:
Experienced In-Charge Training

Pete Bieghler, CPA, and Jex Varner, CPA discuss the AuditWatch University Level 4: Experienced In-Charge Training.
View Video >>


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 submitted to the National Registry of CPE Sponsors through its website: NASBAregistry.org.

Course Schedule

 

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