AuditWatch University Level 4: Experienced In-Charge Training

Course Details
Duration: Three Days
Prerequisite: 3-5 Years Experience
Level of Instruction: Intermediate
Delivery Method: Group-Live
CPE Credits: 24 Credits (20 Auditing, 2 Personal Development, 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 session moves experienced auditors beyond the basics. The session builds upon experiences with in-charge engagements and provides insights and best practices on supervising, motivating, coaching, and evaluating team members. The session provides a review of key audit requirements including exercises and case studies on audit tasks typically performed by more experienced team members, such as entity level controls, auditing accounting estimates, and designing tests of controls.

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

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

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

Supervision — 7.5 Credits (Auditing)

Discuss the challenges of a supervisor or in-charge accountant
Explain the principles and benefits of situational leadership
Motivate individuals for peak performance
Describe the key steps necessary to serve as a mentor and coach to team members
Provide positive and constructive performance feedback

Improving the Audit — 5 Credits (Auditing)

Identify opportunities to increase the effectiveness and efficiency of audit procedures and documentation in the following areas:
Understanding the entity and its environment
Understanding internal controls, including information technology controls
Assessing risk
Designing audit procedures that respond to risk

Analytical Procedures, Test Controls, and Audit Estimates — 4.5 Credits (Auditing)

Determine when and how to design tests of operating effectiveness of internal controls
List best practices in designing substantive analytical procedures
Select and design audit procedures for complex audit estimates

Evaluating, Concluding & Reporting — 1.5 Credits (Auditing)

Evaluate misstatements and control deficiencies identified in an audit and perform all required responses
Explain to staff accountants the requirements of SAS No. 115 and to evaluate and report on identified control deficiencies
List five resources that typically generate insightful management letter comments
Use a three-component model to draft control deficiencies and business advice comments for management

Project Management — 2 Credits (Personal Development)

List five phases of typical attest projects and to list the major activities within each phase
Describe five or more strategies for effective and efficient project management

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

List and describe, at a basic level, significant new accounting or auditing pronouncements and the basic 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

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.