Description
Level 2 prepares less-experienced staff for assuming a greater level of responsibility on engagements. Once staff have "gotten their feet wet" by participating on a few engagements, this course will help auditors thoughtfully reflect on their experiences, and help to take basic knowledge to the next level. This course will include many real-life case studies for common audit areas assigned to staff in the first year.
Highlights
Each module includes a lecture followed by in-class group case studies and activities. In this two-day course, the following two-hour modules will be presented:
- Day 1:
- Compilations and reviews: Performing effective and efficient compilations and reviews
- A/R and revenue: Auditing accounts receivable, including external confirmation requirements
- Property, plant, and equipment: Auditing PP&E, including leases
- Inventory: Auditing basic inventory - performing physical inventory observations
- Day 2:
- A/P, accrued expenses, and debt: Auditing liabilities, including debt classification and covenants
- Analytical procedures: Analytical procedure fundamentals used in an audit
- Sampling: Audit sampling fundamentals
- Financial statement reporting: Financial statement drafting and reporting fundamentals
Objectives
- Perform effective and efficient compilations and reviews
- Describe the fundamentals of strong analytical procedures on an audit
- Explain the fundamentals of sampling for attribute testing and substantive purposes
- Perform high quality audit procedures for common audit areas in nonpublic entities
- Discuss the financial statement drafting and issuance process, including significant elements of the auditor’s report
- Be familiar with the results of the numerous case studies, exercises, and illustrations that reinforce key learning points throughout the course
Designed For
Staff accountants with 4-12 months of audit experience