Level 1 focuses on the basic skill sets that new staff need to quickly master in order to “hit the ground running,” while not overwhelming them with too much information all at once. This course explains the basics of what new auditors are expected to know and do, including the nature, timing, and extent of common audit procedures. This course will focus on “why” certain procedures are performed, as well as “how” to perform typical procedures expected of new staff. This course is critical in establishing the groundwork for the expectation that all staff should critically analyze and understand the underlying purpose of procedures, as well as how to effectively and efficiently complete assigned tasks.
DESIGNED FOR
New auditors with limited practical experience on audits.
BENEFITS
- Describe the most critical elements of the Code of Professional Conduct, including professional skepticism and independence
- Understand the most desired traits of an entry-level auditor
- Discuss the primary difference in a financial statement auditor’s responsibilities compared to other services, such as compilations and reviews
- Explain the components of audit risk, which are necessary to reduce the risk that a financial statement auditor issues the wrong opinion
- Be familiar with the results of the numerous case studies, exercises, and illustrations that reinforce key learning points throughout the course
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:
- Code of conduct: Transitioning to the professional world
- Traits of a star performer: Desired traits of entry-level auditors
- Fraud risk considerations: The importance of professional skepticism
- Compilations and reviews: The contrasting nature of compilations, reviews, and audits
- Day 2:
- Audit documentation and review: Audit documentation basics
- Risk-based audit concepts: The basic audit concept
- Internal controls: Internal control fundamentals in evaluating the design of internal control
- Cash: Auditing cash and cash equivalents
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None