AuditWatch University - Level 1 Basic Staff Training (In-House Seminar)
This session helps new auditors get off to a great start, introducing them to the auditing field and basic audit responsibilities. The course includes case studies in common audit areas typically completed by staff accountants and provides an overview of how each area fits into the big picture.
MAJOR TOPICS AND LEARNING OBJECTIVES:
Services and Responsibilities – 1.5 Credits (Auditing). Describe key differences between types of engagements (audits, reviews, compilations and preparations) and the performance of accounting services. Recognize the purpose of an audit. Distinguish between attest procedures and assurance procedures. More confidently execute your role and responsibility as an effective engagement team member.
Workpapers and Documentation – 2 Credits (Auditing). Explain the requirements of AU-C 230, Audit Documentation. Create, organize, and prepare audit workpapers.
Introduction to the Audit Plan – 2.5 Credits (Auditing). Describe the key phases of the audit plan. List basic requirements of risk assessment procedures. Discuss the objectives and contents of key planning forms. Identify ways auditors obtain evidence through the performance of accepted audit procedures.
Introduction to Internal Controls and Analytical Procedures – 4 Credits (Auditing). Describe the key components of internal controls and list the auditors’ responsibilities related to controls. Describe requirements and best practices for understanding, documenting and testing internal controls. Characterize the role of analytical procedures in audits and reviews. Identify the key steps in performing substantive analytics. Properly document an understanding of controls and substantive analytics.
Common Audit Areas – 16.5 Credits (9.5 Credits Auditing, 7 Credits Accounting). (Cash, A/R, PP and E, Inventory, A/P, Debt, Payroll)Identify and explain the audit objectives and audit risks. Perform common audit procedures and explain how the procedures address documented risks and assertions.
Professionalism in Public Accounting – 3.5 Credits (1.5 Credits Communications and Marketing, 1 Credit Behavioral Ethics, 1 Credit Regulatory Ethics). List key characteristics of being successful in public accounting. Describe tips for professionalism in the role of a staff auditor Identify common ethical challenges and potential responses.
Introduction and Summary: Best Practices– 2 Credits (Auditing). Describe the role of the staff auditor. Summarize the key learning points of the course. Brainstorm best practices for first-year staff.
Course Length: Four Days
To learn more please call 800.775.9866.