Description

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 generally expected to know and do. 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. Sample workpapers are provided to illustrate documentation, and case studies and exercises are used to reinforce the most important concepts.

NOTE: Participants must sign up for both consecutive days. Please check the registration calendar to find both complementary dates, which will run in consecutive order.

Instructor: Marci Thomas, CPA

Target Audience

New auditors with limited practical experience on audits

Course Objectives

Describe the most critical elements of the Code of Professional Conduct, including professional skepticism and independence

Understand how to exceed expectations as an entry-level auditor

Understand the most prevalent accounting and reporting services offered by firms: preparation of financial statements, compilations, reviews, and audits

Understand and explain the components of audit risk and the steps in the risk assessment process

Be prepared to audit cash and cash equivalents, property and equipment, accounts payable, accrued expenses, and basic forms of debt

Be prepared to document the work performed in a manner that meets professional standards

Subjects

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:

Transitioning to the accounting profession

Code of ethics – Importance of professional skepticism and independence

Quality management standards

Risk assessment basics

Internal control fundamentals

Compilations and reviews – The contrasting nature of preparation engagements, compilations, and reviews

Day 2:

Auditing cash and cash equivalents

Auditing property, plant, and equipment

Auditing accounts payable and debt

Documentation Basics