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

Location