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.

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.

Subjects:

• Day 1:
• Compilations and reviews: Performing effective and efficient compilations and reviews
• A/R and revenue: Auditing accounts receivable
• Property, plant and equipment: Auditing PP&E, including leases      
• Inventory: Auditing basic inventory - performing observations
• Day 2:
• A/P, accrued expenses, & debt: Auditing A/P, accrued expenses, and debt
• Analytical procedures: Analytical procedure fundamentals
• Sampling: Sampling fundamentals
• Financial statement reporting: Financial statement fundamentals

 

Objectives:

• Perform effective and efficient compilations and reviews
• Describe the fundamentals of strong analytical procedures
• Explain the fundamentals of sampling
• Perform high quality audit procedures for common audit areas
• 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

Design For:

Staff accountants with 4-12 months audit experience