COURSE OBJECTIVE
This session introduces auditors to the complete audit process and plan. It focuses on ways for staff and senior accountants to significantly participate in the risk assessment procedures, including efforts surrounding internal controls. In addition, significant time is spent on performance of tests of details such as sampling and analytical procedures. Finally, the course includes select technical accounting, auditing, and business skill modules.

Learning Objectives by Module
After the session, participants should be able to:

Role of the Experienced Auditor – 1 Hour (Auditing)

• Describe and provide multiple examples of the increased expectations of an experienced staff person 
• List core auditing concepts that are critical to the success of experienced staff auditors

The Audit Process and Plan – 5.5 Hours (Auditing)

• List the major phases of the audit process and explain the significant elements in each phase
• Perform procedures to assist the team in gaining, updating, and documenting their understanding of the entity and its environment
• Perform procedures to gain an understanding of and document the client’s processes and controls
• Assist the team in identifying key controls and evaluating design effectiveness of controls
• Identify basic risks of material misstatement using an understanding of the entity and its environment, including internal controls 
• Describe the role of an experienced staff in the assessment of risk on an audit engagement

Analytical Procedures – 3 Hours (Auditing)

• Determine when substantive analyticals are appropriate in an audit 
• Design and perform analytical procedures to income statement accounts

Sampling & Other Substantive Tests of Detail – 2.5 Hours (Auditing)

• Recommend an appropriate tests of details approach based on the nature of the account or items being tested
• Perform tests of details, such as scope tests
• Perform non-statistical sampling techniques
• Evaluate errors and findings and list the required audit team responses to such findings 

Auditing Estimates and Accruals – 2 Hours (Auditing)

• Identify common estimates and accruals existing at most clients
• List the three general approaches to auditing estimates and to provide an example of when each is most appropriate
• Design an effective audit approach for a non-complex, common estimate such as the reserve for uncollectible receivables or the allowance for sales returns

Revenue – 2.5 Hours (Accounting)

• List and explain the four criteria for revenue recognition
• Describe common revenue recognition issues and the related accounting treatments
• Explain and design basic auditing procedures for revenue and related accounts 

Management Comments – 2 Hours (Auditing)

• Recognize issues that require comment in a management letter or similar communication
• Define the three levels of control deficiencies and required communications
• List four procedures that increase the likelihood of identifying value-added business comments

Drafting Financial Statements – 3 Hours (2 Hours Accounting, 1 Hour Auditing)

• Explain the purpose of each element of a financial statement package
• Describe common relationships between financial statement components
• List five or more common mistakes made by staff when preparing or proofing financial statements 
• Assist a client in the preparation of a non-complex Statement of Cash Flows using the indirect method

Problem Analysis and Solving – 2 hours (Communication)

• Use a thinking model to improve problem analysis
• Use creativity tools to increase brainstorming and problem solving abilities
• Select sufficient and appropriate information gathering procedures

Summary: Best Practices for the Experienced Staff – 0.5 Hour (Auditing)

• List best practices discussed in the course
• Describe ways skills learned in this program will be applied in the upcoming year