COURSE OBJECTIVE
This session prepares auditors to take in-field responsibility for an audit engagement. It mixes discussion with case studies to provide an in-depth look at designing and completing the key steps in an audit. There is a heavy focus on completing the risk assessment procedures and making appropriate risk assessments. The session includes case study work on understanding, evaluating, and verifying a client’s activity level controls within key business cycles. In addition, this session includes multiple interrelated modules on key business skills used by in-charge accountants, including managing time, supervising individuals, and reviewing files.

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

Role of the In-Charge Auditor – 1 Hour (Auditing)

• Identify ten important skills and characteristics of the best performing in-charge accountants

The Audit Process and Plan – 8 Hours (Auditing)

• Obtain an understanding of the entity and its environment sufficient to identify risks of material misstatement
• Obtain an understanding and participate in the evaluation of the design effectiveness of an entity’s internal control structure, including information technology controls
• Assess risks of material misstatement at the financial statement and assertion level 
• Design sufficient and appropriate audit procedures to respond to assessed risks
• Evaluate and draft required communications of internal control deficiencies 

Engagement Management – 2 Hours (Auditing)

• List five or more client and engagement management techniques and describe the situations in which they might be most effective  
• List four or more key principles to creating and using budgets before, during, and after fieldwork

Supervision – 4 Hours (Auditing)

• Describe and discuss ten or more characteristics or skills of effective and ineffective supervisors 
• Determine when it is appropriate to delegate and what participants must do to be effective in a delegation role
• List keys to successful on-the-job training

Communication and Information Gathering Skills – 2 Hours (Communication)

• Clearly communicate instructions to staff and others
• Describe techniques for effectively interviewing clients and processing the information obtained from inquiries
• Listen actively in order to increase participants’ understanding of essential information

Documentation & File Review– 3 Hours (Auditing)

• Describe and apply the requirements of audit documentation standards
• Review audit documentation prepared by others and write productive review notes

Analytical Procedures – 3.5 Hours (Auditing)

• List four common sources for developing independent expectations
• Ddesign and perform strong substantive analyticals in multiple audit areas

Summary: Best Practices for the Beginning In-Charge 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