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 expected to know and do, including the nature, timing, and extent of common audit procedures. 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. 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.

Major Topics:

  • Day 1:
    • Professionalism and ethics: The necessity of fully integrating these professional standards into all types of engagements, including professional skepticism and independence
    • Interpersonal and communication skills: Appropriately handling difficult client and engagement situations
    • Staff auditor’s role on the engagement team: Characteristics of best performers and understanding the roles and responsibilities of various team members
    • Scope of services: Basic requirements of compilations, reviews and audits
  • Day 2:
    • Audit documentation: Tips and techniques for documentation of audit evidence, and the form and content of typical engagement files
    • Understanding the audit process: Common terminology, the materiality concept, and the nature of typical audit procedures
    • Assessing risk for a higher quality audit: Understanding the concept of the various components and factors that impact audit risk, and the resulting impact on the nature, timing and extent of planned audit procedures
    • Internal control fundamentals: Documenting a basic understanding of the client’s business and operating environment, and evaluating the design and implementation of internal controls over financial reporting
    • Cash case study: Audit objectives, performing and documenting client inquiries related to cash, exploring misappropriation risk, and testing bank reconciliations

Learning Objectives:

  • Describe the most critical elements of the Code of Professional Conduct, including professional skepticism and independence
  • Understand the desired traits of an entry-level auditor
  • Discuss the primary difference in a financial statement auditor’s responsibilities compared to other services, such as compilations and reviews
  • Explain the components of audit risk, which are necessary to reduce the risk that a financial statement auditor issues the wrong opinion

Designed For: New hires with limited practical experience on audits
Level of Knowledge: Basic
Prerequisite: None
Advanced Preparation: None
Credits: 8
Field of Study: Auditing(6), Ethics (Regulatory)(2)
CFP Credit: No

Live Seminar Course Schedule