Level 2 prepares new 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.

Major Topics:

  • Day 1:
    • Avoiding quality control deficiencies on compilation and review engagements, including the litigation risk of non-attest bookkeeping services
    • Auditing common audit areas: Audit objectives, typical audit procedures, key relevant internal controls, and common presentation and disclosure issues
    • Property, plant and equipment case study: Determining capital vs. operating leases
    • Accounts receivable case study: Evaluating the sufficiency and appropriateness of confirmation evidence and the allowance for doubtful accounts
    • Inventory basics case study: Responding to common inventory observation scenarios
  • Day 2:
    • Accounts payable and accrued liability case study: Evaluating the results of the search for unrecorded liabilities and the sufficiency of estimated accruals
    • Debt: Testing compliance with debt covenants and properly reporting the impact of noncompliance
    • Analytical procedures: Designing, performing and documenting strong preliminary, substantive and overall analytic procedures
    • Sampling: Avoiding common deficiencies in testing controls and compliance, and properly designing a sample to test detailed transactions
    • Drafting financial statements: Quality and efficiency considerations in the report issuance process, and case study on identifying footnote errors

Learning 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

Designed For: Staff accountants with 4-12 months audit experience
Level of Knowledge: Basic
Prerequisite: None
Advanced Preparation: None
Credits: 8
Field of Study: Auditing(8)
CFP Credit: No

Live Seminar Course Schedule