Level IV focuses on building upon an auditor’s technical experience to identify and resolve complex accounting and financial reporting issues, and introduces improving people and project management. This course will teach the skills necessary to improving the firm’s profitability and ability to deliver high quality audits for more complex engagements. 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:
    • Reviewing workpapers: Common review notes and critical responsibilities for quality control
    • Preventing or detecting common fraud schemes in a small- or mid-size operating environments
    • Assessing risk for a high quality audit: Identifying and responding to significant risks requiring special audit consideration and leading engagement team discussions
    • Advanced internal control concepts: Strengthening the design of internal controls for smaller entities, differentiating internal control responsibilities for audits in conformance with GAGAS and PCAOB
  • Day 2:
    • Auditing estimates: Typical areas of estimation and related audit risk
    • Maximizing the use of analytical procedures: Reinforcement of properly selecting appropriate procedures, strengthening analytical tests, improving expectations, and resolving differences
    • Performing FASB Codification research: Using the Codification to resolve accounting and financial reporting issues
    • Client and engagement management basics: Guidelines for better budgeting, scheduling, delegation and improving client assistance

Learning Objectives:

  • Describe the importance of thoughtful workpaper review
  • Explain how to assess risk for a more effective and efficient audit
  • Discuss common fraud schemes in smaller entity environments and tips for preventing or detecting them
  • Explain advanced internal control and analytic procedures techniques
  • Describe how to gather sufficient and appropriate evidence related to areas of estimation
  • Research complex accounting and financial reporting issues
  • Discuss the critical importance of proper client and engagement management to ensure a high quality and profitable audit

Designed For: Professionals with 2-3 years audit experience
Level of Knowledge: Intermediate
Prerequisite: Experience on basic audit engagements
Advanced Preparation: None
Credits: 8
Field of Study: Auditing(8)
CFP Credit: No

Live Seminar Course Schedule