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 generally expected to know and do. 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. Sample workpapers are provided to illustrate documentation, and case studies and exercises are used to reinforce the most important concepts.
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.
Learning Objectives
- Describe the most critical elements of the Code of Professional Conduct, including professional skepticism and independence
- Understand how to exceed expectations as an entry-level auditor
- Understand the most prevalent accounting and reporting services offered by firms: preparation of financial statements, compilations, reviews, and audits
- Understand and explain the components of audit risk and the steps in the risk assessment process
- Be prepared to audit cash and cash equivalents, property and equipment, accounts payable, accrued expenses, and basic forms of debt
- Be prepared to document the work performed in a manner that meets professional standards
Major Topics
Each module includes a lecture followed by in-class group case studies and activities. In this two-day course, the following two-hour modules will be presented:
- Day 1:
- Transitioning to the accounting profession
- Code of ethics – Importance of professional skepticism and independence
- Quality management standards
- Risk assessment basics
- Internal control fundamentals
- Compilations and reviews – The contrasting nature of preparation engagements, compilations, and reviews
- Day 2:
- Auditing cash and cash equivalents
- Auditing property, plant, and equipment
- Auditing accounts payable and debt
- Documentation Basics
