Event Description

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.

Designed For

New auditors with limited practical experience on audits

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 Subjects

Transitioning to the accounting profession Introduction to the audit process and risk assessment Fundamentals of internal controls Performing preparation, compilations, review, and engagement Auditing cash and cash equivalents Auditing property, plant, and equipment Auditing accounts payable, accrued expenses, and debt Audit documentation requirements

Prerequisites

None

Instructions

None