Audit Staff Essentials – Experienced In-Charge/ Senior

Overview

You could pay $0 for this course!
This course qualifies for reimbursement through the State Workforce Training Express Fund. Firms/companies with fewer than 100 staff will receive 100% of the cost of training reimbursed. You must register for this course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks before the start date of the course to be eligible. The course code for this program is C-11360. To learn more click here or contact Julia Ekelund at jekelund@mscpaonline.org.

This is the final installment in a comprehensive four-part series designed to equip new audit staff with the foundational knowledge essential for success. It covers the more complex facets of auditing, tailoring its content to meet the needs of new senior or in-charge audit staff members. Participants can expect to receive valuable guidance through relevant examples and practical exercises, all aimed at honing their skills for gathering effective audit evidence in these advanced areas. Beyond the requisite technical knowledge, this course offers a detailed overview of the typical responsibilities shouldered by new senior/in-charge audit staff. This includes an in-depth exploration of the audit process, with particular emphasis on topics such as materiality, risk assessment reviews, gaining an understanding of the entity, addressing opening balances, considerations for group audits, and the examination of interim financial information. Additionally, the course provides a thorough examination of the risk assessment process, ensuring that participants are well-versed in this critical area. Senior/in-charge audit staff members will find themselves engaging with progressively advanced topics that are integral to their roles, including but not limited to, contingencies, revenue recognition, investments, intangible assets, and various financial reporting issues. Through a combination of discussion, examples, and exercises, this course equips participants with the knowledge and skills necessary to excel in their roles and contribute effectively to the audit process.

Highlights

• Risk assessment • Internal controls • Engagement management and supervision • Revenue recognition • Estimates and fair value measurements • Deferred income taxes • Using a service organization • Financial reporting • Concluding the audit

Designed For

New in-charge and experienced audit staff with more than two to three years of audit experience Firms that want consistent training and level setting

Objectives

When you complete this course, you will be able to: • Apply the key skills related to engagement management and supervision. • Apply the procedures needed in increasingly complex audit and accounting areas. • Identify the considerations for proper financial reporting, including financial statement preparation. • Identify the components of an auditor's report and under which circumstances modifications will be made.