Auditing Skills Training: Level 2 is a two-day course presented on 09/22/2022 and 09/23/2022. Information and skills taught on Day 2 rely upon foundational skills built in the Day 1 session. Attendance for both days of the course is highly encouraged in order to receive the full range of information being presented. If attending both days, register for Day 1 and Day 2. Prepare for a greater level of responsibility on engagements, reflect on your experiences, and take basic knowledge to the next level. Use real-life case studies to learn how to perform high-quality audit procedures for common audit areas in nonpublic companies.

Learning Objectives:

After attending this presentation you will be able to...

• Recognize the auditor's responsibilities for fraud
• Recall best practices for identifying and evaluating audit risk
• Identify risks and common techniques for auditing accounts receivable, inventory, liabilities, long-term debt, and more
• Indicate the proper design and performance of analytical procedures on a financial statement audit
• List tips for avoiding common mistakes when applying sampling on financial statement and compliance audits
• Identify core concepts important for drafting and issuing audited financial statements, including disclosures

Highlights

The major topics covered in this class include:

• Fraud risk - Complying with minimum audit requirements
• Best practices for identifying and evaluating audit risk - Linking risk to the detailed audit plan
• Auditing accounts receivable - Focusing procedures for testing existence and valuation
• Auditing inventory - Performing required physical inventory observations and other common procedures
• Auditing liabilities, including long-term debt - Addressing the risks of completeness, classification, and disclosure
• Analytical procedures - Comprehending financial statement audit fundamentals
• Sampling - Avoiding common mistakes on financial statement and compliance audits
• Audit reporting fundamentals - Introducing core concepts in the audited financial statement drafting and issuance process