Audit Skills Training Lvl 3: New In-Charge or Senior Day 2 Webinar

Auditing Skills Training: Level 3 is a two-day course presented on 10/24/2022 and 10/25/2022. 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. CPE credit for Regulatory Ethics will only be eligible for those who attend the Day 1 session for Audit Skills Training Level 3. CPE credit for Day 2 will count towards Auditing only. Transition from staff auditor to performing more complex audit procedures and assuming more responsibility handling financial reporting issues. Understand how to properly safeguard independence when performing both attest and nonattest services. Learn how to alter the nature, timing, and extent of audit procedures to be commensurate with assessed risk of material misstatement. Learn how to ensure quality control of the engagement and better manage the client. Case studies and exercises are used to reinforce key points.

Learning Objectives:

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

• Distinguish important concepts when evaluating independence and other critical principles in the Code of Professional Conduct
• Recall advanced concepts in the planning and risk assessment phase of the audit, including ensuring further audit procedures are commensurate with risk
• List tips for improving the value of required communications of internal control matters
• Recognize common risks and techniques for auditing common investments
• Indicate how to design and document strong substantive analytical procedures
• List tips for improving quality control through the workpaper review process
• Identify how to better manage clients and engagements for better efficiency
• Recognize the impact of general audit procedures on audit reports and disclosures

Highlights

The major topics covered in this class include:

• Professional requirements for assurance providers, including independence - Understanding critical Code of Professional Conduct concepts
• Advanced audit planning concepts - Ensuring an effective and efficient audit
• Internal control deficiencies and other matters - Adding value through required auditor communications
• Auditing investments - Understanding risks and procedures for the most common investments held by entities
• Substantive analytic procedures - Strengthening evidence to satisfy audit objectives
• Reviewing workpapers - Embracing responsibilities for quality control
• Client and engagement management - Managing the black holes that erode profitability
• Audit reporting advanced concepts - Understanding the impact of general audit procedures on disclosures and audit report modifications