This, the fourth of five comprehensive Audit Staff Essentials courses, focuses on the more advanced areas of the audit for new senior/in-charge staff and to provide guidance, examples and exercises to build the skills to successfully obtain the audit evidence necessary in these areas. In addition to the technical knowledge necessary, this course provides an overview of the common responsibilities of new senior/in-charge staff, including a deeper discussion of the audit process, highlighted by discussions on materiality, review of risk assessment, understanding the entity, opening balances, group audit considerations, and review of interim financial information. In addition, the course will look more closely at the risk assessment process. This course will provide discussion, examples and exercises that focus on the increasingly advanced topics that /senior/in-charge staff members will commonly be tasked with, including contingencies, revenue recognition, investments, intangible assets and financial reporting topics.
Course ID: ASE4
Audit Staff Essentials – Seniors/In-Charge Staff
- Identify the key considerations and steps in the audit planning and approach process typically completed by a senior/in-charge and the importance of project management and the different project phases of a financial statement audit.
- Recall the details of the more specific risk assessment concerns regarding audits, including consideration of group audits, related parties and using a client’s internal audit function.
- Identify the audit considerations and procedures typically encountered by a senior/in-charge staff in the following areas: ??Contingent Liabilities ?? Revenue Recognition ?? Investments ?? Intangible Assets and Goodwill
- Identify the key information and processes related to client financial reporting.
- Risk assessment
- Engagement management and supervision
- Working paper review
- Auditing procedures for areas commonly assigned to senior/in-charge staff members
- Overview of financial reporting