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Audit Staff Essentials, Level II - Experienced Staff

Author/Moderator: Joanne Flood, CPA-MBA
Publisher: AICPA
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AICPA's Audit Staff Essentials, Level II – Experienced Staff is designed for staff who want to take on a greater level of responsibility on engagements, Level 2 discusses the planning of more complex, riskier audit areas and the supervision of engagements. We will take an in-depth look at understanding the entity and assessing risk and internal control design; use of confirmations and sampling methods to gather audit evidence; auditing accounts receivable; auditing inventory, including what to do before and after the inventory observation; workpaper review; and styles of supervision. The Audit Staff Essentials courses establish a strong set of skills necessary to grow the abilities and confidence of junior and senior level staff, allowing them to work through additional areas more independently.

Topics Discussed:

  • Gaining an understanding of the entity, business environment and internal controls
  • Identifying controls related to risk assessment
  • Designing procedures related to internal controls
  • Confirmation procedures
  • Sampling requirements and general procedures
  • Aging of accounts receivable and the allowance for doubtful accounts
  • Risks surrounding inventory balances
  • Inventory observation design and execution
  • Workpaper review style and overall procedures
  • Introduction to personality styles and basic supervision concepts

Learning Objectives:
When you complete this course, you will be able to:

  • Design an audit strategy and determine planning materiality
  • Perform procedures to obtain an understanding of your client and its environment
  • Use your understanding of the client and its internal control to assess the risk of material misstatement
  • Design further audit procedures, based on your risk assessments
  • Work with  confirmations and design them to be more efficient and effective
  • Design an effective sampling plan
  • Match the audit procedures typically performed in the accounts receivable area to the stated audit objectives and relevant assertions
  • Effectively review audit workpapers prepared by others
  • Match the audit procedures typically performed in the inventory area to the stated audit objectives and relevant assertions
  • Identify personality types and establish a more productive working relationship

Prerequisite: 6-24 months of audit experience

Advanced Preparation:  None

This comprehensive, integrated curriculum provides audit training for three different experience levels:

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NASBA Field of Study: Accounting and Auditing
Level: Intermediate
Recommended CPE Credit: 17.5
Audit Staff Essentials, Level II - Experienced Staff
CPE On-Demand , , 2014
Product# 159494
Availability: Online Access 365 Day
For registered users only
AICPA Member:$469.00
Your Price:$565.00
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