New Staff: Core Concepts - Understanding the Audit Process

Overview

** This CPE course can be purchased individually, or as a part of the Audit Staff Essentials - New Staff: Core Concepts staff training bundle.**

Understand the entire audit process, from start to finish.

In this CPE self-study course, you will learn about pre-engagement activities and client acceptance all the way through concluding procedures - including procedures and standards that guide the flow of the audit.

Gain knowledge about the steps related to planning, materiality, risk assessment, analytical procedures, internal controls, and walkthroughs.

Be up to date with a high level overview of the new Auditor Reporting suite of Statements on Auditing Standards Nos. 134-140, as amended by SAS No. 141.

Highlights

Key Topics

• Relevant professional standards
• Defining professional responsibilities
• Pre-engagement activities and client acceptance
• Further audit procedures
• Financial statements
• Concluding procedures

Prerequisites

None

Designed For

Who Will Benefit

• Recently onboarded staff
• First-year staff
• Firms that want consistent training and level setting

Objectives

Learning Outcomes

• Recall the professional responsibilities for an auditor, as prescribed by generally accepted auditing standards (GAAS).
• Identify the individual procedures that, collectively, represent the pre-engagement activities of an audit.
• Identify additional key concepts and their importance, including assertions, materiality, and risk assessment.
• Recall the individual procedures that, collectively, represent the majority of testwork performed during an audit.
• Identify common procedures to finalize an audit.