WHAT IS EXPECTED OF THE IN-CHARGE
build a composite list of the responsibilities of an effective
based on their
firms' practices.The list is then used as a basis for discussing the kinds of
actions that participants can take to improve their chances for achieving
success in their firms.
The in-charge's responsibilities for
engagement planning are the focal points for this
session. The steps that
should be followed in proper planning are identified through the use of a case.
This is followed by a discussion of the deterrents to planning that exist in
actual practice and identification of ways to partially or fully overcome
the deterrents. Emphasis in the planning session is on how to plan more
effectively in order to improve the quality and efficiency of the
ASSESS RISK AND
The major case in this module requires participants to (1)
determine planning materiality and calculate tolerable misstatement (2) assess
engagement risk, inherent risk and control risk and then (3) link these
results to the audit procedures needed to reduce detection risk for
specific accounts to an appropriate level. Emphasis is placed on minimizing
engagement cost while still performing a high quality audit. The final case
requires participants to assess the risk of fraud, including conducting a
fraud brainstorming session for a typical client.
Nonstatistical audit sampling concepts are typically
difficult for participants to apply to audit engagements.This module begins with
a discussion on properly applying auditing standards. In a case continued from
the previous module, participants practice making correct sampling decisions for
the audit of one major financial statement account. The final case illustrates
the concept of projecting sample misstatements to the population, include the
consideration of sam lin error.
MEET CLIENT NEEDS
One purpose of this session is to illustrate the
four primary elements of effective selling and how these elements can be used
by in-charges to help the firm sell additional services to ex isting
clients. A general discussion is held about how to use management letters as a
client relations and sales tool.
typically have difficulty completing an engagement. This
designed to give participants ideas and teach them how to improve their performance
in this area. Early problem identification, tying up loose ends throughout
the engagement, early review of assistants' work, and self review are stressed
as ways to reduce difficulties with completing the engagement.
This session emphasizes identifying objectives and
developing a methodology in reviewing assistants' work. Early review, proper
documentation and effective communication of review comments are essential parts
of the discussion. A major case provides practice in reviewing a
section of a set of working papers.
Supervision and motivation of assistants is
introduced in this program to help participants understand the importance of
good supervision and to teach them some on-the-job supervision techniques.
Fundamental characteristics of good supervisors and common characteristics found
in poor supervisors are identified through a series of short case