Date(s):

08/19/2019 - 08/20/2019

Registration Open:

8:00 AM - 8:30 AM

Time:

8:30 AM - 4:30 PM

Meeting Type:

Courses

CPE Credit:

16.00

Field(s) Of Study:

Auditing (12.50), Business Management & Organization (3.50)

Level of Knowledge:

Intermediate

Price:

Member: $540.00
Nonmember: $625.00

Discounts available:

$25.00 Early Bird discount available until 07/29/2019

Overview

To enable experienced staff to advance more quickly to higher levels of responsibility and to become more profitable to their firms by helping them to better plan and efficiently complete audits, supervise staff, review working papers and interact  with partners and clients

 

Highlights

WHAT IS EXPECTED OF THE IN-CHARGE

Participants first build a composite list of the responsibilities of an effective in-charge
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.

PLAN ENGAGEMENTS

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 engagement.

ASSESS RISK AND MATERIALITY

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

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.


COMPLETE ENGAGEMENTS

Inexperienced in-charges typically have difficulty completing an engagement. This
session is 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.

REVIEW ASSISTANTS' WORK

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

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 studies.

Speaker(s)

Prerequisites

24 to 36 months

Note:  Bring a calculator

VALUE AID:

·         Copies of forms and procedures from Practitioners Publishing Company’s (PPC) Guide to Audits of Small Businesses.