Overview
Level 2 Audit Training builds on the foundation laid in Level 1 by introducing more complex audit areas. Qualifying for 16 auditing CPE credits, this live virtual training is broken up into four separate four-hour sessions. The training will explain how to audit prepaid expenses, revenue and receivables, investments, and accounting estimates. It will also build on the internal control fundamentals by demonstrating how to perform walkthroughs of the revenue cycle, as well as covering best practices in how to handle client interactions in a professional manner. Learners will also explore other types of engagements including preparation, compilation, and reviews.
Level 2 Audit Training will be engaging and interactive, with opportunities to work in small groups and apply knowledge learned. By the end of the program, attendess will be more confident and competent auditors with a solid understanding of key audit areas.
Objectives
Upon completion of this course, participants will be able to:
- Recall the audit assertions applicable to the investments, revenue & receivables, and prepaid expense balances
- Recognize risks & threats related to the investments, revenue & receivables, and prepaid expense balances
- Identify substantive auditing procedures that are used to obtain comfort over investments, revenue & receivables, prepaid expenses
- Recall the purpose of a walkthrough
- Perform proper procedures while conducting a walkthrough
- Identify red flags that may arise while performing walkthrough procedures
- Perform procedures during a walkthrough of the revenue cycle
- Recall the parts of the revenue cycle
- Identify control deficiencies while performing a walkthrough of the revenue cycle
- Recall best practices in professionalism during oral and written communication with clients
- Perform audit procedures to obtain comfort over the reasonableness of management’s estimates
- Recall circumstances that require accounting estimates
- Recognize the differences between preparation, compilation, & review engagements
- Identify the specific procedures related to preparation, compilation, & review engagements
