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Audit Skills Training Level 5: Honing Your Skills as an Auditor and a Leader (5AUS)

  • Format In-Firm Training
  • Credits 8
  • Level Intermediate
  • Field of Study Accounting (0.50), Auditing (4.50), Personal Development (1), Personnel / Human Resources (2)

To Schedule In-Firm Training, please contact us:

salesinfo@surgent.com

Overview

Level 5 training continues the progression of experienced staff toward increased responsibilities, covering topics such as communication, coaching, and peer review, as well as evaluating the sufficiency and appropriateness of audit evidence, using the work of a specialist, and accounting and auditing credit losses. This redesigned curriculum is designed to provide critical and professional skills to experienced staff to support their continued career progression.

Major Topics

  • Evaluating sufficiency and appropriateness of audit evidence
  • Effective communications with management and those charged with governance
  • Coaching skills
  • “Hard to have” conversations
  • Using the work of a specialist and internal audit
  • Accounting and auditing credit losses under ASC 326
  • Quality management and peer review

Learning Objectives

  • Describe the characteristics of audit evidence
  • Discuss sources of evidence
  • Evaluate the sufficiency and appropriateness of evidence obtained from tests of controls and during the audit
  • Describe the communications required to be made to those charged with governance at the beginning and end of the audit (AU-C §260)
  • Describe the communications related to deficiencies noted in internal control that are required to be made to management and those charged with governance (AU-C §265)
  • Describe other communications that need to be made outside the entity in certain circumstances
  • Identify effective coaches and develop coaching strategies to support your team
  • Give constructive criticism while managing defensive reactions
  • Recognize when a conversation becomes “critical”
  • Plan effectively for difficult conversations and identify steps to follow during the conversation
  • Prepare to have a critical conversation and build a script using the six-step model
  • Identify the different types of specialists that can be used in a financial statement audit
  • Describe the role that internal audit can play in a financial statement audit
  • Identify the different roles that management specialists play and understand how auditors evaluate evidence obtained
  • Identify key components of ASC 326, the CECL model, and SAS No. 143
  • Recall the scope, transition rules, and key presentation and disclosure requirements of ASC 326
  • Identify common models used to estimate credit losses
  • Recall key approaches to auditing accounting estimates
  • Identify key elements of the AICPA’s Enhancing Audit Quality initiatives
  • Recognize key trends noted in recent peer reviews
  • Identify the components of the current system of quality control required for firms by the AICPA and recognize proposed changes

Who should take this course:


Experienced staff with at least four busy seasons of experience

Intermediate

Four or more busy seasons of experience

None

No

No

No

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