By identifying the factors accounting for the
growth of local and regional firms in the past decade,
participants become aware of the changing nature of the
profession. After recognizing that "taking the total service
approach" is the key to growth, participants identify the ways
in which new staff can contribute to the success of both
themselves and their firm.
Working
Paper Techniques / Cash (3.5 Hours)
In a session scheduled on the first
day of the program, participants critique a set of working
papers in an area that they are familiar with – cash.
Participants first identify the most common deficiencies found
in the working papers of new staff. Then, through guided
discussion and exposure to electronically generated working
papers, participants learn the most practical means of
overcoming these deficiencies. In the process participants
become aware of the characteristics and benefits of using
electronic working papers. Techniques developed in this session
are reinforced throughout the course.
Analytical Procedures (4 Hours)
Guided discussion is used to introduce
participants to the purposes served and the fundamental
techniques employed in performing analytical procedures.
Participants are assigned a case study in which they utilize
these techniques to first identify and then follow up on
accounts where special problems may exist.
Compilation and Review Services (4 Hours)
Participants identify and discuss the
different levels of assurance and responsibility associated with
compilations, reviews and audits. Minimum levels of knowledge
required in performing compilations and reviews are identified.
The kinds of procedures performed on compilations and reviews
and the circumstances under which they are performed are
identified and discussed.
Participants are given an unadjusted trial
balance taken from the books of a closely-held corporation along
with selected information about certain accounts. Utilizing this
information, small groups of participants identify accounts
needing possible adjustments, discuss the various alternatives
available under GAAP, and then prepare adjusting entries that
will permit the preparation of financial statements in
accordance with GAAP.
Tax Recognition and Research Techniques
(2.5 Hours)
The twofold objectives of this session
are to improve each participant's skills at (1) identifying
situations common to small and medium-sized clients that have
tax implications and (2) performing noncomplex tax research to
resolve questions associated with each situation. Working with the same small company case used
in the Compilation and Review Services module, participants
first identify numerous situations with tax implications and
then perform basic tax research in a tax reference manual, such
as the Master Tax Guide, in order to either resolve each
tax question or recommend more in-depth research.
Understanding Audit Objectives (1 Hour) Through
guided discussion, participants identify the major steps in the
audit process and the alternatives that are available throughout
the process. Audit objectives are identified and discussed. The
nature of and the circumstances under which tests of
transactions and tests of balances are performed are discussed.
Auditing / Reviewing Selected Accounts (6.5
Hours)
In several sessions devoted to various
balance sheet accounts, emphasis is placed on (1) identifying
the audit and/or review objectives applicable to a given account
and (2) designing and implementing those procedures that will,
in the most efficient and effective manner, provide sufficient
evidence to meet the specified objectives. Small group case analysis is used to help
participants improve the skills they need in effectively and
efficiently auditing receivables, payables and inventories.
Summary and Course Evaluation
Total Hours = 24
Note: Accredited CPE hours may vary
from one accrediting agency to another.
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