|
What is
Expected of the In-Charge (2.5 Hours)
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.
Planning Engagements (5.5 Hours)
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. The emphasis in the entire
planning session is on how to plan more effectively. The second part of
the planning session pertains to the proper use and common abuses of
audit budgets as a planning tool. It also includes a case and discussion
about strategies for obtaining better client assistance.
Assessing Risk and Materiality (3.5 Hours)
In this session participants first define and
differentiate types of risk assessment: engagement risk and the risk of
material misstatement. The impact that these risks have on audit
evidence requirements is then discussed. Participants also discuss the
concept of materiality. Materiality decisions need to be made both in
the planning phase of an engagement and in the evaluation phase.
The first case in this module is used to illustrate
how risk assessment and the determination of a preliminary judgment of
materiality can be used to minimize engagement cost while still
permitting high quality engagement performance. The final case requires
participants to assess the risk of fraud in an audit in accordance with
the requirements of SAS 99.
Non-statistical Audit Sampling (2.5 Hours)
Non-statistical audit sampling concepts are
typically difficult for participants to apply to audit engagements. This
module begins with a discussion on properly applying the requirements of
SAS 39. 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, including the
consideration of sampling error.
Meeting Client Needs (1.5 Hours)
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
existing clients. Using the conclusions reached, a general discussion is
held about how to use management letters as a client relations and sales
tool. There is specific discussion on the purposes of management
letters, elements of effective letters, development of management letter
ideas and writing better letters.
Completing Engagements (2.5 Hours)
Inexperienced in-charges typically have
difficulty getting an engagement completed. This session is designed to
give them ideas and teach them how to do a better job in that 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 completing-the-engagement difficulties.
Reviewing Assistants' Working Papers (3 Hours)
This session emphasizes identifying objectives
and developing a methodology in reviewing assistants' working papers.
Early review, proper documentation and effective communication of review
notes are essential parts of the discussion. A major case provides
practice in reviewing a section of a set of working papers.
Supervision (3 Hours)
Supervision and motivation of assistants is a
major topic in Supervisory Staff Training. It 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. There are also cases and discussion
dealing with teaching assistants and effectively assigning
responsibilities to assistants.
Summary and Course Evaluation
Total Hours = 24
Note: Accredited CPE hours may vary
from one accrediting agency to another.
| 