Beginning–In–Charge Training Program Details

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.