December 2024 Level 2 Audit Training

Level 2 Audit Training builds on the foundation laid in Level 1 by introducing more complex audit areas including accounting estimates, investments, revenue, and prepaid expenses. We build on the internal control fundamentals by demonstrating how to perform walkthroughs of various cycles. Learners will also explore other types of engagements including preparation, compilations and reviews. By the end of the program, attendees will be more confident and competent auditors with a solid understanding of key audit areas.

Level 2 Audit Training will be engaging and interactive, with opportunities to work in small groups and apply knowledge learned. At Galasso Learning Solutions, we don’t believe in stale, dry, or boring CPE training sessions but rather real-world information that promotes interactive learning. By the end of the program, attendees will be more confident and competent auditors with a solid understanding of key audit areas.

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

Who Should Attend:

• Audit staff with approximately one year of experience

Agenda:

o Day 1, Tuesday, December 3, 2024

• How to Audit: Prepaid Expenses
• Best Practices: Introduction to Conducting Meaningful Walkthroughs

o Day 2, Thursday, December 5, 2024

• How to Audit: Revenue & Receivables
• Performing Walkthroughs: Revenue Cycle

o Day 3, Tuesday, December 10, 2024

• Power Skills: Your Guide to Professionalism and Client Interactions
• How to Audit: Accounting Estimates

o Day 4, Thursday, December 12, 2024

• How to Audit: Investments
• Preparation, Compilation, & Review Engagements

Jaclyn will be presenting this four-day cohort.