July 2024 Level 3 Audit Training

Level 3 Audit Training is designed for new seniors who have supervision and review responsibilities, while still having accountability for key audit areas. The curriculum includes journal entry testing, analytical procedures, sampling, auditing contingencies and going concern, and the use of an auditor’s specialist. Throughout the series, we will provide context on what constitutes sufficient appropriate audit evidence and will also introduce trends in financial statement fraud.

In addition to honing their technical competencies, the curriculum will introduce power skills including project management, feedback, and delegation to support your new seniors as they take on their newly expanded client-facing role.

Level 3 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. Attendees of Level 3 Audit Training will understand the fundamentals of auditing and have a solid foundation for all future audit learning.

Upon completion of this course, participants will be able to:

• Recognize the risks and threats of adjusting journal entries
• Recognize the controls over recording journal entries at an entity
• Identify the substantive procedures that should be used to obtain comfort while testing journal entries
• Identify the sufficiency and appropriateness of audit evidence while performing an engagement
• Describe the relevance and reliability of audit evidence
• Recall techniques for collecting audit evidence on engagements
• Describe the various sampling methodologies
• Recall sampling risks
• Identify the factors that influence sample size
• Recall the various types of analytical procedures that can be used as substantive testing
• Describe the steps to properly perform analytical procedures
• Recall the differences between preliminary and final analytics on engagements
• Recall best practices in project management necessary for senior associates
• Perform effective performance evaluations of staff
• Identify situations when the auditor should utilize the work of a specialist
• Describe the documentation requirements in audit workpapers when the work of a specialist is used
• Recall the auditor requirements for evaluating the work of a specialist
• Recall trends in financial statement fraud
• Identify examples of financial statement fraud
• Recall auditing requirements for contingencies
• Recall the auditor’s responsibilities for evaluating the appropriateness of going concern accounting and disclosure

Who Should Attend:

• Audit staff with more than two years of experience

Agenda:

o Day 1: Tuesday, July 30, 2024

• Guide to Sampling for Substantive Testing
• Best Practices: Journal Entry Testing

o Day 2: Thursday, August 1, 2024

• Evaluating Sufficiency & Appropriateness of Audit Evidence
• Performing Effective Analytical Procedures

o Day 3: Tuesday, August 6, 2024

• Power Skills: Your Guide to Delegation, Project Management, and Feedback
• Using the Work of the Auditor’s Specialist

o Day 4: Thursday, August 8, 2024

• Auditing Contingencies & Going Concern
• Fraud Trends

Jaclyn will be presenting this four-day cohort.