September 2024 Level 1 Audit Training

September 2024 Level 1 Audit Training covers the basics of auditing that new auditors need to be set up for success in their careers. Qualifying for 16 auditing CPE credits, this live virtual training is broken into four separate four-hour sessions. The training will explain how to audit cash, inventory, expenses & payables, as well as property, plant, & equipment. It will also introduce the basic assertions and risks applicable to these accounts. Additionally, it will provide an introduction to ethics and professional skepticism, risk assessment, internal control fundamentals, and best practices for work papers and audit documentation.

Level 1 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 1 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:

• Recall the audit assertions applicable to the Cash, Inventory, Expenses & Payables, and PP&E balances
• Recognize risks & threats related to the Cash, Inventory, Expenses & Payables, and PP&E balances
• Identify substantive auditing procedures that are used to obtain comfort over Cash, Inventory, Expenses & Payables, and Property, Plant, & Equipment
• Describe the five components of COSO
• Recall the limitations of internal controls
• Recognize noncompliance with ethical standards during engagements
• Recall the five fundamental principles of ethics for professional accountants
• Perform risk assessment procedures during an engagement
• Recall parts of the audit risk mode

Agenda:

o Day 1: Tuesday, September 10, 2024

• Welcome and Introductions
• Best Practices: Introduction Ethics and Professional Skepticism
• How to Audit: Cash

o Day 2: Thursday, September 12, 2024

• Introduction to Risk Assessment
• How to Audit: Inventory
• Q&A and Closing

o Day 3: Tuesday, September 17, 2024

• Welcome and Network Building
• Internal Control Fundamentals
• How to Audit: Expenses & Payables

o Day 4: Thursday, September 19, 2024

• Best Practices: Audit Workpapers & Proper Documentation
• How to Audit: PP&E
• Q&A and Closing

Who Should Attend:

• Audit staff who are new or have limited/less than one year of experience

Jaclyn will be presenting this four-day cohort.