Financial Statement Audits for New Auditors series is ideal for “new hires” entering an audit practice. More specifically, upon completion of this course, you will be able to: Explain the purpose of an audit; Explain the purpose of and identify the components in an engagement letter; State the responsibilities in the pre-engagement period and planning phase that are typically performed by in-charge accountants, managers and partners; State the responsibilities in the planning phase that are typically performed by staff accountants; Describe the purpose of a budget and how it impacts an auditor’s responsibilities; Describe how information in the budget and preliminary analytical review can inform testing in an area.