Audit Staff Essentials, Level 3: Audit Senior/In-Charge

Authored by Joanne Flood, CPA-MBA
Program Description

This series identifies the more difficult areas for experienced auditors. We will focus on understanding business strategies; analyzing your client's competitive position; audit analysis and business advice; auditing estimates and subjective accounting information; contingent liabilities; revenue recognition; and fair value measurement. This level will give staff the confidence necessary to begin assuming client and engagement management responsibilities.

Learning Objectives
  • Identify and assess your client's overall business strategies
  • Apply the value chain analysis to identify your client's primary activities
  • Assess the relative strength of a client's competitors, suppliers, and customers
  • Ask detailed questions of your client to gather information about competitors, suppliers, and customers
  • Use specific tools and techniques to analyze data about your client and its industry
  • Identify the characteristics of estimates and subjective accounting information and describe how these differ from financial statement amounts based on historical events and facts
  • Describe the audit objectives for estimates and other subjective accounting information
  • Perform auditing procedures to test the reasonableness of an estimate of a contingent liability
  • Design and apply audit procedures to detect potential misstatements of revenue
  • Design and perform further audit procedures that address fair value measurements and disclosures.
Topics Discussed
  • Evaluating relevant business processes
  • Understanding the environment your client operates in
  • Using information gathered to further understand your client
  • Creating and delivering suggestions to your client
  • Guidance surrounding accounting estimates
  • Assessing the risk of significant estimates
  • Accounting guidance surrounding contingent liabilities and losses
  • Assessing the risk of estimates surrounding contingent liabilities
  • Complexities of revenue recognition
  • Fair value guidance
7 Course Bundle

$ 565.00
AICPA Member Price: $ 469.00

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NASBA Field of Study
Accounting and Auditing
CPE Credits