Audit Staff Essentials - New Staff Core Concepts: Understanding the Audit Process

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Audit process overview

You will understand the entire audit process from start to finish after examining topics, including:

• Pre-engagement activities
• Client acceptance
• Procedures and standards that guide the flow of the audit
• Concluding procedures

Steps for a successful audit

You will also learn about the steps related to:

• Planning
• Materiality
• Risk assessment
• Analytical procedures
• Internal control
• Walkthroughs

Who Will Benefit

• Recently onboarded staff
• First-year staff
• Firms that want consistent training and level setting

Key Topics

• Professional responsibilities of auditors
• Pre-engagement activities and client acceptance
• Key concepts including assertions, materiality, and risk assessment
• Walk-through procedures
• Further audit procedures
• Concluding procedures

Learning Outcomes

• Recall the professional responsibilities for an auditor as prescribed by generally accepted auditing standards (GAAS).
• Identify the individual procedures that collectively represent the pre-engagement activities of an audit.
• Identify additional key concepts and their importance, including assertions, materiality, and risk assessment.
• Identify the key components of walk-through procedures.
• Recall the individual procedures that collectively represent the majority of test work performed during an audit.
• Identify common procedures to finalize an audit.