Audit Staff Essentials - New Staff Core Concepts: What Is an Audit?

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Auditing basics

Knowing the overall objectives and common issues of an audit is important to audit staff who have little to no firm experience. You will explore various topics to help you better understand your new role, including:

• Who an auditor works for during the audit
• What types and levels of service firms provide
• Which standards auditors follow
• The peer review process
• Ethical rules that apply to audits and auditors

Who Will Benefit

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

Key Topics

• Concept of an audit
• Overall audit objectives
• Who auditors work for
• Independence and professional skepticism
• AICPA Code of Professional Conduct overview
• Attest and assurance services
• Levels of service
• Professional standard setters
• Peer reviews

Learning Outcomes

• Recognize the general concept of an audit, its importance, and what an auditor does and does not do in performing an audit.
• Identify the importance of the concepts of independence and professional skepticism in an audit.
• Recall the principles that apply to auditors contained in the AICPA Code of Professional Conduct.
• Recall and distinguish between the definitions of attest and assurance services and the related levels of service.
• Recognize the various standard setters and the professional standards they promulgate.