Financial Statement Audits for New Auditors Series: Audit Planning
Author: Salvatore Collemi
| CPE Credit: |
1 hour for CPAs |
The Financial Statement Audits for New Auditors series of courses is focused on assisting new staff moving into an audit practice of non-public business entities (PBEs). These courses will help staff on their first audit engagement. This is part one of the three part series.
Publication Date: August 2019
Designed For
For entry-level, newly designated in-charge and managers in public practice.
Topics Covered
- Purpose of an audit
- Engagement letter
- Responsibilities of in-charge auditors and managers during planning
- Responsibilities of staff auditors during planning
- Resources
Learning Objectives
- Identify the purpose of an audit
- Recognize the purpose of and identify the components in an engagement letter
- Describe the responsibilities in the pre-engagement period and planning that are typically performed by in-charge accountants, managers and partners
- Describe the responsibilities in planning that are typically performed by staff accountants
- Identify the purpose of a budget and how it impacts an auditor's responsibilities
- Identify how information in the budget and preliminary analytical procedures can inform testing in an area
- Describe how the information used in planning is used when performing further substantive testing
- Describe time budget
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (1 hour)
Program Prerequisites
None
Advance Preparation
None
