- What is expected of the in-charge
- Participants first build a composite list of the responsibilities of an
effective in–charge based on their firms’ practices. The list is then used
as a basis for discussing the kinds of actions that participants can take to
improve their chances for achieving success in their firms.
- Plan Engagements
- The in–charge’s responsibilities for engagement planning are the focal
points for this session. The steps that should be followed in proper
planning are identified through the use of a case. This is followed by a
discussion of the deterrents to planning that exist in actual practice and
identification of ways to partially or fully overcome the deterrents. The
emphasis in the entire planning session is on how to plan more effectively.
- The second part of the planning session pertains to the proper use and
common abuses of audit budgets as a planning tool. It also includes a case
and discussion about strategies for obtaining better client
assistance.
- Assess Risk and Materiality
- In this session participants first define and differentiate types of
risk assessment; engagement risk and the risk of material misstatement. The
impact that these risks have on audit evidence requirements is then
discussed. Participants also discuss the concept of materiality. Materiality
decisions need to be made both in the planning phase of an engagement and in
the evaluation phase.
- The first case in this module is used to illustrate how risk assessment
and the determination of a preliminary judgement of materiality can be used
to minimize engagement cost while still permitting high quality engagement
performance. The final case requires participants to assess the risk of
fraud, including conducting a fraud brainstorming session for a
client.
- Nonstatistical Audit Sampling
Non-statistical audit
sampling concepts are typically difficult for participants to apply to audit
engagements.
- This module begins with a discussion on properly applying audit
standards. In a case continued from the previous module, participants
practice making correct sampling decisions for the audit of one major
financial statement account.
- The final case illustrates the concept of projecting sample
misstatements to the population, including the consideration of sampling
error.
- Meet Client Needs
- One purpose of this session is to illustrate the four primary elements
of effective selling and how these elements can be used by in-charges to
help the firm sell additional services to existing clients.
- Using the conclusions reached, a general discussion is held about how to
use management letters as a client relations and sales tool. There is
specific discussion on the purposes of management letters, elements of
effective letters, development of management letter ideas and writing better
letters.
- Complete Engagements
- Inexperienced in–charges typically have difficulty getting an engagement
completed. This session is designed to give them ideas and teach them how to
do a better job in that area. Early problem identification, tying up loose
ends throughout the engagement, early review of assistants’ work and self
review are stressed as ways to reduce completing-the-engagement
difficulties.
- Review Assistants' Work
- This session emphasizes identifying objectives and developing a
methodology in reviewing assistants' work. Early review, proper
documentation and effective communication of review comments are essential
parts of the discussion. A major case provides practice in reviewing a
section of a set of working papers.
- Supervision
- Supervision and motivation of assistants is a major topic in Supervisory
Staff Training. It is introduced in this program to help participants
understand the importance of good supervision and to teach them some
on–the–job supervision techniques.
- Fundamental characteristics of good supervisors and common
characteristics found in poor supervisors are identified through a series of
short case studies. There are also cases and discussion dealing with
teaching assistants and effectively assigning responsibilities to
assistants.
Note: Be prepared
with a calculator.