Course II (Introduction to Auditing and Financial Reporting)
To explain the disclosures required in small company accounts prepared in accordance with section 1A of FRS 102. The course will also look at the information that can be excluded in abridged and “filleted” accounts, and briefly look at micro-entity accounts prepared in accordance with FRS 105.
To provide an understanding of the principles of auditing, and look at the audit areas that students will be involved in at this stage of their careers.
During each section of the course there is a focus on the audit assertions, to ensure that students understand how the assertions affect the audit work that must be performed.
The training involves practical case studies based around a single audit client, with a focus on the practical situations that the student may encounter when on audit, such as obtaining information from clients, dealing with errors and documentation of audit work.
The audit work performed in each audit area will include substantive tests of detail and some of the most widely used substantive analytical procedures.
|Day||Morning session||Afternoon session|
|1||Company disclosures – small company issues including FRS 102 Section 1A.||Introduction to auditing principles.Introduction to the case study material (see below).|
|2||Auditing fixed assets.||Auditing debtors and prepayments.|
|3||Auditing bank & cash.Auditing creditors & accruals.||Effective documentation of audit work.Producing good quality audit working papers.|
|4||Auditing income.||Auditing expenditure.|
|5||Auditing payroll.Recap of the week.||Client questioning skills.Obtaining information from clients.|
All of the sessions from day 1 (pm) to day 5 (am) will involve the completion of practical exercises and case studies, which will be performed on-screen using laptops. Depending on the audit methodology used by the student’s firm, this will involve either completing the work in an Excel workbook, or in CCH Audit Automation (both PCAS and Mercia master packs are available).
If there are large numbers of students on the course, they may be split into two groups on day 5, with group 1 receiving the client questioning skills training in the morning and the payroll training in the afternoon. Group 2 will receive the training in the order shown above.
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