Junior Audit Engagement Simulation (No Methodology)
|CPD Hours:||Attendance at this seminar will secure 32.5 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)|
Ensure your new auditing trainees know how to perform audit procedures and document their audit evidence. The aim of this auditing simulation is to prepare trainees for the real-world auditing environment. First year trainees without any practical experience find it hard to adjust, and as such time is needed from seniors to explain to them what is needed and what they should do. This might be the case every time they are faced with a new Financial statement area they need to audit. This training has been designed specifically to give first year trainees the edge they need to be able to stand on their own when faced with a new area to perform testing on. This training provides practical experience in terms of a case study on the general sections first years are faced with. This simulated audit workshop will teach trainees how to compile an electronic audit working paper file, using Word and Excel.
This simulated audit workshop will teach trainees how to compile an electronic audit working paper file on Word and Excel. Delegates are provided the opportunity to conduct the audit procedures for a range of financial statement items. After completing the workshop delegates will be able to complete the audit procedures for smaller audit engagements on their own with limited assistance using Word and Excel and assist on bigger engagements with a high level understanding of the audit procedures. Inclusive of the course, the trainees will learn how to approach clients, how to work as a team, an element of assertiveness, time management, etc. The course includes continuous formative assessments of attendees understanding, as well as role-plays and constant challenges. Excel and Word will be used during the simulation for the preparation of working papers.
The delegates will be provided with a case study including general information regarding their client, a set of financial statements, and a set of supporting documents to be able to perform all the audit procedures necessary. They will also receive template work papers for the sections to perform the procedures on. The following will be covered during the training: Day1 • Introduction to the fundamental principles of auditing • Working paper preparation and best practices • Cross-referencing and indexing of working papers Day2 • Auditing property, plant and equipment and investment property Day3 • Auditing investments • Auditing inventories (focusing on the stock counts) and cost of sales Day4 • Auditing trade and other payables • Auditing provisions. • Auditing long-term liabilities (including instalment sale agreements and bonds) Day5 • Auditing the revenue cycle • Auditing trade and other receivables. For every section, the procedures performed will be discussed to bring to the delegates attention why the certain procedures are performed, to ensure they develop a sense of professional scepticism and not only do as they are told, but also understand why.
First year SAICA Trainees
Delegates must bring their own computers . All software must be fully licensed. All other material and stationery will be provided.
Registration: 08H00 Strat:08H30 End:16H00