Audit Staff Essentials - New Staff Practical Application

Description

In this second installment of the four-part Audit Staff Essentials series, first-year audit staff members are equipped with the foundational knowledge critical for success, both in initial engagements and throughout their careers. Serving as a companion to our New Staff: Core Concepts course, this course zeroes in on the vital skills and knowledge required to fulfill the responsibilities typically assigned to first-year audit staff. The course also provides valuable insights into the audit process, incorporating considerations related to the following areas:

Highlights

  • System of internal control
  • Risk assessment
  • Fraud considerations
  • Analytical procedures
  • Basic auditing procedures for areas commonly assigned to new staff members

Objectives

  • Recall the basics of internal control systems, including using the work of others.
  • Identify the key concerns regarding fraud considerations in a GAAS audit.
  • Recall the purpose and techniques regarding analytical procedures and their use in an audit.
  • Identify the potential of audit data analytics and areas where these procedures can be effective.
  • Identify the audit procedures typically performed by new staff in the following areas:
  • Cash and cash equivalents
  • Accounts receivable
  • Inventory
  • Prepaid and other current assets
  • Property, plant, and equipment
  • Accounts payable
  • Debt

Designed For

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

Leaders

Thomas Newell

Thomas E, Newell, Jr. (Tom) is a shareholder in the firm of Newell & Newell, P.C., which is located in Columbus, GA. Tom started the firm with his wife, Silvia Newell, CPA in 1986. Prior to that, his public accounting experience included both local firms and international firms. Tom has performed hundreds of peer reviews and has been involved with the peer review program since 1989.

Tom served on the Georgia Society (GSCPA) peer review committees from 1989 to 1993. In 1993 he was selected to be one of the technical reviewers for the Georgia Society Peer Review Program and served for nine years. During this time as technical reviewer, Tom worked with the GSCPA to move from in person meetings to online meetings of the peer review committee. Tom has also served several years on the accounting and auditing committee at the Georgia Society.

Tom has been a presenter at conferences and CPE courses for over 30 years. He has been a frequent presenter for the Georgia Society of CPAs at the Southeastern Accounting Show, Tax Forum (A&A topics), and the Accounting Institute. Tom is also a discussion leader for various continuing education courses on A&A topics for other state societies. He has made presentations to Fortune 500 companies and several government agencies on topics of accounting and auditing, internal controls, and cybersecurity.

As a presenter, Tom has been described as a dynamic speaker, able to take a boring topic (accounting and auditing) and make it interesting. His skills resulted in being awarded the Surgent Outstanding Discussion Leader Award in multiple years. Tom has also been recognized multiple years by the AICPA as an Outstanding Facilitator for his consistently high evaluations of knowledge and presentation skills. As the world of presentations has been changing Tom has been a champion of moving to virtual presentations. He has been involved in the early years of simulcasting by various state CPA societies, and recording of video and audio self-study courses. Tom is now also presenting in the virtual classroom that simulates a true live classroom experience.