Earth First Building Supply –An Audit Simulation (course)

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Level

Skills

Audit Areas

This is a two day, fully immersive, role-based simulation of an audit that is unlike any other audit training seminar these participants have attended. From the moment they enter the classroom, they will enter a role as the Senior on Earth First Building Supplies with a single goal to prepare and deliver an audit plan to the engagement Partner.

To accomplish their mission, they’ll have to sort through dozens of information sources, interview the client, and communicate critical developments with the engagement Partner and Manager. They’ll have to juggle multiple engagements and delegate tasks to a staff they’ve never met.

A team of firm managers assume roles, coach, and guide the participants through the experience. In the process, these managers improve their skills and build mentoring relationships with the staff that carry beyond the classroom.

Learning Outcomes

  • Gather information needed for planning decisions:
    1. Perform risk assessment procedures
    2. Allow for scheduling and staffing considerations
    3. Anticipate project management issues
  • Prepare and deliver presentations.
  • Use a disclosure checklist to prepare financial statements.
  • Plan and perform audit procedures for high-risk audit areas.
  • Juggle multiple responsibilities and engagements.
  • Supervise staff members.
  • Communicate status to internal and client personnel.

Course Agenda

  • Partner Briefing

    The Earth First engagement Partner describes a high-stakes mission to prepare an audit plan for Earth First.
  • Earth First and the Building Supply Industry

    Participants review an assortment of documents to better understand the client and its industry. Initial meetings with various personnel are planned and conducted.
  • What Can Go Wrong?

    Having completed their initial risk assessment procedures, they begin to articulate, “What can go wrong?” They are unexpectedly asked to help wrap up another job and must work directly with another Partner to complete it.
  • Internal Controls

    The client informs the engagement Partner that they expect the audit to include a closer look at information systems and data quality. The Partner informs the team. Another staff member is brought on to conduct control walkthroughs, and the Senior must decide how to manage this new arrangement.
  • Plan for High-Risk Areas

    Additional risk assessment procedures produce unexpected results, and the team must determine how this new information impacts audit risk and the strategy for high-risk areas.
  • Prepare and Deliver Presentation

    The teams prepare their audit plan and deliver it to a panel of the firm’s actual audit Partners.