CPAsNET: Audit Staff Essentials Level II (ASE2)

Course Description Schedule

Course Overview

The course price reflects the Association discount - no other discounts apply.

Delivery Format: Internet based virtual platform. Attendees should have a computer equipped with a camera to fully participate in the sessions.

CPE will be issued by the AICPA. The program will offer participants 16 hour of audit CPE credit.

Course Dates: Oct 16, 18, 23, 25 12:00 pm – 3:45 pm Eastern
Product #: ASE2
Fee: $479.20 - This fee reflects the CPAsNET’s partner discount with the AICPA.

A minimum of ten (10) participants are required before the program will be confirmed.
Cancellation Policy: If you need to cancel, please contact Cancellations received by Sunday, September 30 will receive a full refund. Cancellations received after this date will receive a credit with the AICPA equal to half of the registration fee.

Instructor: Melissa G. Critcher, CPA Charlotte, North Carolina

Melissa G. Critcher, CPA attended Appalachian State University where she received a bachelor of science degree in Accounting. Throughout the course of her career, she has had the opportunity to work with small and large local and regional firms across North Carolina. Currently, Melissa, has her own practice located in Charlotte, NC. She has extensive experience in auditing and accounting, which includes manufacturing, professional service, healthcare, and retail industries with a specialization in employee benefit plans. Currently, her practice concentrates on auditing employee benefit plans and consulting with CPA Firms and plan sponsors.

Melissa’s experience has led to various opportunities, which include teaching numerous continuing professional education courses for the AICPA, NCACPA, and CPA firms, as well as, public and privately held entities. She has been repeatedly recognized as an outstanding discussion leader by the AICPA and NCACPA. Melissa has also authored several different courses for the AICPA, Surgent McCoy and others on topics ranging from employee benefit plans, internal controls, and compilation and review engagements.

Throughout, the course of her career, she has served in various roles with both the NCACPA and AICPA. These positions include serving as a member of the NCACPA Board of Directors, committee member for the NCACPA Accounting and Attestation Committee, as well as, local chapter positions for the NCACPA. For the past five years, Melissa has also served as a volunteer on the AICPA Technical Standards Committee for Employee Benefit Plans which is responsible for evaluating referrals from the Department of Labor for deficient audits and makes recommendation for disciplinary actions.

Course Content

Topics discussed in each session:

    October 16th
  • New Staff: Practical Application - Introduction to Analytical Procedures in an Audit
    Analytical procedures are one of the component audit procedures identified in the audit risk model and universally applied in every audit. The entire engagement team is involved in the design, performance, and evaluation of analytical procedures. In conjunction with internal controls and tests of detail, the procedures can be an effective trap for fraud and error and can provide audit evidence. Although the entire engagement team may be involved, new staff are often involved in the computational aspects of analytics.
    New staff often bring important insights and issues to light because they are near the detailed data where insights can arise. Recent quality initiatives have looked more closely at analytical procedures, and auditing standards have set new requirements and guidelines to fill gaps observed when analytics have failed to identify issues.
  • New Staff: Practical Application- Auditing Cash and Cash Equivalents
    Starting with cash, this CPE course will progress through the major balance sheet accounts to help you gain an understanding of the risks that are typically present. The course also covers the client controls you will likely encounter to mitigate those risks in order to establish your risk of material misstatement (RMM).
    October 18th
  • New Staff: Practical Application - Auditing Accounts Receivable
    Typically one of the larger balance sheet accounts, accounts receivable, and its related contra account allowance for doubtful accounts, is an area often assigned to new staff. In many engagements, accounts receivable is considered a high-risk account because it is associated with sales. Revenue recognition is generally recognized as a problematic area. Many times the allowance for doubtful accounts is difficult to audit because it is very subjective in nature and relies primarily on management estimates.
    However, with careful thought and an understanding of risk assessment, auditing accounts receivable can be an efficient and effective process.
  • New Staff: Practical Application- Auditing Inventory
    The inventory account balance is typically as large as or larger than accounts receivable. Understanding not only the types of products your client manufactures but also what goes into making the products is fascinating and indispensable to identifying risk of material misstatement. It is essential to understand how a company makes its money to effectively perform an audit. At the core of this understanding is knowing what goes into products and how the products are assembled.
    October 23rd
  • New Staff: Practical Application- Auditing Prepaid and Other Current Assets
    Normally smaller accounts on an entity’s balance sheet, prepaid and other current assets represent smaller individual items but may be significant to the entity nonetheless.
    Commonly consisting of prepaid expenses that must be recognized on a pro rata basis and other assets such as investments, short-term notes, and industry-specific transactions (for instance, costs in excess of billings), these accounts often require complex estimates.
  • New Staff: Practical Application- Auditing Property, Plant, and Equipment
    The basic accounting for property, plant, and equipment is fairly straightforward, but you have to be alert for unusual or complex transactions, such as exchanges, capitalized interest, or sale-leasebacks. Do you actively look for events or changes in circumstances that indicate an asset may be impaired? Do you communicate with other audit team members about possible signs of impairment they might have observed in their audit areas? Do you carefully scrutinize the underlying documentation for fixed assets to be sure that the costs should be capitalized and not expensed?
    In addition, this course will teach you tips for making the preparation of the tax return as efficient as possible. When performing your audit work, you'll make sure you gather all the information necessary to complete the related tax return areas.
    Through interactive exercises and case studies, you'll practice applying the effective and efficient procedures contained in this course when auditing fixed assets.
  • New Staff: Practical Application - Auditing Accounts Payable and Accrued Expenses
    The accounting for accounts payable and accrued expenses is usually fairly straightforward and typically centers on when to recognize a liability. Your primary concern in this area is with the completeness assertion, and your main substantive test is a search for unrecorded liabilities.
    In this CPE course, you'll learn the importance of understanding the accounting system related to purchases, payables, and accrued expenses—an understanding necessary to plan your procedures. Through an interactive case study, you'll practice the critical substantive test and be able to assess whether your search for unrecorded liabilities is thorough enough to gain assurance that material unrecorded liabilities have been detected.
    October 25th
  • New Staff: Practical Application - Auditing Debt
    Issues relating to recognition and measurement of long-term debt are not all that difficult. On the other hand, issues relating to presentation and disclosure can be challenging. This CPE course will touch on those issues as well as the more mechanical side of auditing debt, including confirming balances, recalculating accrued interest, and the recognition of interest expense.
  • New Staff: Practical Application - Application of Professional Skepticism
    Professional skepticism should be ingrained in our work every day - from the time we arrive to the time we depart. It should be on our minds from planning to wrap-up. It is critical we keep the core concepts of professional skepticism in mind at all times.
    The companion chapter, Audit Staff Essentials New Staff: Core Concepts, "Introduction to Professional Skepticism," covered the basics of professional skepticism, including our professional requirements under generally accepted auditing standards (GAAS); the link between professional skepticism and professional judgment; and impediments and mitigation techniques integral to the use of professional skepticism.
    In this chapter, as in the companion chapter, a case study approach is used to illustrate and delve into further concepts related to professional skepticism, including additional factors that can impair our skepticism, the role of ethics, and a look at the tools we use to apply our skills.

Course Objectives

This curriculum focuses on the skills and knowledge needed to perform the duties commonly assigned to first-year audit staff. Along with insight related to the audit process, this curriculum includes practical, hands-on training for internal controls, substantive testing, fraud considerations, analytical procedures, and much more. The course is taught over 4 web-based training sessions. The tuition fee includes participation in all 4 sessions. Course information and access information will be available in September.

Learning Objectives:

    Training session subjects covered across all 4 training courses will prepare participants to:
  • Recall the basics of internal control, including using the work of others.
  • Identify the audit procedures typically performed by new staff in the following areas and match them to stated audit objectives and relevant assertions:
    • Cash and cash equivalents
    • Accounts receivable
    • Inventory
    • Prepaid and other current assets
    • Property, plant, and equipment
    • Accounts payable
    • Debt

Give yourself or your staff the strong conceptual foundation and hands-on skill-set to be successful, both on the first few engagements and throughout a career, with this comprehensive training curriculum.

Online Training
Modality: L
  • United States: US$ 479.20
Enroll now

Currently there are no training dates scheduled for this course.  Request a date