TIMING
- The course will run from Sunday 7 April 2024 to Friday 12 April 2024 (inclusive).
Registrations for the 2024 courses are now CLOSED.
PRESENTERS
- Aidan Smith (HLB Mann Judd, Sydney)
- Sachin Patel (Baker Tilly Staples Rodway, Auckland)
- Ahmad Samadi (Accru, Melbourne)
DURATION
This course runs for 6 days from Sunday evening at 6:30pm to Friday at approximately 12 midday. Each day is scheduled to run from 9am to approximately 10pm with breaks during the day (totaling approximately 3 hours).
LOCATION
The course is held at the conference centre at Penrith Panthers in outer Western Sydney. Buses will transfer participants to and from Sydney Airport (Sydney Participants should make their own way to Panthers). Details of the timing of bus transfers will be provided in the information sent to participants. Accommodation is at the Mercure Hotel attached to Penrith Panthers.
ATTENDEES
Participants of this course will generally be school leavers in their second or third years with their firms, or university graduates in their first year with their firms.
The course is designed primarily for audit staff. However, due to its basic nature with a significant emphasis on the proper preparation of working papers (which is not a requirement limited solely to audit), it is a course which may be attended by staff members from disciplines other than audit, particularly accounting and business services.
COURSE OBJECTIVES
- To make participants aware of the general principles of auditing.
- To introduce participants to various auditing techniques and the importance of their role in using those techniques.
- To make participants aware of the importance of gathering sufficient appropriate audit evidence and the proper recording of this in audit working papers.
- To educate participants in the appropriate method of carrying out audit procedures.
- To train participants in communicating with management and staff of audit clients.
- To introduce participants to following an audit programme.
COURSE PRESENTATION
The presentation of the course consists of lectures, videos and practical case studies. Throughout the duration of the course the participants carry out various audit procedures relating to a company named MWP Pty Limited, an importer, manufacturer and distributor of edible oil products. Participants are required to conduct audits of various major areas of the company, including:
- Purchases and cash payments (using a compliance test)
- Debtors (incorporating a circularisation and doubtful debts review)
- Inventories (including a stocktake, valuation tests and obsolescence tests)
- Creditors substantive testing
- Analytical procedures
- Management letter writing.
The audit of MWP is performed by following audit programs which have been tailored by an Audit Manager for the specific audit of MWP Pty Ltd. Participants are given various ‘client’ documents (such as invoices, purchase orders, debtors’ list, etc.), and facilitators (who are Partners of the various member firms of the ACATG) act as client staff and other audit staff to answer queries which arise during the audit. We use CaseWare audit software for the audit of MWP. If your firm does not use CaseWare, we arrange for licences for the period of the course.
Audit planning meetings are held at the start of each module, with a facilitator acting as the audit Partner/Manager, briefing the staff prior to the commencement of each module.
MODULES
Each major module includes:
- A lecture on the topic, eg Receivables, covering accounting for the topic, and audit of the topic.
- A tutorial in which participants join their assigned facilitator in a group discussion on the topic. The facilitator also acts as the Audit Senior, leading the participant through the work they are to perform as set out in the audit program.
- Case study – participants perform the audit work set out in the audit program.
- Post-mortem – a facilitator speaks to participants as a group on difficulties they may have encountered, issues they were expected to find, and suggestions to assist their audit work.
ASSESSMENT
At the start of the course each participant is assigned a facilitator, who will be responsible for monitoring their performance during the week of the course. Each facilitator is responsible for approximately 10-12 participants, and also acts as their tutorial leader.
The completed working papers for each module are reviewed by the facilitator as if they were reviewing the audit file as an Audit Partner, and comments are provided to each participant so they can use the comments to improve their work on the next module.
During the latter part of the course, a relevant facilitator conducts an interview with each participant to discuss their performance throughout the week and any other matters which the participant may wish to raise.
An assessment form is then completed on each participant by the facilitator, and forwarded to the participant’s firm after completion of the course.
ACHIEVEMENT OF COURSE OBJECTIVES
At the completion of the course a participant should:
- Be able to carry out, with a minimum of supervision, the various audit procedures which are within his/her technical capabilities, given the relevant level of experience, using tailored audit programs.
- Be confident in dealing with clients and raising queries with client’s staff.
- Be capable of preparing audit working papers which adequately document the work performed, the evidence examined, and the conclusions which the staff member draws.
DRESS
Dress is casual.
COURSE FEE
2024 course : $TBC
2023 course: $4,500
2022 course: $2,090 (online presentation)
2021 course: $2,035 (online presentation)
2020 course: Course not held
2019 course: $4,180
