Audit II

TIMING

The course will run from Sunday 6 April 2025 at 6pm to Wednesday 9 April 2025 at 2pm

Registrations for the 2025 courses will open early 2025.

PRESENTER

Erin Tanyag (Nexia Australia, Sydney)

Nick Bennet (Nexia Australia, Sydney)

DURATION

This course runs for 3 days from Sunday evening at 6:30pm to Wednesday 2pm. 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

Attendees of this course will have begun to be responsible for the field work on audit assignments. They may be supervising junior staff and be responsible for the review of that work, and submitting work to a Supervisor, Manager or Partner. Australian participants will be engaged in the Australian CA program, but will not necessarily have completed it.

COURSE OBJECTIVES

1. To examine in a critical manner the role and required talents of the Audit Senior.
2. To confirm the responsibilities of the Audit Senior and establish the resulting accountability.
3. To refine the participant’s understanding of organisational skills including:
   • communications skills
   • supervision of staff
   • review of working papers
   • delegation of work areas and budgeting
   • audit planning
   • concepts of risk and materiality
   • analytical review
   • knowledge and application of law and accounting standards
   • preparation of audit reports
   • fees and fee estimates.

COURSE PRESENTATION

Presentation of the course consists of instruction, video and practical case studies with an emphasis on discussion, interaction and cross-fertilisation of ideas.
The maximum number of attendees on the course, given the emphasis on exchange of ideas, is approximately 20 people. The course relies on group interaction and participation.

A number of concepts and principles are specifically covered during the course. These include, but are not limited to:

1. Communication: This section includes a review of a video presentation which focuses on communication skills and the practical lessons that may be learned from this to enable application in a practical environment. This is reinforced with case studies and role plays.
2. Administration and Business Approach to Audit: This section involves looking at the responsibilities of the Audit Senior from both an administrative and business perspective. Case studies and role plays are used to provide practical examples and promote group involvement.
3. Audit Engagements: Audit engagement requirements, including engagement letters and differing audit roles, are discussed.
4. Audit Process: The audit process is examined and discussed to ensure that there is an understanding of:
   – the client’s business
   – planning issues, including risk assessment
   – the link between compliance and substantive tests, which are properly understood, evaluated and conducted
   – the concept of materiality, so that neither under – nor over – auditing occurs.
5. An Audit Planning Memorandum is analysed in detail, and feedback provided, in groups.
6. Review of Audit Working Papers: This section involves a practical case study in the review of working papers and the discussion of this process.
7. Fees and Fee estimates: Involves looking at matters to be considered in establishing fee estimates and cost budgets, and generally understanding this process.
8. Analytical Review: Analytical review as an effective tool is reviewed, together with assessment of audit risk. These are examined in a practical environment with reference to case studies.
9. Audit Reports and Report Writing: The preparation of audit reports is discussed, as well as the different types of audit reports that can be issued. This includes looking at emphasis of matter and qualified audit reports.

ASSESSMENT

The course is conducted by one group leader. A separate facilitator is used in some sessions to assist with some specific skills sets, such as team management and communication. Written answers are prepared for several of the case studies which are discussed in a group environment.

No formal assessment is prepared for each participant. We consider that this enables participants to be more open in their discussions, in a ‘safe’ environment.

However, where significant issues are noted, participants are advised and in extreme cases this is fed back to firms, to address the issues.

ACHIEVEMENT OF COURSE OBJECTIVES

At the completion of the course, a participant should:

• Have a clear understanding of their role as an Audit Senior and be confident to take control of an audit assignment
• Have enhanced their skills in respect of the areas addressed.

DRESS

Dress is casual.

COURSE FEE

2025 course: $2,750
2024 course: $2,650
2023 course: $2,650
2022 course: Course not held
2021 course: $1,900 (held virtually)