Given the recent lockdowns in some states, the 2021 Level 2 course will no longer be held in person during the week commencing 12 April 2021.
Based on discussions with the various facilitators who present at the courses, our preference is to hold this course face to face so that participants get the most out of the courses. We hope to run the courses in person later in the year and will keep member firms updated regarding this.
If holding the courses in person is not possible, we will work towards an online delivery later this year.
Example timing of face to face training:
- A: Monday XX Month 202X to Wednesday XX Month 202X
- B: Wednesday XX Month 202X to Friday XX Month 202X
The course is scheduled for the ‘A’ dates above. If the number of participants warrant, a second, identical course will be held on the ‘B’ dates above. A decision on holding a ‘B’ dates, or second course, will be made when registrations are made.
Once a decision is made on whether one or two courses are to be held, participants and firms will be advised and travel arrangements can then be made.
No travel arrangements should be made until participants are advised whether or not a second course is to be held, and if so which course they are to attend.
If two courses are to be held, participants will be allocated to a course. If there are particular reasons why a participant should be allocated to a particular course, your firm’s ACATG contact Partner should advise the ACATG of this request. You will appreciate that such requests should only be made when necessary. We acknowledge that ‘A’ dates are on a weekend. A preference not to attend an ‘A’ dates course because it is on a weekend will not be considered a reasonable request.
Joseph Santangelo (Nexia Australia, Sydney)
The course commences with an evening introduction session, which is followed by three days of formal sessions. Each complete day is scheduled to run from 9.00am to approximately 9.30pm (the third day finishing at approximately 4.00pm), with breaks during the day (totalling approximately 3 hours).
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 in the Mercure Hotel attached to Penrith Panthers.
In order to ensure social distancing rules can be applied, for 2021 participants will not be required to share an accommodation room with another participant as has been in the case in prior years.
We are building a contingency for the level 2 courses to be run virtually in early July (timed to avoid clashes with professional exams and peak workloads) should travel restrictions require a deferral. Exact timing for the July courses, if required will be provided as soon as practical.
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.
- To examine in a critical manner the role and required talents of the Audit Senior.
- To confirm the responsibilities of the Audit Senior and establish the resulting accountability.
- 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.
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:
- 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.
- 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.
- Audit Engagements: Audit engagement requirements, including engagement letters and differing audit roles, are discussed.
- 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.
- An Audit Planning Memorandum is analysed in detail, and feedback provided, in groups.
- Review of Audit Working Papers: This section involves a practical case study in the review of working papers and the discussion of this process.
- Fees and Fee estimates: Involves looking at matters to be considered in establishing fee estimates and cost budgets, and generally understanding this process.
- 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.
- 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.
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 is casual.
2021 course: $TBC
2020 course: Course not held
2019 course: $2,640