Course Detail

Level II - Semi-Senior Staff Training

Description:

Satisfy Client and CPA Firm Needs - The objective of this section is to identify ways to maintain and improve good communication with clients and partners. There is also an opportunity to critique actual practice situations involving poor communications.

Apply Analytical Procedures - This session emphasizes the values and uses of analytical procedures for auditing and review services and how these tests can be used to help a client run their business better as a part of a client-services-oriented approach. Participants will learn how to correctly apply the SSARS and SAS requirements to clients through several cases covering ratio analysis and analytical procedures.

Conduct Small Audits - Previous learning about the financial accounting process, transaction cycles, and the nature of generally accepted accounting principles will be reinforced and applied to the audit of a small client. Understanding the client and their industry; assessing control risk, inherent risk, and risk of fraud; linking assessed risks to resulting evidence; designing the most efficient audit approach; and making management suggestions on small jobs are all addressed in the case application.

Perform Review Service Engagements - In this session participants explore both the SSARS requirements and the practical problems encountered in applying them to compilations and reviews. A major case study is used to help participants understand differences in the nature and extent of procedures necessary for completing reviews and compilations, including analytical procedures, working papers and common GAAP problems. Participants will also learn how to use review service engagement forms and check lists more effectively.

Draft Financial Statements and Footnotes - Participants will review and recommend changes in the format, terminology, and account groupings for a set of financial statements included in a major case study. Adherence to firm policies and utilization of professional judgment in adapting to varying circumstances will be emphasized in full group discussion. Using a reporting checklist, small groups of participants will also organize and outline the contents of footnotes for the case study financial statements. Participants will evaluate an accountant’s report for a review service engagement using the facts contained in the case materials. They will also complete an engagement reporting exercise to become familiar with the different types of reports needed under differing circumstances.

Improve Corporate Tax Knowledge - Completion of the major case in this module requires that participants identify and resolve numerous tax issues in order to determine a small business client’s tax liability for the year. A tax return preparation and review checklist for C corporations is provided as an aid. Other cases in the module require that participants solve problems involving unethical tax return preparation, methods of depreciating assets and determining the appropriate form of a business organization.

Highlights:

16.00 Credits

  • Accounting (6.80)
  • Auditing (5.40)
  • Business Management and Organization (1.40)
  • Taxes (2.40)

Objectives:

To enable more experienced staff to complete smaller audits, reviews and compilations with minimum supervision and maximum profitability.

Prerequisites:

 

Notes:

Bonnie Kennedy, CPA, licensed as a CPA in Rhode Island, is a Group Practice Leader for Kaplan Financial Education and AHI Associates. Bonnie has more than 30 years’ experience in the accounting profession. She began her career in public practice with a regional accounting firm in New England, before taking a position as the Controller and Treasurer of a manufacturing firm. Currently, Bonnie is a full-time faculty member at Salve Regina University. She has taught accounting and auditing courses at both the graduate and undergraduate levels. She holds a BS degree in Business Administration and a MS degree in Accounting from the University of Rhode Island. During her association with the regional CPA firm, Bonnie was involved in recruiting, interviewing, and mentoring new staff. She also designed and conducted continuing professional education programs for the firm. After initial exposure to both taxation and attestation work, Bonnie eventually specialized in audits of manufacturing companies and not-for-profit entities. She has published articles in scholarly journals, and presented her work at national conferences. She has served on the Board of Directors for several not-for-profit entities, and currently serves as the Treasurer for her local youth soccer association. She is a member of the Rhode Island Society of CPAs, the Association of Certified Fraud Examiners, and the AICPA.

Designed For:

Staff with 1 to 2 years and at least one tax season

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