Audit I

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.

Modules:

• 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.

• 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.