Level I focuses on the basic skill sets that new staff need to quickly master in order to "hit the ground running", while not overwhelming them with too much information all at once. This course explains the basics of what new auditors are expected to know and do, including the nature, timing and extent of common audit procedures. This course will focus on "why" certain procedures are performed, as well as "how" to perform typical procedures expected of new staff. This course is critical in establishing the groundwork for the expectation that all staff should critically analyze and understand the underlying purpose of procedures, as well as how to effectively and efficiently complete assigned tasks.

• Scope of services: Basic requirements of compilations, reviews and audits
• Understanding the audit process: Common terminology, nature of typical audit procedures, documentation of audit evidence, and the form and content of typical engagement workpaper files
• Workpaper documentation: Tips and techniques for documentation of audit evidence, and the form and content of typical engagement workpaper files
• New auditor's role on the engagement team: Characteristics of best performers, handling difficult client and engagement situations, and understanding the roles and responsibilities of various team members
• Interpersonal and communication skills: Appropriately handling difficult client and engagement situations
• Assessing risk for a higher quality audit: Understanding the concept of the various components and underlying factors that impact audit risk, documenting a basic understanding of the client's business and industry (including internal controls), and the resulting impact on the nature, timing and extent of planned audit procedures
• Cash case study: Audit objectives, performing and documenting client inquiries related to cash, and testing bank reconciliations
• Professionalism and ethics: The necessity of fully integrating these professional standards into all types of engagements

Field of study: Regulatory Ethics (3.5) and Auditing (12.5)