Level III focuses on transitioning staff auditors to performing more complex audit procedures, and assuming more responsibilities related to engagement and client management. This course builds on the technical experience of auditors to introduce them to the tips and techniques necessary to begin assuming client and engagement management responsibilities on smaller engagements.

• Tailoring standard audit programs for a better audit: Linking risk assessments to detailed planning, tailoring standard audit programs for more effective and efficient audits, and planning an audit engagement
• Client and engagement management: Budgeting and scheduling engagements, preparing client assistance requests, supervision tips, and improving engagement wrap-up
• Internal controls: Enhancing understanding of anti-fraud and corporate responsibility, understanding the common framework for designing a system of internal controls, the auditor's responsibility related to internal controls, linking assessed risk to mitigating control activities, designing tests of controls to reduce control risk, handling exceptions related to internal control, additional responsibilities related to internal control in a Single Audit, and additional responsibilities related to internal control in a Section 404 attestation engagement
• Analytical procedures: Benefits of analytical procedures over tests of details, types of analytical procedures, required steps for designing substantive analytical procedures, and common pitfalls in using substantive analytical procedures as audit evidence
• Sampling: Sampling defined, the sampling process, documentation requirements, common sampling terminology, statistical vs. nonstatistical sampling, and handling exceptions
• Investments case study: Audit objectives, typical audit procedures, valuation procedures, and typical presentation and disclosure issues
• Debt case study: Audit objectives, typical audit procedures, debt covenant compliance, and typical presentation and disclosure issues
• Drafting financial statements: Process for drafting financial statements, drafting footnotes, drafting the cash flow statement, and common efficiency considerations

Field of study: Auditing