Title:

Using Real Audit Simulation to Learn the New Risk Assessment
Auditing Standards No. 104-111

Learning Objectives:

During this session, attendees will learn how to use an online auditing simulation game to gain an understanding of a simulated entity and its environment including internal control. Attendees will use the simulation to review the client's permanent file, interview the CEO, and analyze the financial statements. Team meetings will be conducted to discuss the likelihood of fraud and other material misstatements. The five elements of COSO will be used to assess the design and implementation of internal control. Attendees will also learn how to prepare a summary schedule of risks of material misstatement and link it to the proposed audit strategy. Finally, the automated scoring system will be discussed as well as the simulation's ability to enhance interest and retention, and the importance of interviewing skills, dealing with difficult people, and negotiating audit findings.

Expected Outcomes:

An understanding of how auditing simulations can be used to teach auditing procedures.

Target Audience:

Auditing instructors (undergraduate or graduate level) who want to use instructional technologies to create a more active and applied learning environment.

CPA firms that want to prepare interns and staff for field assignments

Prerequisites:

Familiarity with the auditing process

Back to Northeast Regional Home Page

Back to AAA Home Page