Training

Introduction

A key requirement for various Firms under the AQMM v.1 issued by ICAI is to have regular training programs on general and specific topics for all staff members (including Partners). In order to assist the Firm’s in their learning and development efforts in line with their policies and practices as well as compliance with the AQMM requirements, we at True and Fair Professionals Network bring to you In-Tuition, a focused in-classroom or virtual or hybrid training program with various plans to assist small to large sized firms, to provide training to new hires (articles or paid assistants), experienced hires (audit senior or manager) and engagement leaders (Partner/ Director) on various audit related topics.

This represents a 16 to 24 Hrs of training sessions on various topics to specifically cover the basics for new hires, both articles and qualified accountants. Firm’s can opt for all the topics intended to be covered over the 24 hrs, or can consider the minimum session to be covered for a minimum of 16 Hrs. These topics are intended to provide guidance and clarity to ensure that there is a fair understanding of not just the requirements of the auditing standards but also on the minimum documentation requirements within those standards.

Mode of delivery - Hybrid or virtual. In case virtual mode, training program can be delivered in 4 or 6 sessions of 4 Hrs each.

Topic	Proposed hours
Communication with Client Personnel & Team (verbal and written)	1
Brief on audit, regulatory aspects, stakeholders expectations	1
Insider Trading rules, matters relating to ethics, etc	1
Basics of understanding entity and environment	1
Opening Balance testing	1
Usage of materiality & MABCoTDs	1
Basics of risk identification, assertions, controls and audit procedures	2
Sampling- for controls and substantive testing	1.5
Physical Verification- cash & stock	1
External confirmations- rollout, receipt, testing (including alternative procedures)	1
Bank Reconciliation Statement	1
Ticking, tying schedules, financial statements	1
Basics of documentation (including Testing trial balance, schedules- basic checks)	2
Sub-total	16
Understanding Management Override, Journal Entries, Management Estimates	2
Testing of Cash Flow Statement	1
Subsequent events- testing	1
Evaluation of Misstatements (IFCoFR +FS related)	1
Evaluation of Appropriate Audit Evidence- examples, corroborating contradictory evidences, etc.	2
Assembling and Archival	1
Total	24

Note : (i) No recording of the sessions is permitted. (ii) No content/presentation to be circulated.

For further details, please contact Rakesh Jain (+91 9987592300) / Jaideep Trasi (+91 98454 71208) or write to contact@trueandfair.pro.