About This Course

Audit-Financial Accounting will discuss, in detail, the auditing process of financial statements starting from what an audit is, as well as what the terms attest engagement and assurances services mean.

We will discuss the audit environment, the general format of a public accounting firm, and the general format of an audit team that would conduct the procedures related to an audit. The course will also discuss regulations and regulatory institutions related to the audit process.

Students will learn the different formats of audit evidence and how to document audit evidence so that it can be used as evidence to support the conclusion and opinion of the auditor.

We will examine the internal controls of the organization. Internal controls are policies set up by management to achieve the objectives of the organization. As auditors, we are primarily concerned with internal controls that will lower the risk of financial statements being materially misstated. If we can rely on internal controls as an auditor, we may be able to do more testing of the controls and less substantive testing, and this can be more efficient.

Students will then learn how to put together a standard audit report. The standard audit report is called an unqualified report. It is beneficial to actually memorize or have a good idea of the format of the standard unqualified report. 

Our Promise to You

By the end of this course, you will have learned the auditing process of financial statements.

30 Day Money Back Guarantee. If you are unsatisfied for any reason, simply contact us and we’ll give you a full refund. No questions asked.

Get started today and learn more about auditing and attestation engagements other than financial statements.

Course Curriculum

Section 1 - Introduction
Overview: Audit – Financial Statement 00:00:00
Downloadable Materials 00:00:00
Audit Vs Financial Accounting 00:00:00
Auditing, Attest, And Assurance Services 00:00:00
Overview Of Financial Statement Auditing Process 00:00:00
Audit Evidence And Sampling 00:00:00
Format Of Audit Report 00:00:00
Stages Of An Audit 00:00:00
Section 2 - Auditing Environment
Auditing Environment 00:00:00
Types Of Audit, Attest, And Assurance Services 00:00:00
Public Accounting Firms 00:00:00
Audit Team 00:00:00
Government Regulation 00:00:00
Corporate Governance 00:00:00
Organizations That Impact Auditing 00:00:00
Underlying Principles Of An Audit Underlying Principles Of An Audit 00:00:00
Auditing Standards 00:00:00
Section 3 - Audit Planning, Audit Tests, And Materiality
Audit Planning, Audit Tests, And Materiality 00:00:00
Audit Planning Stages 00:00:00
Preliminary Engagement Activities 00:00:00
Planning The Audit 00:00:00
Types Of Audit Tests 00:00:00
Materiality Determination 00:00:00
Section 4 - Risk Assessment
Risk Assessment 00:00:00
Audit Risk Model 00:00:00
Risk Assessment Process 00:00:00
Understanding The Entity And Environment 00:00:00
Assess Internal Controls 00:00:00
Responding To The Risk Of Material Misstatement 00:00:00
Evaluation Of Audit Test Results 00:00:00
Documentation Of Risk Assessment 00:00:00
Section 5 - Audit Evidence
Audit Evidence 00:00:00
Audit Evidence And Management Assertions 00:00:00
Audit Procedures 00:00:00
Audit Documentation 00:00:00
Develop Audit Expectations 00:00:00
Section 6 - Internal Controls
Audit Internal Controls 00:00:00
Internal Controls Introduction 00:00:00
Effect Of Information Technology On Internal Controls 00:00:00
Internal Control Components 00:00:00
Principles Of Internal Control Components 00:00:00
Internal Control Flow Chart 00:00:00
Substantive And Reliance Strategies 00:00:00
Assertions About Classes Of Transactions And Related Control Procedures 00:00:00
Obtain An Understanding Of Internal Controls 00:00:00
Performing And Documenting Tests Of Controls 00:00:00
Substantive Procedures 00:00:00
Internal Controls Matters Communication 00:00:00
ICFR – Internal Control Over Financial Reporting 00:00:00
Internal Control Deficiencies 00:00:00
Section 7 - Audit Sampling: Tests Of Controls
Audit Sampling Tests Of Controls 00:00:00
Controls Audit Sampling 00:00:00
Audit Evidence Should Sampling Be Done 00:00:00
Types Of Audit Sampling 00:00:00
Attribute Sampling Applied To Test Of Controls 00:00:00
Attribute Sampling Applied To Test Of Controls – Performance 00:00:00
Attribute Sampling Applied to Test Of Controls – Evaluation 00:00:00
Non Statistical Sampling For Tests Of Controls 00:00:00
Section 8 - Substantive Tests
Substantive Tests 00:00:00
Substantive Tests Of Details Of Account Balances 00:00:00
MUS – Monetary Unit Sampling 00:00:00
Monetary Unit Sampling Application Process 00:00:00
Non-statistical Sampling For Tests Of Account Balances 00:00:00
Section 9 - Revenue Process Audit
Revenue Process Audit 00:00:00
Classical Variable Sampling 00:00:00
Auditing Revenue Approach Auditing Revenue Approach 00:00:00
Auditing Revenue Types Of Documents And Records 00:00:00
Revenue Process Major Functions 00:00:00
Segregation Of Duties Revenue Process 00:00:00
Inherent Risk Assessment Revenue Process 00:00:00
Control Risk Assessment Revenue Process 00:00:00
Testing Controls Revenue Transactions 00:00:00
Testing Controls Cash Receipts Transactions 00:00:00
Substantive Tests Of Transactions Accounts Receivable, Allowance For Accounts 00:00:00
Section 10 - Purchasing Process Audit
Purchasing Process Audit 00:00:00
Purchasing Process Auditing 00:00:00
Purchasing Process Segregation Of Duties 00:00:00
Purchasing Process Inherent And Control Risk 00:00:00
Purchasing Process Control Activities And Tests 00:00:00
Audit Accounts Payable And Accrued Expenses 00:00:00
Tests Of Details Of Transactions 00:00:00
Section 11 - Payroll And Human Resources Audit
Payroll And Human Resources Audit 00:00:00
Payroll And Human Resources Auditing 00:00:00
Payroll And Human Resources Auditing Control Activities And Tests 00:00:00
Payroll And Human Resources Auditing Substantive Procedures – Part 1 00:00:00
Payroll And Human Resources Auditing Substantive Procedures Part 2 00:00:00
Section 12 - Inventory Audit
Inventory Audit 00:00:00
Inventory Auditing 00:00:00
Inventory Audit Inherent Risk And Control Risk 00:00:00
Inventory Assertions And Substantive Tests 00:00:00
Section 13 - Prepaid Expenses, Intangible Assets And Property Plant And Equipment Audit
Prepaid Expenses, Intangible Assets And Property Plant And Equipment Audit 00:00:00
Prepaid Expenses Audit 00:00:00
Intangible Assets Audit 00:00:00
Audit Property Plant And Equipment 00:00:00
Section 14 - Long Term Debt And Equity
Long Term Debt And Equity 00:00:00
Audit Long Term Debt 00:00:00
Audit Long Term Debt Substantive Procedures 00:00:00
Audit Stockholders Equity 00:00:00
Audit Retained Earnings And Dividends 00:00:00
Audit Income Statement Accounts 00:00:00
Section 15 - Cash And Cash Equivalents
Cash And Cash Equivalents 00:00:00
Audit Cash And Cash Equivalents 00:00:00
Section 16 - Audit Reports
Audit Reports 00:00:00
Standard Unqualified Audit Report 00:00:00
Adjustments To The Standard Unqualified Audit Report 00:00:00
Departure From Unqualified Report 00:00:00
Special Reports 00:00:00
Section 17 - Professional Conduct, Independence, And Quality Control
Professional Conduct, Independence, And Quality Control 00:00:00
Professional Conduct 00:00:00
Prohibited Business Relationships 00:00:00
Effect Of Litigation 00:00:00
Restrictions On Non-Audit Services To Attest Entities 00:00:00
General Standards And Compliance, Accounting Principles And Confidential Client Information 00:00:00
Fees And Commissions Rules 00:00:00
Acts Discreditable Rule 00:00:00
Quality Control Standards 00:00:00
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