Audit And Attestation Engagements

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This course is designed for those interested to learn the basics the auditing process of financial statements, how to do the risk assessment, how audit sampling method works, how to cover audit procedures related to specific processes, and the quality control standards that review the quality of all factors involved in production.

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About This CourseBeginner

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.

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

Course Curriculum

Course Sections

Overview: Audit – Financial Statement

Downloadable Materials

Audit Vs Financial Accounting

Auditing, Attest, And Assurance Services

Overview Of Financial Statement Auditing Process

Audit Evidence And Sampling

Format Of Audit Report

Stages Of An Audit

Auditing Environment

Types Of Audit, Attest, And Assurance Services

Public Accounting Firms

Audit Team

Government Regulation

Corporate Governance

Organizations That Impact Auditing

Underlying Principles Of An Audit Underlying Principles Of An Audit

Auditing Standards

Audit Planning, Audit Tests, And Materiality

Audit Planning Stages

Preliminary Engagement Activities

Planning The Audit

Types Of Audit Tests

Materiality Determination

Risk Assessment

Audit Risk Model

Risk Assessment Process

Understanding The Entity And Environment

Assess Internal Controls

Responding To The Risk Of Material Misstatement

Evaluation Of Audit Test Results

Documentation Of Risk Assessment

Audit Evidence

Audit Evidence And Management Assertions

Audit Procedures

Audit Documentation

Develop Audit Expectations

Audit Internal Controls

Internal Controls Introduction

Effect Of Information Technology On Internal Controls

Internal Control Components

Principles Of Internal Control Components

Internal Control Flow Chart

Substantive And Reliance Strategies

Assertions About Classes Of Transactions And Related Control Procedures

Obtain An Understanding Of Internal Controls

Performing And Documenting Tests Of Controls

Substantive Procedures

Internal Controls Matters Communication

ICFR – Internal Control Over Financial Reporting

Internal Control Deficiencies

Audit Sampling Tests Of Controls

Controls Audit Sampling

Audit Evidence Should Sampling Be Done

Types Of Audit Sampling

Attribute Sampling Applied To Test Of Controls

Attribute Sampling Applied To Test Of Controls – Performance

Attribute Sampling Applied to Test Of Controls – Evaluation

Non Statistical Sampling For Tests Of Controls

Substantive Tests

Substantive Tests Of Details Of Account Balances

MUS – Monetary Unit Sampling

Monetary Unit Sampling Application Process

Non-statistical Sampling For Tests Of Account Balances

Revenue Process Audit

Classical Variable Sampling

Auditing Revenue Approach Auditing Revenue Approach

Auditing Revenue Types Of Documents And Records

Revenue Process Major Functions

Segregation Of Duties Revenue Process

Inherent Risk Assessment Revenue Process

Control Risk Assessment Revenue Process

Testing Controls Revenue Transactions

Testing Controls Cash Receipts Transactions

Substantive Tests Of Transactions Accounts Receivable, Allowance For Accounts

Purchasing Process Audit

Purchasing Process Auditing

Purchasing Process Segregation Of Duties

Purchasing Process Inherent And Control Risk

Purchasing Process Control Activities And Tests

Audit Accounts Payable And Accrued Expenses

Tests Of Details Of Transactions

Payroll And Human Resources Audit

Payroll And Human Resources Auditing

Payroll And Human Resources Auditing Control Activities And Tests

Payroll And Human Resources Auditing Substantive Procedures – Part 1

Payroll And Human Resources Auditing Substantive Procedures Part 2

Inventory Audit

Inventory Auditing

Inventory Audit Inherent Risk And Control Risk

Inventory Assertions And Substantive Tests

Prepaid Expenses, Intangible Assets And Property Plant And Equipment Audit

Prepaid Expenses Audit

Intangible Assets Audit

Audit Property Plant And Equipment

Long Term Debt And Equity

Audit Long Term Debt

Audit Long Term Debt Substantive Procedures

Audit Stockholders Equity

Audit Retained Earnings And Dividends

Audit Income Statement Accounts

Cash And Cash Equivalents

Audit Cash And Cash Equivalents

Audit Reports

Standard Unqualified Audit Report

Adjustments To The Standard Unqualified Audit Report

Departure From Unqualified Report

Special Reports

Professional Conduct, Independence, And Quality Control

Professional Conduct

Prohibited Business Relationships

Effect Of Litigation

Restrictions On Non-Audit Services To Attest Entities

General Standards And Compliance, Accounting Principles And Confidential Client Information

Fees And Commissions Rules

Acts Discreditable Rule

Quality Control Standards

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