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. Read more.
Robert (Bob) Steele CPA, CGMA, M.S. Tax, CPI
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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.Â
Our Promise to You
By the end of this course, you will have learned the auditing process of financial statements.
10 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 |
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.Â
Our Promise to You
By the end of this course, you will have learned the auditing process of financial statements.
10 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 |