Audit - Financial Statement

Learn the audit process from planning to audit report form a Certified Public Accountant (CPA).

4.56 (1562 reviews)
Udemy
platform
English
language
Accounting & Bookkeeping
category
58,469
students
18.5 hours
content
Jan 2022
last update
$119.99
regular price

What you will learn

What an audit engagement is and the objectives of the audit engagement

How learning the audit process can enhance an accountants understanding of financial accounting concepts

The general format and structure of a public accounting firm

The general format and structure of an audit team

How to plan an audit

How to assess risk and use risk assessment in the planning process

The concept of materiality and how it applies to audit planning and procedures

Internal controls, tests of internal controls, and the role they play in the audit process

Audit sampling procedures

Substantive testing procedures

Audit testing procedures related to the revenue process

Audit testing procedures related to the purchasing process

Audit testing procedures related to payroll and human recourses

Audit testing procedures related to inventory

Audit testing procedures related to prepaid expenses, intangible assets, & PP&E

Audit testing procedures related to long term debt equity and cash

The format of audit reports

The concepts of professional conduct and independents

Description

Audit-Financial Accounting will discuss, in detail, the auditing process of financial statements.

The course will start by discussing 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.

The course will cover the planning process for an audit engagement. The planning process is a very important component of the audit because it will outline the steps that will be taking. The highest levels of the public accounting firm are generally involved in the planning process.

We will consider how to assess risk related to the audit using an audit risk Model. The risk assessment will help us plan the audit and determine where the auditors time can be spent most efficiently to gather evidence to support the auditor’s conclusion and opinion.

Learners 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 exam 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.

The course will discuss the audit sampling methods. When applying testing procedures, auditors often need to test a sample of a population and then apply the results to the population as a whole. Different sampling methods are appropriate for different situations and assertions being tested.

Next, we will talk about substantive tests. Substantive tests include tests that most people think of when they think of an audit, like pulling files, counting inventory, and performing procedures at the company’s place of business. Substantive testing will include testing account balances and transactions.

We will then cover audit procedures related to specific processes, including the revenue process, the purchasing process, and the payroll and human resources process.

Next will cover the audit process for specific accounts like inventory, prepaid expenses, intangible assets, property plant and equipment, long term debt & equity.

Then we will discuss the audit process related to cash, cash being a very important account because it is involved in almost every other accounting process at some point.

Learners will then learn how to put together a standard audit report. The standard audit report is called an unqualifies report. It is beneficial to actually memorize or have a good idea of the format of the standard unqualifies report. We can then think about variations on the standard unqualified report, adjusting it as necessary.

CPE (Continuing Professional Education)

Learning Objectives

1. Describe what an audit engagement is and the objectives of the audit engagement

2. Explain how learning the audit process can enhance an accountant’s understanding of financial accounting concepts

3. Discuss the general format and structure of a public accounting firm

4. Outline the general format and structure of an audit team

5. Describe how to plan an audit

6. Explain how to assess risk and use risk assessment in the planning process

7. Discuss the concept of materiality and how it applies to audit planning and procedures

8. Outline internal controls, tests of internal controls, and the role they play in the audit process

9. List audit sampling procedures

10. List substantive testing procedures

11. Discuss audit testing procedures related to the revenue process

12. Explain audit testing procedures related to the purchasing process

13. Identify audit testing procedures related to payroll and human resources

14. Describe audit testing procedures related to inventory

15. Explain audit testing procedures related to prepaid expenses, intangible assets, & PP&E

16. Outline audit testing procedures related to long term debt equity and cash

17. Discuss the format of audit reports

18. Explain the concepts of professional conduct and independents

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Screenshots

Audit - Financial Statement - Screenshot_01Audit - Financial Statement - Screenshot_02Audit - Financial Statement - Screenshot_03Audit - Financial Statement - Screenshot_04

Content

Introduction

Introduction
PDF - 1010 Audit vs Financial Accounting
1010 Audit vs Financial Accounting
PDF -1020 Auditing, Attest, & Assurance Services
1020 Auditing, Attest, & Assurance Services
PDF - 1030 Overview of Financial Statement Auditing Process
1030 Overview of Financial Statement Auditing Process
PDF - 1040 Audit Evidence & Sampling
1040 Audit Evidence & Sampling
PDF - 1050 Format of Audit Report
1050 Format of Audit Report
PDF - 1050 Stages of an Audit
1050 Stages of an Audit

Auditing Environment

2 Auditing Environment
PDF - 2010 Types of Audit, Attest, & Assurance Services
2010 Types of Audit, Attest, & Assurance Services
PDF - 2020 Public Accounting Firms
2020 Public Accounting Firms
PDF - 2030 Audit Team
2030 Audit Team
PDF - 2040 Government Regulation
2040 Government Regulation
PDF - 2050 Corporate Governance
2050 Corporate Governance
PDF - 2060 Organizations that Impact Auditing
2060 Organizations that Impact Auditing
PDF - 2070 Underlying Principles of an Audit Underlying Principles of an Audit
2070 Underlying Principles of an Audit Underlying Principles of an Audit
PDF - 2080 Auditing Standards
2080 Auditing Standards

Audit Planning, Audit Tests, & Materiality

3 Audit Planning, Audit Tests, & Materiality
PDF - 3010 Audit Planning Stages
3010 Audit Planning Stages
PDF - 3020 Preliminary Engagement Activities
3020 Preliminary Engagement Activities
PDF - 3030 Planning the Audit
3030 Planning the Audit
PDF - 3040 Types of Audit Tests
3040 Types of Audit Tests
PDF - 3050 Materiality Determination
3050 Materiality Determination

Risk Assessment

4 Risk Assessment
PDF - 4010 Audit Risk Model
4010 Audit Risk Model
PDF - 4020 Risk Assessment Process
4020 Risk Assessment Process
PDF - 4030 Understanding the Entity and Environment
4030 Understanding the Entity and Environment
PDF - 4040 Assess Internal Controls
4040 Assess Internal Controls
PDF - 4050 Responding to the Risk of Material Misstatement
4050 Responding to the Risk of Material Misstatement
PDF - 4060 Evaluation of Audit Test Results
4060 Evaluation of Audit Test Results
PDF - 4070 Documentation of Risk Assessment
4070 Documentation of Risk Assessment

Audit Evidence

5 Audit Evidence
PDF - 5010 Audit Evidence & Management Assertions
5010 Audit Evidence & Management Assertions
PDF - 5020 Audit Procedures
5020 Audit Procedures
PDF - 5030 Audit Documentation
5030 Audit Documentation
PDF - 5050 Develop Audit Expectations
5050 Develop Audit Expectations

Internal Controls

6 Audit Internal Controls
PDF - 6010 Internal Controls Introduction
6010 Internal Controls Introduction
PDF - 6020 Effect of Information Technology on Internal Controls
6020 Effect of Information Technology on Internal Controls
PDF - 6030 Internal Control Components
6030 Internal Control Components
PDF - 6040 Principles of Internal Control Components
6040 Principles of Internal Control Components
PDF - 6050 Internal Control Flowchart
6050 Internal Control Flowchart
PDF - 6060 Substantive and Reliance Strategies
6060 Substantive and Reliance Strategies
PDF - 6070 Assertions About Classes of Transactions and Related Control Procedur
PDF - 6080 Obtain an Understanding of Internal Controls
6080 Obtain an Understanding of Internal Controls
PDF - 6090 Performing & Documenting Tests of Controls
6090 Performing & Documenting Tests of Controls
PDF - 6100 Substantive Procedures
6100 Substantive Procedures
PDF - 6110 Internal Control Matters & Communication
6110 Internal Control Matters & Communication
PDF - 7010 Internal Control Over Financial Reporting (ICFR)
7010 Internal Control Over Financial Reporting (ICFR)
PDF - 7020 Internal Control Deficiencies
7020 Internal Control Deficiencies

Audit Sampling – Tests of Controls

7 Audit Sampling Tests of Controls
PDF - 8010 Controls Audit Sampling
8010 Controls Audit Sampling
PDF - 8020 Audit Evidence-Should Sampling Be Done
8020 Audit Evidence-Should Sampling Be Done
PDF - 8030 Types of Audit Sampling
8030 Types of Audit Sampling
PDF - 8040 Attribute Sampling Applied to Test of Controls
8040 Attribute Sampling Applied to Test of Controls
PDF - 8050 Attribute Sampling Applied to Test of Controls Performance
8050 Attribute Sampling Applied to Test of Controls Performance
PDF - 8060 Attribute Sampling Applied to Test of Controls-Evaluation
8060 Attribute Sampling Applied to Test of Controls-Evaluation
PDF - 8070 Nonstatistical Sampling for Tests of Controls
8070 Nonstatistical Sampling for Tests of Controls

Substantive Tests

8 Substantive Tests
PDF - 9010 Substantive Tests of Details of Account Balances
9010 Substantive Tests of Details of Account Balances
PDF - 9020 Monetary Unit Sampling (MUS)
9020 Monetary Unit Sampling (MUS)
PDF - 9030 Monetary Unit Sampling (MUS) Process
9030 Monetary Unit Sampling (MUS) Process
PDF - 9040 Non-statistical Sampling for Tests of Account Balances
9040 Non-statistical Sampling for Tests of Account Balances
PDF - 9050 Classical Variable Sampling
9050 Classical Variable Sampling

Revenue Process Audit

9 Revenue Process Audit
PDF - 10010 Auditing Revenue Approach Auditing Revenue Approach
10010 Auditing Revenue Approach Auditing Revenue Approach
PDF - 10020 Auditing Revenue Types of Documents & Records
10020 Auditing Revenue Types of Documents & Records
PDF - 10030 Revenue Process Major Functions
10030 Revenue Process Major Functions
PDF - 10040 Segregation of Duties Revenue Process
10040 Segregation of Duties Revenue Process
PDF - 10050 Inherent Risk Assessment Revenue Process
10050 Inherent Risk Assessment Revenue Process
PDF - 10060 Control Risk Assessment Revenue Process
10060 Control Risk Assessment Revenue Process
PDF - 10080 Testing Controls Revenue Transactions
10080 Testing Controls Revenue Transactions
PDF - 10090 Testing Controls Cash Receipts Transactions
10090 Testing Controls Cash Receipts Transactions
PDF -10110 Substantive Tests Of Transactions Accounts Receivable, Allowance for
10110 Substantive Tests Of Transactions Accounts Receivable, Allowance for Uncol

Purchasing Process Audit

10 Purchasing Process Audit
PDF - 11010 Purchasing Process Auditing
11010 Purchasing Process Auditing
PDF - 11020 Purchasing Process Segregation of Duties
11020 Purchasing Process Segregation of Duties
PDF - 11030 Purchasing Process Inherent Risk & Control Risk
11030 Purchasing Process Inherent Risk & Control Risk
PDF - 11040 Purchasing Process Control Activities & Tests
11040 Purchasing Process Control Activities & Tests
PDF - 11050 Audit Accounts Payable & Accrued Expenses
11050 Audit Accounts Payable & Accrued Expenses
PDF - 11060 Tests of Details of Transactions
11060 Tests of Details of Transactions

Payroll & Human Resources Audit

11 Payroll & Human Resources Audit
PDF - 12110 Payroll & Human Resources Auditing
12110 Payroll & Human Resources Auditing
PDF - 12120 Payroll & Human Resources Auditing Control Activities & Tests
12120 Payroll & Human Resources Auditing Control Activities & Tests
PDF - 12125 Payroll & Human Resources Auditing Substantive Procedures Part 1
12125 Payroll & Human Resources Auditing Substantive Procedures Part 1
PDF - 12130 Payroll & Human Resources Auditing Substantive Procedures Part 2
12130 Payroll & Human Resources Auditing Substantive Procedures Part 2

Inventory Audit

12 Inventory Audit
PDF - 13110 Inventory Auditing
13110 Inventory Auditing
PDF - 13120 Inventory Audit Inherent Risk & Control Risk
13120 Inventory Audit Inherent Risk & Control Risk
PDF - 13130 Inventory Audit Assertions & Substantive Tests
13130 Inventory Audit Assertions & Substantive Tests

Prepaid Expenses, Intangible Assets & Property Plant & Equipment Audit

13 Prepaid Expenses, Intangible Assets & Property Plant & Equipment Audit
PDF - 14110 Audit Prepaid Expenses
14110 Audit Prepaid Expenses
PDF - 14120 Audit Intangible Assets
14120 Audit Intangible Assets
PDF - 14130 Audit Property Plant & Equipment
14130 Audit Property Plant & Equipment

Long Term Debt & Equity

14 Long Term Debt & Equity
PDF - 15110 Audit Long Term Debt
15110 Audit Long Term Debt
PDF - 15120 Audit Long Term Debt Substantive Procedures
15120 Audit Long Term Debt Substantive Procedures
PDF - 15130 Audit Stockholders’ Equity
15130 Audit Stockholders’ Equity
PDF - 15140 Audit Retained Earnings & Dividends
15140 Audit Retained Earnings & Dividends
PDF - 15150 Audit Income Statement Accounts
15150 Audit Income Statement Accounts

Cash & Cash Equivalents

15 Cash & Cash Equivalents
PDF - 16110 Audit Cash & Cash Equivalents
16110 Audit Cash & Cash Equivalents

Audit Reports

16 Audit Reports
PDF - 18100 Standard Unqualified Audit Report
18100 Standard Unqualified Audit Report
PDF - 18110 Adjustments to Standard Unqualified Audit Report
18110 Adjustments to Standard Unqualified Audit Report
PDF - 18120 Departure from Unqualified Report
18120 Departure from Unqualified Report
PDF - 18130 Special Reports
18130 Special Reports

Professional Conduct, Independence, & Quality Control

17 Professional Conduct, Independence, & Quality Control
PDF - 19110 Professional Conduct
19110 Professional Conduct
PDF - 19120 Prohibited Business Relationships
19120 Prohibited Business Relationships
PDF - 19130 Effect of Litigation
19130 Effect of Litigation
PDF - 19140 Restrictions on Nonaudit Services to Attest Entities
19140 Restrictions on Nonaudit Services to Attest Entities
PDF - 19150 General Standards & Compliance, Accounting Principles & Confidential
19150 General Standards & Compliance, Accounting Principles & Confidential Clien
PDF - 19160 Fees & Commissions Rules
19160 Fees & Commissions Rules
PDF - 19170 Acts Discreditable Rule
19170 Acts Discreditable Rule
PDF - 19180 Quality Control Standards
19180 Quality Control Standards

Reviews

Arvind
May 28, 2022
A very Detailed Course. It's really helping me lot in understanding how the Audit takes place and things we should consider before carrying out the Audit work. Well, I'm an Accounting and Finance Student and This course helped me develop the knowledge. I really feel happy after taking this course.
Oluwatofunmi
May 11, 2022
It has been an amazing learning experience. I have learnt new things just like the saying that learning is continuous
SYED
May 2, 2022
Great experience of learning, gain knowledge and check my own efficiency. love to have this course and complete it. Need more attention and increase my knowledge to perform more better than this.
Subhash
April 14, 2022
All one need to learn from online courses is determination to learn & have patience, so you know something about you don't know. Yes I'm in right section.
Ferry
October 15, 2021
The contents of the course are excellent as expected, and the explanations by the instructor are clear and understandable. Keep up the awesome work.
Aldila
July 8, 2021
A very good course. Very informarative. The video content should be improved to be more engaging. And the typos should be revised soon.
Nelson
July 4, 2021
Early videos had some misedits or froze during the speeches. Also spelling mistakes on the pdf files while easy to correct can be quite annoying at times.
Raja
June 6, 2021
1) The course doesn't contain practical examples & seemed too theoritical rather than practical. 2) Quality of material is not fantastic. 3) The Course would be much more better if author removes the videos which describes the information about the content of PDF 4) The author could be more interactive in the course. Apart from the above, according to me, Mr. BOB covered audit processes in a clear manner within 18.5 hrs.
Ameerul
March 25, 2021
The explanation is easy to be understood. It fulfills the requirement that I need to learn online anywhere as long there is an internet connection
JOhn
January 28, 2021
Thankyou It has been an great learning experience thanks to the course material covered and the teaching by the instructor.
Sushmita
January 19, 2021
Yes it was helpful but as a beginner in the field i faced an issue with lots of complicated word in the lecture. If it would have been sin simpler word, It would have been more easier for me to understand the terms and facts.
Khadija
December 29, 2020
information are good but the documents are too general that doesn't provide proper knowledge or information to the reader to rely on for reviewing after the lecture.
Ilya
December 3, 2020
It's good that this course describes auditing concepts. However, I would like for there to be more simulations or questions where we are asked to prepare steps of an audit. I liked the financial accounting course by Bob Steele, because we were able to do work on Excel spreadsheets that covered the concepts discussed in the video lectures. However, this course only has video lectures.
Bruno
November 27, 2020
Great course with a LOT of information. To make it even better a would suggest to add some kind of case to be of example during the course, it would make the explanation more tangible.
Ahmed
April 12, 2020
we need some practical examples from the real life or at least we need to apply through small quiz or test on every section to assess our progress

Charts

Price

Audit - Financial Statement - Price chart

Rating

Audit - Financial Statement - Ratings chart

Enrollment distribution

Audit - Financial Statement - Distribution chart

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Related Topics

2512030
udemy ID
8/16/2019
course created date
9/12/2019
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