Udemy

Platform

English

Language

Accounting & Bookkeeping

Category

Audit - Financial Statement

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

4.39 (830 reviews)

38158

Students

18.5 hours

Content

Jun 2020

Last Update
$129.99
Regular Price


What you will learn

What an audit engagement in 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 resourses

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 reportes

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.


Screenshots

Audit - Financial Statement
Audit - Financial Statement
Audit - Financial Statement
Audit - Financial Statement

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

R
Ravi15 August 2020

This course is very comprehensive and provides an excellent understanding of the stages of audit. Quite amazing work done by the creator.

T
Tanya1 August 2020

Great explanations of the auditing process from beginning to end in very short video. Graphics & colors are helpful for maintaining attention. Please consider removing the 1 min sections announcing there is resource slides - not needed. Also, please consider incorporating examples from your experiences to help us apply the material to real-life situations. Thank you!

G
Gerald24 July 2020

I did auditing before, so this is a good refresher for me. Bob does a great job on talking about his own experiences. His experiences can help me to become a better auditor. Auditing is a good area of accounting services. I love to learn all areas of accounting because I love to have many varieties of my own accounting experiences.

R
Reem18 July 2020

Everything is more than great so far! The material is clear and the instructor is an expert. But it would be much better if you add English subtitle not (auto-generated English subtitle). Thank you so much.

A
Akeelee1 July 2020

This course is definitely a good match for me reasons being it enhances my knowledge of financial auditing

A
Armel25 June 2020

Le cours est très dense. Plus d'exemples concrets peuvent être utilisés pour améliorer la compréhension du cours. Le PowerPoint peut être plus convivial avec des couleurs vivantes (blanc et bleu par exemple).

H
Habib18 June 2020

Comprehensive training material, but some additional practical aspects to the teaching material was lacking.

A
Alhaji5 June 2020

After going through the assertions, I still feel I lack understanding of them. Providing specific examples for each assertion may go a long way

A
Amy1 June 2020

Some of the lectures are a little dense and skim over statistics concepts that many people may not be especially familiar with - a few multiple choice comprehension questions at the end each lecture segment would really help drive key points and concepts home!

A
Adejuyigbe29 May 2020

Yes it was a good one, as a professional Accountant who is hoping to be an audit practitioner in the nearest future, I enjoy every bit of the lecture. Is quite interesting.

R
Rahul23 May 2020

1. The PPT's design is pretty childish and dumb, it looks like we are watching 1980's animation. 2. In 18.5 hrs course there are not practical examples, should have taken examples from actual financials and explained. 3. The instructor just reads what is there in PPT (which is very badly designed for professional use).

A
Alexander20 May 2020

This was a great assessment but I think it can be improved a lot by providing some real examples or involving to the participant a little more, because I felt like in some parts it was just about theory with no practice at all.

U
Umesh4 April 2020

Lecturer reading the content and teaching like a robo. It look like he is keeping a hand note and simply reading it out. Don’t feel like a course rather I feel like I am reading a study book. So far nowhere he provided actual /real examples like a audit plan , audit strategy or how materiality level is calculated.

M
Mirna28 March 2020

It's an amazing course and Iam interesting so much and also my own skills improve so much through this course

B
Bader27 March 2020

thank you very much for giving me the opportunity to have an experience on audit - financial statement. I learned lots of new things and enjoyed my time.



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2512030

Udemy ID

8/16/2019

Course created date

9/12/2019

Course Indexed date
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