Audit – Financial Statement

Audit - Financial Statement

Audit – Financial Statement

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

Language: english

Note: 4.5/5 (1,492 notes) 57,573 students

Instructor(s): Robert (Bob) Steele

Last update: 2022-01-14

What you’ll 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

 

Requirements

  • Learners should have a basic understanding of accounting concepts and the double entry accounting system.

 

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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Who this course is for

  • Professionals working in public accounting
  • Accounting students
  • Accounting professionals who want to expand their understanding of accounting
  • Accounting professionals who work with auditors

 

Course 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
    • CPE Review Quiz: Section #1
  • 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
    • CPE Review Quiz: Section #2
  • 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
    • CPE Review Quiz: Section #3
  • 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
    • CPE Review Quiz: Section #4
  • 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
    • CPE Review Quiz: Section #5
  • 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
    • CPE Review Quiz: Section #6
  • 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
    • CPE Review Quiz: Section #7
  • 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
    • CPE Review Quiz: Section #8
  • 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
    • CPE Review Quiz: Section #9
  • 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
    • CPE Review Quiz: Section #10
  • 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
    • CPE Review Quiz: Section #11
  • 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
    • CPE Review Quiz: Section #12
  • 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
    • CPE Review Quiz: Section #13
  • 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
    • CPE Review Quiz: Section #14
  • Cash & Cash Equivalents
    • 15 Cash & Cash Equivalents
    • PDF – 16110 Audit Cash & Cash Equivalents
    • 16110 Audit Cash & Cash Equivalents
    • CPE Review Quiz: Section #15
  • 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
    • CPE Review Quiz: Section #16
  • 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
    • CPE Review Quiz: Section #17
  • CPE Qualified Assessment
    • CPE Qualified Assessment

 

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