Audit - Financial Statement
Intermediate LevelFinance & AccountingFinancial Statement

Audit - Financial Statement

Master the Art of Auditing Financial Statements: In-Depth Analysis, Techniques, and Real-World Case Studies

Created by Robert (Bob) Steele
19 hours
Video Content
214
Lectures
84,304
Students
4.5
Rating
4.5
(84,304 students enrolled)

What you'll learn

Analyze audit engagements to provide assurance on financial statements.
Apply advanced auditing knowledge to interpret financial accounting concepts effectively.
Evaluate the structure and functions of public accounting firms in the audit process.
Coordinate and allocate tasks within an audit team for efficient engagement execution.
Develop comprehensive audit plans based on client business, risk environment, and scope.
Assess and manage audit risks through risk assessment and identification techniques.
Determine materiality and design appropriate audit procedures for reliable financial reporting.
Evaluate internal controls, identify deficiencies, and perform tests to ensure their effectiveness.
Apply statistical and non-statistical sampling methods to obtain relevant audit evidence.
Perform substantive testing to verify the accuracy and completeness of account balances.
Evaluate revenue recognition and accounts receivable processes in the audit of the revenue cycle.
Assess procurement, inventory, and accounts payable processes in the audit of the purchasing cycle.
Evaluate payroll Conduct comprehensive audit procedures for inventory valuation and obsand human resources processes, including compensation and tax compliance.
Perform audit procedures for prepaid expenses, intangible assets, and property plant and equipment.
Evaluate audit procedures and considerations for long-term debt, equity, and financial instruments.
Assess cash-related procedures, including bank reconciliations and fraud detection measures.
Prepare professional audit reports conveying findings, opinions, and recommendations.
Demonstrate ethical behavior, independence, objectivity, and confidentiality in auditing engagements.

Course Content

18 sections • 214 lectures • 18:57:07 total length

Introduction

14 lectures • 01:40:06

Introduction08:08
1005 Auditing-What is an audit & why do we need audits13:38
PDF - 1010 Audit vs Financial Accounting00:08
1010 Audit vs Financial Accounting14:42
PDF -1020 Auditing, Attest, & Assurance Services00:08
+10 more lectures

Auditing Environment

17 lectures • 57:50

2 Auditing Environment00:51
PDF - 2010 Types of Audit, Attest, & Assurance Services00:08
2010 Types of Audit, Attest, & Assurance Services08:59
PDF - 2020 Public Accounting Firms00:08
2020 Public Accounting Firms03:56
+13 more lectures

Audit Planning, Audit Tests, & Materiality

11 lectures • 01:05:16

3 Audit Planning, Audit Tests, & Materiality01:25
PDF - 3010 Audit Planning Stages00:08
3010 Audit Planning Stages17:31
PDF - 3020 Preliminary Engagement Activities00:08
3020 Preliminary Engagement Activities06:33
+7 more lectures

Risk Assessment

15 lectures • 01:07:23

4 Risk Assessment01:20
PDF - 4010 Audit Risk Model00:08
4010 Audit Risk Model17:36
PDF - 4020 Risk Assessment Process00:08
4020 Risk Assessment Process03:08
+11 more lectures

Audit Evidence

9 lectures • 01:04:50

5 Audit Evidence00:49
PDF - 5010 Audit Evidence & Management Assertions00:08
5010 Audit Evidence & Management Assertions11:56
PDF - 5020 Audit Procedures00:08
5020 Audit Procedures31:52
+5 more lectures

Internal Controls

27 lectures • 01:49:13

6 Audit Internal Controls01:37
PDF - 6010 Internal Controls Introduction07:15
6010 Internal Controls Introduction07:15
PDF - 6020 Effect of Information Technology on Internal Controls00:08
6020 Effect of Information Technology on Internal Controls08:54
+23 more lectures

Audit Sampling – Tests of Controls

15 lectures • 52:43

7 Audit Sampling Tests of Controls01:01
PDF - 8010 Controls Audit Sampling00:08
8010 Controls Audit Sampling11:16
PDF - 8020 Audit Evidence-Should Sampling Be Done00:08
8020 Audit Evidence-Should Sampling Be Done11:37
+11 more lectures

Substantive Tests

11 lectures • 29:28

8 Substantive Tests01:49
PDF - 9010 Substantive Tests of Details of Account Balances00:08
9010 Substantive Tests of Details of Account Balances04:41
PDF - 9020 Monetary Unit Sampling (MUS)00:08
9020 Monetary Unit Sampling (MUS)03:20
+7 more lectures

Revenue Process Audit

19 lectures • 01:47:17

9 Revenue Process Audit01:04
PDF - 10010 Auditing Revenue Approach Auditing Revenue Approach00:08
10010 Auditing Revenue Approach Auditing Revenue Approach13:28
PDF - 10020 Auditing Revenue Types of Documents & Records00:08
10020 Auditing Revenue Types of Documents & Records09:48
+15 more lectures

Purchasing Process Audit

13 lectures • 01:23:55

10 Purchasing Process Audit00:46
PDF - 11010 Purchasing Process Auditing00:08
11010 Purchasing Process Auditing24:58
PDF - 11020 Purchasing Process Segregation of Duties00:08
11020 Purchasing Process Segregation of Duties09:46
+9 more lectures

Payroll & Human Resources Audit

9 lectures • 01:00:47

11 Payroll & Human Resources Audit00:56
PDF - 12110 Payroll & Human Resources Auditing00:08
12110 Payroll & Human Resources Auditing14:43
PDF - 12120 Payroll & Human Resources Auditing Control Activities & Tests00:08
12120 Payroll & Human Resources Auditing Control Activities & Tests11:20
+5 more lectures

Inventory Audit

7 lectures • 01:05:52

12 Inventory Audit00:52
PDF - 13110 Inventory Auditing00:08
13110 Inventory Auditing13:06
PDF - 13120 Inventory Audit Inherent Risk & Control Risk00:08
13120 Inventory Audit Inherent Risk & Control Risk21:56
+3 more lectures

Prepaid Expenses, Intangible Assets & Property Plant & Equipment Audit

7 lectures • 47:14

13 Prepaid Expenses, Intangible Assets & Property Plant & Equipment Audit01:14
PDF - 14110 Audit Prepaid Expenses00:08
14110 Audit Prepaid Expenses08:43
PDF - 14120 Audit Intangible Assets00:08
14120 Audit Intangible Assets11:59
+3 more lectures

Long Term Debt & Equity

11 lectures • 01:23:13

14 Long Term Debt & Equity00:32
PDF - 15110 Audit Long Term Debt00:08
15110 Audit Long Term Debt15:09
PDF - 15120 Audit Long Term Debt Substantive Procedures00:08
15120 Audit Long Term Debt Substantive Procedures20:43
+7 more lectures

Cash & Cash Equivalents

3 lectures • 31:35

15 Cash & Cash Equivalents01:46
PDF - 16110 Audit Cash & Cash Equivalents00:08
16110 Audit Cash & Cash Equivalents29:41
CPE Review Quiz: Section #152 questions

Audit Reports

9 lectures • 42:29

16 Audit Reports02:09
PDF - 18100 Standard Unqualified Audit Report00:08
18100 Standard Unqualified Audit Report09:29
PDF - 18110 Adjustments to Standard Unqualified Audit Report00:08
18110 Adjustments to Standard Unqualified Audit Report08:13
+5 more lectures

Professional Conduct, Independence, & Quality Control

17 lectures • 01:07:56

17 Professional Conduct, Independence, & Quality Control02:09
PDF - 19110 Professional Conduct00:08
19110 Professional Conduct23:45
PDF - 19120 Prohibited Business Relationships00:08
19120 Prohibited Business Relationships06:50
+13 more lectures

CPE Qualified Assessment

0 lectures • 00:00

CPE Qualified Assessment16 questions

Description

Welcome to this Audit-Financial Accounting course, a comprehensive course designed to provide you with an in-depth understanding of the auditing process for financial statements. Whether you're a seasoned professional, a student, or preparing for the CPA exam, this course will equip you with the knowledge and skills necessary to excel in the field of auditing.

Throughout this course, we will dive deep into various topics and explore the intricacies of auditing financial statements. We'll start by examining what an audit engagement entails and the objectives it aims to achieve. Understanding the audit process will not only enhance your knowledge of financial accounting concepts but also sharpen your critical thinking and analytical skills.

To give you a comprehensive view of the audit profession, we'll delve into the structure and format of public accounting firms, providing insights into the roles and responsibilities within an audit team. Additionally, we'll explore the regulatory landscape and the institutions that govern auditing practices, ensuring you have a solid understanding of the legal and ethical frameworks surrounding the profession.

A key component of the course is the planning process for an audit engagement. We'll guide you through the steps involved in effective audit planning, which serves as a roadmap for conducting a thorough and efficient audit. With a focus on risk assessment, you'll learn how to evaluate and prioritize audit risks, enabling you to allocate resources effectively and tailor audit procedures accordingly.

As auditors, understanding the significance of materiality is crucial. We'll discuss the concept of materiality and its application in audit planning and procedures, helping you identify material misstatements and evaluate their impact on the financial statements.

Internal controls play a vital role in financial reporting integrity, and as auditors, we need to assess and test these controls. You'll gain insights into the various types of internal controls, their objectives, and how they impact audit procedures. By understanding the interplay between internal controls and substantive testing, you'll be able to design effective audit procedures that address the assessed risks.

Sampling is an essential technique in auditing, allowing auditors to draw conclusions about entire populations based on a subset of data. We'll explore different sampling methods and their appropriate application, equipping you with the tools to select and perform effective audit sampling.

Substantive testing forms a significant part of the audit process, and we'll cover a wide range of substantive testing procedures. From verifying account balances to testing transactions and events, you'll learn how to gather sufficient and appropriate audit evidence to support your conclusions and opinions.

In addition to the general audit process, we'll focus on specific processes and accounts. We'll examine the revenue process, purchasing process, and payroll and human resources process, understanding the unique audit considerations and procedures for each.

Accounts such as inventory, prepaid expenses, intangible assets, property plant and equipment, long-term debt, equity, and cash require specialized audit procedures. You'll gain a deep understanding of these procedures, enabling you to assess the accuracy and completeness of these accounts in the financial statements.

To conclude the course, we'll guide you through the preparation of a standard audit report, commonly known as an unqualified report. We'll discuss the report's format, highlighting the key sections and their significance in communicating the results of the audit.

By enrolling in this course, you'll have access to valuable resources such as practice problems, downloadable materials, and step-by-step instructional videos.

Embark on this journey of mastering financial statement auditing and gain the skills and expertise needed to excel in the field of auditing. Enroll now and take a significant step towards becoming a proficient and successful auditor.

Who this course is for:

  • Accounting professionals seeking to deepen their understanding of financial accounting and auditing
  • Auditors looking to enhance their skills and knowledge in auditing financial statements
  • Financial analysts interested in gaining insights into financial accounting principles and practices
  • Students pursuing a degree or certification in accounting or auditing
  • Professionals working in finance or related fields who want to expand their knowledge of financial accounting and auditing

This course includes:

  • 19 hours on-demand video
  • 0
  • 99 downloadable resources
  • Access on mobile and TV
  • Full lifetime access
  • Certificate of completion

Instructor

Robert (Bob) Steele

Students also download

Explore related courses to expand your learning journey.