Last updated 1/2022Course Language EnglishCourse Caption English [CC]Course Length 18:18:03 to be exact 65883 seconds!Number of Lectures 212
This course includes:
18.5 hours hours of on-demand video
Full lifetime access
Access on mobile and TV
Certificate of completion
1 practice tests
99 additional resources
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
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 Objectives1. Describe what an audit engagement is and the objectives of the audit engagement2. Explain how learning the audit process can enhance an accountant’s understanding of financial accounting concepts3. Discuss the general format and structure of a public accounting firm4. Outline the general format and structure of an audit team5. Describe how to plan an audit6. Explain how to assess risk and use risk assessment in the planning process7. Discuss the concept of materiality and how it applies to audit planning and procedures8. Outline internal controls, tests of internal controls, and the role they play in the audit process9. List audit sampling procedures10. List substantive testing procedures11. Discuss audit testing procedures related to the revenue process12. Explain audit testing procedures related to the purchasing process13. Identify audit testing procedures related to payroll and human resources14. Describe audit testing procedures related to inventory15. Explain audit testing procedures related to prepaid expenses, intangible assets, & PP&E16. Outline audit testing procedures related to long term debt equity and cash17. Discuss the format of audit reports18. Explain the concepts of professional conduct and independentsFor additional information, including refunds and complaints, please see Udemy Terms of Use, which is linked from the footer of this page.For more information regarding administrative policies, please contact our support using the Help and Support link at the bottom of this page.Who this course is for:Professionals working in public accountingAccounting studentsAccounting professionals who want to expand their understanding of accountingAccounting professionals who work with auditors
Course Content:
Sections are minimized for better readability, click the section title to view the course content
13 Lectures | 01:26:31
Introduction
08:08
PDF - 1010 Audit vs Financial Accounting
00:08
1010 Audit vs Financial Accounting
14:41
PDF -1020 Auditing, Attest, & Assurance Services
00:08
1020 Auditing, Attest, & Assurance Services
06:43
PDF - 1030 Overview of Financial Statement Auditing Process
00:08
1030 Overview of Financial Statement Auditing Process
16:47
PDF - 1040 Audit Evidence & Sampling
00:08
1040 Audit Evidence & Sampling
08:58
PDF - 1050 Format of Audit Report
00:08
1050 Format of Audit Report
17:29
PDF - 1050 Stages of an Audit
00:08
1050 Stages of an Audit
12:57
CPE Review Quiz: Section #1
2 questions
17 Lectures | 57:51
2 Auditing Environment
00:51
PDF - 2010 Types of Audit, Attest, & Assurance Services
00:08
2010 Types of Audit, Attest, & Assurance Services
08:59
PDF - 2020 Public Accounting Firms
00:08
2020 Public Accounting Firms
03:56
PDF - 2030 Audit Team
00:08
2030 Audit Team
11:50
PDF - 2040 Government Regulation
00:08
2040 Government Regulation
12:33
PDF - 2050 Corporate Governance
00:08
2050 Corporate Governance
04:39
PDF - 2060 Organizations that Impact Auditing
00:08
2060 Organizations that Impact Auditing
04:48
PDF - 2070 Underlying Principles of an Audit Underlying Principles of an Audit
00:08
2070 Underlying Principles of an Audit Underlying Principles of an Audit
05:27
PDF - 2080 Auditing Standards
00:08
2080 Auditing Standards
03:44
CPE Review Quiz: Section #2
2 questions
11 Lectures | 01:05:17
3 Audit Planning, Audit Tests, & Materiality
01:25
PDF - 3010 Audit Planning Stages
00:08
3010 Audit Planning Stages
17:31
PDF - 3020 Preliminary Engagement Activities
00:08
3020 Preliminary Engagement Activities
06:33
PDF - 3030 Planning the Audit
00:08
3030 Planning the Audit
12:46
PDF - 3040 Types of Audit Tests
00:08
3040 Types of Audit Tests
15:17
PDF - 3050 Materiality Determination
00:08
3050 Materiality Determination
11:05
CPE Review Quiz: Section #3
2 questions
15 Lectures | 01:07:24
4 Risk Assessment
01:20
PDF - 4010 Audit Risk Model
00:08
4010 Audit Risk Model
17:36
PDF - 4020 Risk Assessment Process
00:08
4020 Risk Assessment Process
03:08
PDF - 4030 Understanding the Entity and Environment
00:08
4030 Understanding the Entity and Environment
05:19
PDF - 4040 Assess Internal Controls
00:08
4040 Assess Internal Controls
13:35
PDF - 4050 Responding to the Risk of Material Misstatement
00:08
4050 Responding to the Risk of Material Misstatement
03:38
PDF - 4060 Evaluation of Audit Test Results
00:08
4060 Evaluation of Audit Test Results
09:04
PDF - 4070 Documentation of Risk Assessment
00:08
4070 Documentation of Risk Assessment
12:48
CPE Review Quiz: Section #4
2 questions
9 Lectures | 01:04:53
5 Audit Evidence
00:49
PDF - 5010 Audit Evidence & Management Assertions
00:08
5010 Audit Evidence & Management Assertions
11:57
PDF - 5020 Audit Procedures
00:08
5020 Audit Procedures
31:52
PDF - 5030 Audit Documentation
00:08
5030 Audit Documentation
10:42
PDF - 5050 Develop Audit Expectations
00:08
5050 Develop Audit Expectations
09:01
CPE Review Quiz: Section #5
2 questions
26 Lectures | 01:34:29
6 Audit Internal Controls
01:37
PDF - 6010 Internal Controls Introduction
00:08
6010 Internal Controls Introduction
07:15
PDF - 6020 Effect of Information Technology on Internal Controls
00:08
6020 Effect of Information Technology on Internal Controls
08:54
PDF - 6030 Internal Control Components
00:08
6030 Internal Control Components
07:25
PDF - 6040 Principles of Internal Control Components
00:08
6040 Principles of Internal Control Components
12:05
PDF - 6050 Internal Control Flowchart
00:08
6050 Internal Control Flowchart
05:27
PDF - 6060 Substantive and Reliance Strategies
00:08
6060 Substantive and Reliance Strategies
05:50
PDF - 6070 Assertions About Classes of Transactions and Related Control Procedur
07:40
PDF - 6080 Obtain an Understanding of Internal Controls
00:08
6080 Obtain an Understanding of Internal Controls
08:49
PDF - 6090 Performing & Documenting Tests of Controls
00:08
6090 Performing & Documenting Tests of Controls
04:44
PDF - 6100 Substantive Procedures
00:08
6100 Substantive Procedures
10:39
PDF - 6110 Internal Control Matters & Communication
00:08
6110 Internal Control Matters & Communication
03:42
PDF - 7010 Internal Control Over Financial Reporting (ICFR)
00:08
7010 Internal Control Over Financial Reporting (ICFR)
05:20
PDF - 7020 Internal Control Deficiencies
00:08
7020 Internal Control Deficiencies
03:26
CPE Review Quiz: Section #6
2 questions
15 Lectures | 52:44
7 Audit Sampling Tests of Controls
01:01
PDF - 8010 Controls Audit Sampling
00:08
8010 Controls Audit Sampling
11:16
PDF - 8020 Audit Evidence-Should Sampling Be Done
00:08
8020 Audit Evidence-Should Sampling Be Done
11:37
PDF - 8030 Types of Audit Sampling
00:08
8030 Types of Audit Sampling
05:35
PDF - 8040 Attribute Sampling Applied to Test of Controls
00:08
8040 Attribute Sampling Applied to Test of Controls
08:37
PDF - 8050 Attribute Sampling Applied to Test of Controls Performance
00:08
8050 Attribute Sampling Applied to Test of Controls Performance
07:46
PDF - 8060 Attribute Sampling Applied to Test of Controls-Evaluation
00:08
8060 Attribute Sampling Applied to Test of Controls-Evaluation
02:11
PDF - 8070 Nonstatistical Sampling for Tests of Controls
00:08
8070 Nonstatistical Sampling for Tests of Controls
03:45
CPE Review Quiz: Section #7
2 questions
11 Lectures | 29:33
8 Substantive Tests
01:49
PDF - 9010 Substantive Tests of Details of Account Balances
00:08
9010 Substantive Tests of Details of Account Balances
04:41
PDF - 9020 Monetary Unit Sampling (MUS)
00:08
9020 Monetary Unit Sampling (MUS)
03:21
PDF - 9030 Monetary Unit Sampling (MUS) Process
00:08
9030 Monetary Unit Sampling (MUS) Process
09:38
PDF - 9040 Non-statistical Sampling for Tests of Account Balances
00:08
9040 Non-statistical Sampling for Tests of Account Balances
04:57
PDF - 9050 Classical Variable Sampling
00:08
9050 Classical Variable Sampling
04:27
CPE Review Quiz: Section #8
2 questions
19 Lectures | 01:47:20
9 Revenue Process Audit
01:04
PDF - 10010 Auditing Revenue Approach Auditing Revenue Approach
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