Audit - Financial Statement
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.
- Basic knowledge of financial accounting principles and concepts.
NASBA CPE accredited course
National Association of State Boards of Accountancy (NASBA)
NASBA CPE credits: 23.8
Recommended NASBA field of study: Accounting
Program level: Basic
To earn NASBA CPE credits:
- Complete all videos
- Score 70% or higher on final exam
Glossary: Find PDF attached to the first lecture of this course.
Completion to obtain CPE should be accomplished a year after purchase date.
If you undertake this course for NASBA CPE credits, please complete the Self Study Course Evaluation.
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
Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.
Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).
Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.
In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.
Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.
Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.
Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.
Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.
The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.
Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.