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Finance & Accounting Accounting & Bookkeeping Financial Statement

Audit - Financial Statement

Learn the audit process from planning to audit report form a Certified Public Accountant (CPA).
Rating: 4.4 out of 54.4 (799 ratings)
37,973 students
Created by Robert (Bob) Steele
Last updated 6/2020
English
English [Auto]
30-Day Money-Back Guarantee

What you'll 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
Curated for the Udemy for Business collection

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.

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

Featured review

Tanya Burton
Tanya Burton
24 courses
6 reviews
Rating: 5.0 out of 57 months ago
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!

Course content

17 sections • 212 lectures • 18h 18m total length

  • Preview08:08
  • Preview00:08
  • Preview14:41
  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 9 Revenue Process Audit
    01:04
  • PDF - 10010 Auditing Revenue Approach Auditing Revenue Approach
    00:08
  • 10010 Auditing Revenue Approach Auditing Revenue Approach
    13:29
  • PDF - 10020 Auditing Revenue Types of Documents & Records
    00:08
  • 10020 Auditing Revenue Types of Documents & Records
    09:49
  • PDF - 10030 Revenue Process Major Functions
    00:08
  • 10030 Revenue Process Major Functions
    04:21
  • PDF - 10040 Segregation of Duties Revenue Process
    00:08
  • 10040 Segregation of Duties Revenue Process
    05:02
  • PDF - 10050 Inherent Risk Assessment Revenue Process
    00:08
  • 10050 Inherent Risk Assessment Revenue Process
    03:22
  • PDF - 10060 Control Risk Assessment Revenue Process
    00:08
  • 10060 Control Risk Assessment Revenue Process
    03:41
  • PDF - 10080 Testing Controls Revenue Transactions
    00:08
  • 10080 Testing Controls Revenue Transactions
    19:48
  • PDF - 10090 Testing Controls Cash Receipts Transactions
    00:08
  • 10090 Testing Controls Cash Receipts Transactions
    14:48
  • PDF -10110 Substantive Tests Of Transactions Accounts Receivable, Allowance for
    00:08
  • 10110 Substantive Tests Of Transactions Accounts Receivable, Allowance for Uncol
    30:44

  • 10 Purchasing Process Audit
    00:46
  • PDF - 11010 Purchasing Process Auditing
    00:08
  • 11010 Purchasing Process Auditing
    24:58
  • PDF - 11020 Purchasing Process Segregation of Duties
    00:08
  • 11020 Purchasing Process Segregation of Duties
    09:46
  • PDF - 11030 Purchasing Process Inherent Risk & Control Risk
    00:08
  • 11030 Purchasing Process Inherent Risk & Control Risk
    10:31
  • PDF - 11040 Purchasing Process Control Activities & Tests
    00:08
  • 11040 Purchasing Process Control Activities & Tests
    20:14
  • PDF - 11050 Audit Accounts Payable & Accrued Expenses
    00:08
  • 11050 Audit Accounts Payable & Accrued Expenses
    02:59
  • PDF - 11060 Tests of Details of Transactions
    00:08
  • 11060 Tests of Details of Transactions
    13:54

Instructor

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI
Robert (Bob) Steele
  • 4.4 Instructor Rating
  • 15,696 Reviews
  • 324,381 Students
  • 93 Courses

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.

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