Audit - Financial Statement
4.3 (301 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
19,239 students enrolled

Audit - Financial Statement

Learn the audit process from planning to audit report form a Certified Public Accountant (CPA).
Bestseller
4.3 (301 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
19,239 students enrolled
Last updated 12/2019
English
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Current price: $139.99 Original price: $199.99 Discount: 30% off
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This course includes
  • 18.5 hours on-demand video
  • 95 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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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
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
Course content
Expand all 212 lectures 18:18:03
+ Introduction
13 lectures 01:26:31
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
+ Auditing Environment
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
+ Audit Planning, Audit Tests, & Materiality
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
+ Risk Assessment
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
+ Audit Evidence
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
+ Internal Controls
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
+ Audit Sampling – Tests of Controls
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
+ Substantive Tests
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
+ Revenue Process Audit
19 lectures 01:47:20
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
+ Purchasing Process Audit
13 lectures 01:23:56
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