Auditing Part 1

Name: Auditing Part 1
Rating: 4.6 (85 reviews)

Adding Assurance to the Financial Statements

Created byChris Severson

Last updated 8/2023

English

What you'll learn

History and Purpose of Auditing
How Auditing Related to Financial Accounting
Generally Accepted Auditing Standards (GAAS)
Planning and Supervision
Risk Assessment and Scoping
Audit Risk Model
Fraud Risk Model (Triangle and Diamond)
Internal Control
Impact of Sarbanes Oxley Act of 2001
Audit Evidence
Audit Sampling
Managerial Representations/Assertions
Financial Audit Opinions and Reports

Course content

9 sections • 24 lectures • 2h 21m total length

Introduction0:56
Welcome to Auditing Part 1. My name is Chris Severson and I will be working with you through the course. Feel free to view this introductory video as we get started!

Study Notes - Need for Audit and Assurance Services2:36
In this section we discuss the underlying purpose for audit and assurance services as an overview to the rest of the course discussion.
Study Notes - Types of Audit and Assurance Services5:10
In this section we discuss the different levels and types of audit and assurance services and what the purpose of each one is.
Quiz - Audit and Assurance Services
Study Notes - The Securities and Exchange Commission (SEC)1:21
In this section we discuss the background, history, and purpose of the Securities Exchange Commission (SEC.)
Study Notes - The American Institute of Certified Public Accountants (AICPA)0:54
In this section we discuss the background, history, and purpose of the American Institute of Certified Public Accountants (AICPA.)
Study Notes - The Sarbanes-Oxley Act5:04
In this section we discuss the legislation commonly referred to as the Sarbanes-Oxley Act and its impact on the accounting and auditing industries.
Study Notes - The Public Company Accounting Oversight Board (PCAOB)1:39
In this section we discuss the Public Companies Accounting Oversight Board (PCAOB), how this board sets standards, and what entities are bound by these standards.
Study Notes - Certified Public Accounting Firms and CPAs0:08
In this section we discuss the certified public accountants and CPAs in general and the role they play in auditing.
Quiz - Entities That Impact Audit Profession
Study Notes - Auditing Standards (GAAS vs. SAS)2:44
In this section we discuss the difference between the Generally Accepted Auditing Standards (GAAS) and the Statements on Auditing Standards (SAS) and how each impacts the audit process.
Quiz - Auditing Standards

Study Notes - Auditor vs. Management Responsibilities3:31
In this section we discuss the difference between management and auditor responsibilities as it relates to the financial statements and the audit of them.
Quiz - Responsibilities in Audit
Study Notes - Management Assertions Part 15:11
In this section we begin the discussion of the different assertions that management makes in regards to the financial statements, as well as the how the auditor should respond to and test those assertions.
Study Notes - Management Assertions Part 22:37
In this section we continue the discussion of the different assertions that management makes in regards to the financial statements, as well as the how the auditor should respond to and test those assertions.
Video - Management Assertions19:34
In this section we discuss the different assertions that management makes in regards to the financial statements, as well as the how the auditor should respond to and test those assertions.
Quiz - Management Assertions

Video - Qualitative Characteristics of Evidence18:47
In this video we discuss the various qualitative characteristics that we look for in evidence and how each one determines the level of the evidence and whether that evidence is useful in making decisions as to the reliability of the company's financial statements.
Study Notes - Overview of Sampling Theory0:03
In this section we begin our discussion of sampling and the underlying concepts before we move on to more of the mechanics.
Study Notes - Methodology, Design, and Stratification0:04
In this section we continue our discussion of sampling; specifically the mechanics and design.
Quiz - Sampling

Requirements

The only requirement for this course is a desire to learn more about auditing and how it relates to the overall field of accounting. It is preferable to start off with courses in accounting, as auditing builds on that knowledge. No specific software or textbooks are required.

Description

Auditing is the next progression in the accounting curriculum. Auditors add value to the information prepared by the financial accountants because their work makes it more reliable and trustworthy. Whether you are going into the field of auditing or are just an investor wanting to know more about the auditors report you are reading and what goes into it, this course will help.

We learn about the core financial statements themselves, the types of evidence that an auditor will gather during their review, the standards they must follow, how they document their work, and how they ultimately communicate the results.

This course is for anyone who may have felt lost in prior auditing courses and wants real life examples and a down to earth explanation, rather than something read word-for-word out of a textbook. Is this you? Then you are in the right place!

This course is taught by an instructor with over fifteen years of training experience, including corporate training, face to face instruction, and online course development. In addition to the lectures and study material common to many other courses, this course also has a downloadable textbook/study note file, along with downloadable Excel templates paired with a lecture walking through the solution once you are done. To test your knowledge of the basic concepts we also have quizzes after each section to make sure you feel comfortable with the topic before moving on to the next one.

At the end of this course, you will have a better understanding of the standards and processes of auditing. You will be able to pass that class!! Let’s get started!

Who this course is for:

This auditing course is for anyone who wants to learn more about auditing and its relationship to accounting. This course builds upon what we have learned in the financial accounting courses and discusses how the information is reviewed to provide assurance to those that use the information. If you are taking an auditing course and are having trouble understanding the topics this course is for you. If you are looking to enhance your career by understanding more about auditing, this course is for you. This course continues on into a Part 2 where we discuss specific audit procedures for various accounts, transactions, and cycles.

Auditing Part 1

What you'll learn

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Course content

Introduction1 lecture • 1min

Overview of the Audit Profession and Standards8 lectures • 20min

Auditor and Management Responsibilities4 lectures • 31min

Ethics and Legal Liabilities2 lectures • 6min

Audit Planning and Risk Assessment2 lectures • 32min

Evidence and Sampling3 lectures • 19min

Fraud and Internal Controls1 lecture • 2min

Auditor Opinions and Communications2 lectures • 31min

Course Wrapup1 lecture • 1min

Requirements

Description

Who this course is for: