Foundations of Auditing Financial Statements

How to conduct financial statement audits for university students and candidates for an accounting designation

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  • Lectures 28
  • Video 4 Hours
  • Skill Level Beginner Level
  • Languages English
  • Includes Lifetime access
    30 day money back guarantee!
    Available on iOS and Android
    Certificate of Completion

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Course Description

Many organizations are audited by independent public accountants. The purpose of an audit is to express an opinion on the fairness of presentation of financial information prepared by management. An audit enhances the value of financial information by making it more trustworthy and credible.

In this course we are going to tackle the external audit of financial statements. Public accounting is a wonderful training ground for the new financial professional that can prepare you for any number of careers in finance. By the end of this course, you should be able to talk the talk and walk the walk of an auditor.

What are the requirements?

  • You should have taken some accounting courses and have a general familiarity with how financial statements are prepared.
  • This is typically a fourth year course in many undergraduate accounting programs.

What am I going to get from this course?

  • Over 28 lectures and 4 hours of content!
  • By the end of this course you will have a firm foundation on how to conduct an audit of financial statements.
  • Describe audit risk, inherent risk, control risk, materiality, audit evidence
  • Plan an audit and develop an audit program
  • Execute an audit program by performing tests of internal controls and substantive procedures.

What is the target audience?

  • New finance professionals
  • New audit professionals
  • Students enrolled in an accounting program

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.


Section 1: Auditing Financial Statements From Start to Finish

Get an overview of what a financial statement audit entails.


Get to know the players in the auditing profession.




Learn about Ethics and Rules of Professional Conduct.


Learn about what gets included in unqualified or "clean" audit report.


Qualified audit reports


This is a great video overview of the whole audit process.


There are a number of assertions made by management that guide the auditors work (Existence, completeness, rights and obligations, presentation, etc.)


In this lesson we learn about how to gather and assess audit evidence.


In this lesson, we look at the conceptual Audit Risk Model,


In this lesson, we look at how to identify and assess Inherent Risk.


In this lesson, we learn about Materiality.


In this lesson, we learn about gathering information to complete the Client Risk Profile.


In this lesson, we look at the auditor Working Papers,


In this lesson we learn about what an internal control is.


In this lesson, we look at an internal control framework to deepen our understanding of how internal controls functions together.


In this lesson, we learn how to assessing Control Risk.


In this lesson, we learn how to test Internal Controls.


Small business assurance engagements including review and compiliation engagements.


In this lesson, we discuss an audit planning approach.


In this lesson, we discuss tailoring an audit program.


Auditing the sales cycle, documenting and assessing control risk.


How to perform substantive procedures.


Discussion of the most common types of fraud schemes.


The fraud triangle explains how and why fraud happens.


Time to learn what to do to prevent and detect fraud.


How auditor's conduct the external audit with fraud in mind.


And finally, putting a tidy little bow on the audit.

Instructor Biography

Blair Cook CPA, CA CPA MBA, Thought Leader in the Field of Executive Finance

Blair has two decades of experience at all levels of public and private corporations, public practice, and professional development. His experience as a corporate director, chief financial officer, instructional designer, and professional development leader will provide you with insight into finance topics that matter.

He is adjunct faculty member at St. Mary's University and the CPA Atlantic School of Business. Blair has been instructing at undergraduate and professional institutions for the past 19 years. Blair played a leading role in the developing the certification program for the Canadian Chartered Professional Accountant designation.

He was awarded the Govenor Generals Gold Medal of Canada in the field of accounting. He has designed professional development e-learning programs for the Big 4 firms. Benefit from his engaging presentation style and deep knowledge of the subject matter to further your own financial skills.

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