Foundations of Auditing Financial Statements
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Foundations of Auditing Financial Statements

How to conduct financial statement audits for university students and candidates for an accounting designation
4.8 (5 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
590 students enrolled
Published 5/2012
English
Price: $20
30-Day Money-Back Guarantee
Includes:
  • 3.5 hours on-demand video
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • 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.
View Curriculum
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.
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.

Who is the target audience?
  • New finance professionals
  • New audit professionals
  • Students enrolled in an accounting program
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Curriculum For This Course
28 Lectures
03:42:03
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Auditing Financial Statements From Start to Finish
28 Lectures 03:42:03

Get an overview of what a financial statement audit entails.

1 Auditing ABCs
10:41

Get to know the players in the auditing profession.

2 The Players of the Audit Industry
05:49

GAAS

3 Generally Accepted Accounting Standards
07:53

Learn about Ethics and Rules of Professional Conduct.

4 Auditing Ethics and Rules of Professional Conduct
12:49

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

5A Independent Auditors Report
05:27

Qualified audit reports

5B Auditor Report Reservations
04:56

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

6 The Audit Process
16:05

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

7 Auditing Management Assertions
ImportContent

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

8 Audit Evidence
16:41

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

9 Audit Risk Model
11:00

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

10 Assessing Inherent Risk
03:58

In this lesson, we learn about Materiality.

11 Materiality
06:46

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

12 Client Risk Profile
09:39

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

13 Auditor Working Papers
08:53

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

14 What is an Internal Control?
05:07

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

15 COSO Integrated Internal Control Framework
10:30

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

16 Assessing Control Risk
03:44

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

17 Testing Internal Controls
05:50

Small business assurance engagements including review and compiliation engagements.

18 Small Business Assurance Engagements
03:15

In this lesson, we discuss an audit planning approach.

19 Auditing Planning Approach
04:58

In this lesson, we discuss tailoring an audit program.

20 Audit Programs
06:44

Auditing the sales cycle, documenting and assessing control risk.

21 Auditing the Sales Cycle
13:03

How to perform substantive procedures.

22 Substantive Audit Procedures
11:09

Discussion of the most common types of fraud schemes.

23 Fraud Schemes
09:17

The fraud triangle explains how and why fraud happens.

24 Fraud Triangle
02:09

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

25 Fraud Prevention & Detection
05:02

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

26 Auditing For Fraud
10:11

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

27 Completing the Audit
10:27
About the Instructor
Blair Cook CPA, CA CPA MBA
4.1 Average rating
90 Reviews
1,494 Students
3 Courses
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.