Audit: Financial Statement

Learn how to plan and execute an audit from a practicing CPA, CGMA, CPI, with B.S.Tax.

Audit: Financial Statement

Learn how to plan and execute an audit from a practicing CPA, CGMA, CPI, with B.S.Tax.
15
views
1
Save
Share the link to this page
Copied

About the Class

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 auditor's time can be spent most efficiently to gather evidence to support the auditor’s conclusion and opinion.

What will you learn in this course?

You 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 and 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.

Author

Robert Bob Steele Cpa Cgma M S Tax Cpi Has A Account

Certified Public Accountant (CPA) CGMA M.S.tax CPI
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...

School

Robert Bob Steele Cpa Cgma M S Tax Cpi Has A Account's School

Requirements

There are no additional requirements.

Class Contents

One-time Fee
$19.99
List Price:  $200
You save:  $180.01
€19.20
List Price:  €192.15
You save:  €172.95
£15.90
List Price:  £159.11
You save:  £143.21
CA$28.75
List Price:  CA$287.66
You save:  CA$258.91
A$31.93
List Price:  A$319.55
You save:  A$287.61
S$27.09
List Price:  S$271.12
You save:  S$244.02
HK$155.31
List Price:  HK$1,553.90
You save:  HK$1,398.59
CHF 17.90
List Price:  CHF 179.10
You save:  CHF 161.20
NOK kr226.28
List Price:  NOK kr2,264
You save:  NOK kr2,037.72
DKK kr143.24
List Price:  DKK kr1,433.20
You save:  DKK kr1,289.95
NZ$35.33
List Price:  NZ$353.51
You save:  NZ$318.18
د.إ73.42
List Price:  د.إ734.59
You save:  د.إ661.16
৳2,378.62
List Price:  ৳23,798.16
You save:  ৳21,419.53
₹1,701.68
List Price:  ₹17,025.33
You save:  ₹15,323.65
RM89.75
List Price:  RM898
You save:  RM808.24
₦30,913.53
List Price:  ₦309,290
You save:  ₦278,376.46
₨5,540.50
List Price:  ₨55,432.76
You save:  ₨49,892.25
฿683.81
List Price:  ฿6,841.60
You save:  ฿6,157.78
₺704.03
List Price:  ₺7,043.92
You save:  ₺6,339.88
B$121.71
List Price:  B$1,217.71
You save:  B$1,095.99
R368.44
List Price:  R3,686.24
You save:  R3,317.80
Лв37.50
List Price:  Лв375.20
You save:  Лв337.70
₩29,013.07
List Price:  ₩290,275.84
You save:  ₩261,262.77
₪72.70
List Price:  ₪727.38
You save:  ₪654.68
₱1,170.70
List Price:  ₱11,712.89
You save:  ₱10,542.19
¥3,132.41
List Price:  ¥31,339.85
You save:  ¥28,207.43
MX$401.71
List Price:  MX$4,019.17
You save:  MX$3,617.45
QR72.56
List Price:  QR725.99
You save:  QR653.43
P275.11
List Price:  P2,752.56
You save:  P2,477.44
KSh2,585.70
List Price:  KSh25,870
You save:  KSh23,284.29
E£1,019.28
List Price:  E£10,197.99
You save:  E£9,178.70
ብር2,481.29
List Price:  ብር24,825.35
You save:  ብር22,344.05
Kz18,350.82
List Price:  Kz183,600
You save:  Kz165,249.18
CLP$19,792.07
List Price:  CLP$198,019.80
You save:  CLP$178,227.72
CN¥145.91
List Price:  CN¥1,459.84
You save:  CN¥1,313.92
RD$1,212.10
List Price:  RD$12,127.13
You save:  RD$10,915.02
DA2,694.95
List Price:  DA26,962.98
You save:  DA24,268.03
FJ$46.28
List Price:  FJ$463.08
You save:  FJ$416.79
Q153.37
List Price:  Q1,534.48
You save:  Q1,381.10
GY$4,164.41
List Price:  GY$41,664.99
You save:  GY$37,500.57
ISK kr2,786.80
List Price:  ISK kr27,882
You save:  ISK kr25,095.19
DH200.33
List Price:  DH2,004.33
You save:  DH1,803.99
L368.82
List Price:  L3,690.05
You save:  L3,321.23
ден1,181.11
List Price:  ден11,817.01
You save:  ден10,635.90
MOP$159.35
List Price:  MOP$1,594.31
You save:  MOP$1,434.96
N$366.46
List Price:  N$3,666.44
You save:  N$3,299.98
C$732.47
List Price:  C$7,328.40
You save:  C$6,595.93
रु2,707.58
List Price:  रु27,089.42
You save:  रु24,381.83
S/74.12
List Price:  S/741.57
You save:  S/667.45
K80.71
List Price:  K807.58
You save:  K726.86
SAR75.11
List Price:  SAR751.51
You save:  SAR676.39
ZK550.86
List Price:  ZK5,511.44
You save:  ZK4,960.57
L95.57
List Price:  L956.22
You save:  L860.64
Kč482.75
List Price:  Kč4,829.94
You save:  Kč4,347.18
Ft7,963.63
List Price:  Ft79,676.17
You save:  Ft71,712.54
SEK kr220.55
List Price:  SEK kr2,206.69
You save:  SEK kr1,986.13
ARS$20,434.77
List Price:  ARS$204,450
You save:  ARS$184,015.22
Bs137.54
List Price:  Bs1,376.18
You save:  Bs1,238.63
COP$87,366.07
List Price:  COP$874,097.76
You save:  COP$786,731.68
₡10,042.79
List Price:  ₡100,478.22
You save:  ₡90,435.42
L505.28
List Price:  L5,055.33
You save:  L4,550.05
₲155,210.93
List Price:  ₲1,552,885.82
You save:  ₲1,397,674.88
$U894.51
List Price:  $U8,949.66
You save:  $U8,055.14
zł81.85
List Price:  zł818.96
You save:  zł737.10

What's Included

Language: English
Level: All levels
Skills: Audit Planning, Audit Engagement, Audit Process, Audit Procedures, Audit Team, Accounting Firm, Materiality, Risk Assessment, Audit Sampling, Internal Controls, Substantive Testing, Audit Testing, Audit Reports
Age groups: All ages
Duration: 18 hours 10 minutes
115 Videos
97 Documents
1
Save
15
Views
This class has not been saved

Sign Up

Share

Share with friends, get 20% off
Invite your friends to LearnDesk learning marketplace. For each purchase they make, you get 20% off (upto $10) on your next purchase.