Audit Financial Statement

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Learn the audit process from planning to audit report form a Certified Public Accountant (CPA).

Last updated 2022-01-10 | 4.5

- What an audit engagement is 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

What you'll learn

What an audit engagement is 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 recourses
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 reports
The concepts of professional conduct and independents

* Requirements

* Learners should have a basic understanding of accounting concepts and the double entry accounting system.

Description

  • What an audit engagement is 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 recourses
  • 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 reports
  • The concepts of professional conduct and independents

Course content

17 sections • 212 lectures

Introduction 13 lectures

Introduction Preview 08:08

PDF - 1010 Audit vs Financial Accounting Preview 00:08

1010 Audit vs Financial Accounting Preview 14:41

PDF -1020 Auditing, Attest, & Assurance Services Preview 00:08

1020 Auditing, Attest, & Assurance Services Preview 06:43

PDF - 1030 Overview of Financial Statement Auditing Process Preview 00:08

1030 Overview of Financial Statement Auditing Process Preview 16:47

PDF - 1040 Audit Evidence & Sampling Preview 00:08

1040 Audit Evidence & Sampling Preview 08:58

PDF - 1050 Format of Audit Report Preview 00:08

1050 Format of Audit Report Preview 17:29

PDF - 1050 Stages of an Audit Preview 00:08

1050 Stages of an Audit Preview 12:57

Auditing Environment 17 lectures

2 Auditing Environment Preview 00:51

PDF - 2010 Types of Audit, Attest, & Assurance Services Preview 00:08

2010 Types of Audit, Attest, & Assurance Services Preview 08:59

PDF - 2020 Public Accounting Firms Preview 00:08

2020 Public Accounting Firms Preview 03:56

PDF - 2030 Audit Team Preview 00:08

2030 Audit Team Preview 11:50

PDF - 2040 Government Regulation Preview 00:08

2040 Government Regulation Preview 12:33

PDF - 2050 Corporate Governance Preview 00:08

2050 Corporate Governance Preview 04:39

PDF - 2060 Organizations that Impact Auditing Preview 00:08

2060 Organizations that Impact Auditing Preview 04:48

PDF - 2070 Underlying Principles of an Audit Underlying Principles of an Audit Preview 00:08

2070 Underlying Principles of an Audit Underlying Principles of an Audit Preview 05:27

PDF - 2080 Auditing Standards Preview 00:08

2080 Auditing Standards Preview 03:44

Audit Planning, Audit Tests, & Materiality 11 lectures

3 Audit Planning, Audit Tests, & Materiality Preview 01:25

PDF - 3010 Audit Planning Stages Preview 00:08

3010 Audit Planning Stages Preview 17:31

PDF - 3020 Preliminary Engagement Activities Preview 00:08

3020 Preliminary Engagement Activities Preview 06:33

PDF - 3030 Planning the Audit Preview 00:08

3030 Planning the Audit Preview 12:46

PDF - 3040 Types of Audit Tests Preview 00:08

3040 Types of Audit Tests Preview 15:17

PDF - 3050 Materiality Determination Preview 00:08

3050 Materiality Determination Preview 11:05

Risk Assessment 15 lectures

4 Risk Assessment Preview 01:20

PDF - 4010 Audit Risk Model Preview 00:08

4010 Audit Risk Model Preview 17:36

PDF - 4020 Risk Assessment Process Preview 00:08

4020 Risk Assessment Process Preview 03:08

PDF - 4030 Understanding the Entity and Environment Preview 00:08

4030 Understanding the Entity and Environment Preview 05:19

PDF - 4040 Assess Internal Controls Preview 00:08

4040 Assess Internal Controls Preview 13:35

PDF - 4050 Responding to the Risk of Material Misstatement Preview 00:08

4050 Responding to the Risk of Material Misstatement Preview 03:38

PDF - 4060 Evaluation of Audit Test Results Preview 00:08

4060 Evaluation of Audit Test Results Preview 09:04

PDF - 4070 Documentation of Risk Assessment Preview 00:08

4070 Documentation of Risk Assessment Preview 12:48

Audit Evidence 9 lectures

5 Audit Evidence Preview 00:49

PDF - 5010 Audit Evidence & Management Assertions Preview 00:08

5010 Audit Evidence & Management Assertions Preview 11:57

PDF - 5020 Audit Procedures Preview 00:08

5020 Audit Procedures Preview 31:52

PDF - 5030 Audit Documentation Preview 00:08

5030 Audit Documentation Preview 10:42

PDF - 5050 Develop Audit Expectations Preview 00:08

5050 Develop Audit Expectations Preview 09:01

Internal Controls 26 lectures

6 Audit Internal Controls Preview 01:37

PDF - 6010 Internal Controls Introduction Preview 00:08

6010 Internal Controls Introduction Preview 07:15

PDF - 6020 Effect of Information Technology on Internal Controls Preview 00:08

6020 Effect of Information Technology on Internal Controls Preview 08:54

PDF - 6030 Internal Control Components Preview 00:08

6030 Internal Control Components Preview 07:25

PDF - 6040 Principles of Internal Control Components Preview 00:08

6040 Principles of Internal Control Components Preview 12:05

PDF - 6050 Internal Control Flowchart Preview 00:08

6050 Internal Control Flowchart Preview 05:27

PDF - 6060 Substantive and Reliance Strategies Preview 00:08

6060 Substantive and Reliance Strategies Preview 05:50

PDF - 6070 Assertions About Classes of Transactions and Related Control Procedur Preview 07:40

PDF - 6080 Obtain an Understanding of Internal Controls Preview 00:08

6080 Obtain an Understanding of Internal Controls Preview 08:49

PDF - 6090 Performing & Documenting Tests of Controls Preview 00:08

6090 Performing & Documenting Tests of Controls Preview 04:44

PDF - 6100 Substantive Procedures Preview 00:08

6100 Substantive Procedures Preview 10:39

PDF - 6110 Internal Control Matters & Communication Preview 00:08

6110 Internal Control Matters & Communication Preview 03:42

PDF - 7010 Internal Control Over Financial Reporting (ICFR) Preview 00:08

7010 Internal Control Over Financial Reporting (ICFR) Preview 05:20

PDF - 7020 Internal Control Deficiencies Preview 00:08

7020 Internal Control Deficiencies Preview 03:26

Audit Sampling – Tests of Controls 15 lectures

7 Audit Sampling Tests of Controls Preview 01:01

PDF - 8010 Controls Audit Sampling Preview 00:08

8010 Controls Audit Sampling Preview 11:16

PDF - 8020 Audit Evidence-Should Sampling Be Done Preview 00:08

8020 Audit Evidence-Should Sampling Be Done Preview 11:37

PDF - 8030 Types of Audit Sampling Preview 00:08

8030 Types of Audit Sampling Preview 05:35

PDF - 8040 Attribute Sampling Applied to Test of Controls Preview 00:08

8040 Attribute Sampling Applied to Test of Controls Preview 08:37

PDF - 8050 Attribute Sampling Applied to Test of Controls Performance Preview 00:08

8050 Attribute Sampling Applied to Test of Controls Performance Preview 07:46

PDF - 8060 Attribute Sampling Applied to Test of Controls-Evaluation Preview 00:08

8060 Attribute Sampling Applied to Test of Controls-Evaluation Preview 02:11

PDF - 8070 Nonstatistical Sampling for Tests of Controls Preview 00:08

8070 Nonstatistical Sampling for Tests of Controls Preview 03:45

Substantive Tests 11 lectures

8 Substantive Tests Preview 01:49

PDF - 9010 Substantive Tests of Details of Account Balances Preview 00:08

9010 Substantive Tests of Details of Account Balances Preview 04:41

PDF - 9020 Monetary Unit Sampling (MUS) Preview 00:08

9020 Monetary Unit Sampling (MUS) Preview 03:21

PDF - 9030 Monetary Unit Sampling (MUS) Process Preview 00:08

9030 Monetary Unit Sampling (MUS) Process Preview 09:38

PDF - 9040 Non-statistical Sampling for Tests of Account Balances Preview 00:08

9040 Non-statistical Sampling for Tests of Account Balances Preview 04:57

PDF - 9050 Classical Variable Sampling Preview 00:08

9050 Classical Variable Sampling Preview 04:27

Revenue Process Audit 19 lectures

9 Revenue Process Audit Preview 01:04

PDF - 10010 Auditing Revenue Approach Auditing Revenue Approach Preview 00:08

10010 Auditing Revenue Approach Auditing Revenue Approach Preview 13:29

PDF - 10020 Auditing Revenue Types of Documents & Records Preview 00:08

10020 Auditing Revenue Types of Documents & Records Preview 09:49

PDF - 10030 Revenue Process Major Functions Preview 00:08

10030 Revenue Process Major Functions Preview 04:21

PDF - 10040 Segregation of Duties Revenue Process Preview 00:08

10040 Segregation of Duties Revenue Process Preview 05:02

PDF - 10050 Inherent Risk Assessment Revenue Process Preview 00:08

10050 Inherent Risk Assessment Revenue Process Preview 03:22

PDF - 10060 Control Risk Assessment Revenue Process Preview 00:08

10060 Control Risk Assessment Revenue Process Preview 03:41

PDF - 10080 Testing Controls Revenue Transactions Preview 00:08

10080 Testing Controls Revenue Transactions Preview 19:48

PDF - 10090 Testing Controls Cash Receipts Transactions Preview 00:08

10090 Testing Controls Cash Receipts Transactions Preview 14:48

PDF -10110 Substantive Tests Of Transactions Accounts Receivable, Allowance for Preview 00:08

10110 Substantive Tests Of Transactions Accounts Receivable, Allowance for Uncol Preview 30:44

Purchasing Process Audit 13 lectures

10 Purchasing Process Audit Preview 00:46

PDF - 11010 Purchasing Process Auditing Preview 00:08

11010 Purchasing Process Auditing Preview 24:58

PDF - 11020 Purchasing Process Segregation of Duties Preview 00:08

11020 Purchasing Process Segregation of Duties Preview 09:46

PDF - 11030 Purchasing Process Inherent Risk & Control Risk Preview 00:08

11030 Purchasing Process Inherent Risk & Control Risk Preview 10:31

PDF - 11040 Purchasing Process Control Activities & Tests Preview 00:08

11040 Purchasing Process Control Activities & Tests Preview 20:14

PDF - 11050 Audit Accounts Payable & Accrued Expenses Preview 00:08

11050 Audit Accounts Payable & Accrued Expenses Preview 02:59

PDF - 11060 Tests of Details of Transactions Preview 00:08

11060 Tests of Details of Transactions Preview 13:54

Payroll & Human Resources Audit 9 lectures

11 Payroll & Human Resources Audit Preview 00:56

PDF - 12110 Payroll & Human Resources Auditing Preview 00:08

12110 Payroll & Human Resources Auditing Preview 14:43

PDF - 12120 Payroll & Human Resources Auditing Control Activities & Tests Preview 00:08

12120 Payroll & Human Resources Auditing Control Activities & Tests Preview 11:20

PDF - 12125 Payroll & Human Resources Auditing Substantive Procedures Part 1 Preview 00:08

12125 Payroll & Human Resources Auditing Substantive Procedures Part 1 Preview 19:23

PDF - 12130 Payroll & Human Resources Auditing Substantive Procedures Part 2 Preview 00:08

12130 Payroll & Human Resources Auditing Substantive Procedures Part 2 Preview 13:53

Inventory Audit 7 lectures

12 Inventory Audit Preview 00:52

PDF - 13110 Inventory Auditing Preview 00:08

13110 Inventory Auditing Preview 13:06

PDF - 13120 Inventory Audit Inherent Risk & Control Risk Preview 00:08

13120 Inventory Audit Inherent Risk & Control Risk Preview 21:56

PDF - 13130 Inventory Audit Assertions & Substantive Tests Preview 00:08

13130 Inventory Audit Assertions & Substantive Tests Preview 29:34

Prepaid Expenses, Intangible Assets & Property Plant & Equipment Audit 7 lectures

13 Prepaid Expenses, Intangible Assets & Property Plant & Equipment Audit Preview 01:14

PDF - 14110 Audit Prepaid Expenses Preview 00:08

14110 Audit Prepaid Expenses Preview 08:43

PDF - 14120 Audit Intangible Assets Preview 00:08

14120 Audit Intangible Assets Preview 11:59

PDF - 14130 Audit Property Plant & Equipment Preview 00:08

14130 Audit Property Plant & Equipment Preview 24:55

Long Term Debt & Equity 11 lectures

14 Long Term Debt & Equity Preview 00:32

PDF - 15110 Audit Long Term Debt Preview 00:08

15110 Audit Long Term Debt Preview 15:09

PDF - 15120 Audit Long Term Debt Substantive Procedures Preview 00:08

15120 Audit Long Term Debt Substantive Procedures Preview 20:43

PDF - 15130 Audit Stockholders’ Equity Preview 00:08

15130 Audit Stockholders’ Equity Preview 11:14

PDF - 15140 Audit Retained Earnings & Dividends Preview 00:08

15140 Audit Retained Earnings & Dividends Preview 11:01

PDF - 15150 Audit Income Statement Accounts Preview 00:08

15150 Audit Income Statement Accounts Preview 12:51

Cash & Cash Equivalents 3 lectures

15 Cash & Cash Equivalents Preview 01:46

PDF - 16110 Audit Cash & Cash Equivalents Preview 00:08

16110 Audit Cash & Cash Equivalents Preview 29:41

Audit Reports 9 lectures

16 Audit Reports Preview 02:09

PDF - 18100 Standard Unqualified Audit Report Preview 00:08

18100 Standard Unqualified Audit Report Preview 09:29

PDF - 18110 Adjustments to Standard Unqualified Audit Report Preview 00:08

18110 Adjustments to Standard Unqualified Audit Report Preview 08:13

PDF - 18120 Departure from Unqualified Report Preview 00:08

18120 Departure from Unqualified Report Preview 16:15

PDF - 18130 Special Reports Preview 00:08

18130 Special Reports Preview 05:52

Professional Conduct, Independence, & Quality Control 17 lectures

17 Professional Conduct, Independence, & Quality Control Preview 02:09

PDF - 19110 Professional Conduct Preview 00:08

19110 Professional Conduct Preview 23:45

PDF - 19120 Prohibited Business Relationships Preview 00:08

19120 Prohibited Business Relationships Preview 06:50

PDF - 19130 Effect of Litigation Preview 00:08

19130 Effect of Litigation Preview 03:52

PDF - 19140 Restrictions on Nonaudit Services to Attest Entities Preview 00:08

19140 Restrictions on Nonaudit Services to Attest Entities Preview 11:14

PDF - 19150 General Standards & Compliance, Accounting Principles & Confidential Preview 00:08

19150 General Standards & Compliance, Accounting Principles & Confidential Clien Preview 04:21

PDF - 19160 Fees & Commissions Rules Preview 00:08

19160 Fees & Commissions Rules Preview 06:49

PDF - 19170 Acts Discreditable Rule Preview 00:08

19170 Acts Discreditable Rule Preview 05:28

PDF - 19180 Quality Control Standards Preview 00:08

19180 Quality Control Standards Preview 02:24