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Audit – Financial Statement

Learn the audit process from planning to audit report form a Certified Public Accountant (CPA).
Instructor:
Robert (Bob) Steele
31,919 students enrolled
English [Auto]
What an audit engagement in 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 resourses
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 reportes
The concepts of professional conduct and independents

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

Learners 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 & 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.

Introduction

1
Introduction
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PDF - 1010 Audit vs Financial Accounting
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1010 Audit vs Financial Accounting
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PDF -1020 Auditing, Attest, & Assurance Services
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1020 Auditing, Attest, & Assurance Services
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PDF - 1030 Overview of Financial Statement Auditing Process
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1030 Overview of Financial Statement Auditing Process
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PDF - 1040 Audit Evidence & Sampling
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1040 Audit Evidence & Sampling
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PDF - 1050 Format of Audit Report
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1050 Format of Audit Report
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PDF - 1050 Stages of an Audit
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1050 Stages of an Audit

Auditing Environment

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2 Auditing Environment
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PDF - 2010 Types of Audit, Attest, & Assurance Services
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2010 Types of Audit, Attest, & Assurance Services
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PDF - 2020 Public Accounting Firms
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2020 Public Accounting Firms
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PDF - 2030 Audit Team
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2030 Audit Team
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PDF - 2040 Government Regulation
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2040 Government Regulation
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PDF - 2050 Corporate Governance
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2050 Corporate Governance
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PDF - 2060 Organizations that Impact Auditing
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2060 Organizations that Impact Auditing
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PDF - 2070 Underlying Principles of an Audit Underlying Principles of an Audit
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2070 Underlying Principles of an Audit Underlying Principles of an Audit
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PDF - 2080 Auditing Standards
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2080 Auditing Standards

Audit Planning, Audit Tests, & Materiality

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3 Audit Planning, Audit Tests, & Materiality
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PDF - 3010 Audit Planning Stages
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3010 Audit Planning Stages
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PDF - 3020 Preliminary Engagement Activities
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3020 Preliminary Engagement Activities
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PDF - 3030 Planning the Audit
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3030 Planning the Audit
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PDF - 3040 Types of Audit Tests
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3040 Types of Audit Tests
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PDF - 3050 Materiality Determination
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3050 Materiality Determination

Risk Assessment

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4 Risk Assessment
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PDF - 4010 Audit Risk Model
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4010 Audit Risk Model
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PDF - 4020 Risk Assessment Process
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4020 Risk Assessment Process
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PDF - 4030 Understanding the Entity and Environment
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4030 Understanding the Entity and Environment
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PDF - 4040 Assess Internal Controls
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4040 Assess Internal Controls
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PDF - 4050 Responding to the Risk of Material Misstatement
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4050 Responding to the Risk of Material Misstatement
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PDF - 4060 Evaluation of Audit Test Results
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4060 Evaluation of Audit Test Results
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PDF - 4070 Documentation of Risk Assessment
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4070 Documentation of Risk Assessment

Audit Evidence

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5 Audit Evidence
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PDF - 5010 Audit Evidence & Management Assertions
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5010 Audit Evidence & Management Assertions
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PDF - 5020 Audit Procedures
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5020 Audit Procedures
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PDF - 5030 Audit Documentation
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5030 Audit Documentation
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PDF - 5050 Develop Audit Expectations
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5050 Develop Audit Expectations

Internal Controls

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6 Audit Internal Controls
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PDF - 6010 Internal Controls Introduction
3
6010 Internal Controls Introduction
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PDF - 6020 Effect of Information Technology on Internal Controls
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6020 Effect of Information Technology on Internal Controls
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PDF - 6030 Internal Control Components
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6030 Internal Control Components
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PDF - 6040 Principles of Internal Control Components
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6040 Principles of Internal Control Components
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PDF - 6050 Internal Control Flowchart
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6050 Internal Control Flowchart
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PDF - 6060 Substantive and Reliance Strategies
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6060 Substantive and Reliance Strategies
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PDF - 6070 Assertions About Classes of Transactions and Related Control Procedur
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PDF - 6080 Obtain an Understanding of Internal Controls
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6080 Obtain an Understanding of Internal Controls
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PDF - 6090 Performing & Documenting Tests of Controls
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6090 Performing & Documenting Tests of Controls
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PDF - 6100 Substantive Procedures
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6100 Substantive Procedures
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PDF - 6110 Internal Control Matters & Communication
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6110 Internal Control Matters & Communication
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PDF - 7010 Internal Control Over Financial Reporting (ICFR)
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7010 Internal Control Over Financial Reporting (ICFR)
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PDF - 7020 Internal Control Deficiencies
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7020 Internal Control Deficiencies

Audit Sampling – Tests of Controls

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7 Audit Sampling Tests of Controls
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PDF - 8010 Controls Audit Sampling
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