299 Enrolled
10 Hours (On-Demand)
Instructor for this course
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This course discusses the important of evaluating materiality and risk, which will impact the auditor's planned audit evidence. This course also describes how to develop a preliminary judgment about materiality and consider the most appropriate risks for each engagement and review the eight steps involved in creating the audit plan.

Learning Objectives

  • Identify the three types of fraud.
  • Identify the SAS that provides guidance to auditors in assessing the risk of fraud.
  • Recognize the three elements identified by the AICPA to prevent, deter, and detect fraud.
  • Recognize who is responsible for identifying and measuring fraud risks and taking steps to mitigate identified risks.
  • Identify the procedures to address the risk of management overriding internal controls that are otherwise operating effectively.
  • Recognize the characteristics of different types of fraud.
Last updated/reviewed: May 22, 2022

31 Reviews (128 ratings)Reviews

5
Anonymous Author
I enjoyed this course. It had a small section on risk management, internal controls and fraud and financial management. Very informative!
5
Anonymous Author
Learned everything I needed to learn and earned an appropriate number of CPE credits.
5
Member's Profile
Good review. Well written review of planning. Very comprehensive.
5
Anonymous Author
The course was heavy on information but provided a strong refresher on important audit material. I would recommend perhaps a shorter assessment as 50 questions was quite tedious. However, I found that the slides provided were very effective. I enjoyed the format and how the information was succinct and to the point for each section.
5
Member's Profile
This course is an excellent review of audit planning and a great refresher. I especially like the discussion of various internal controls because I was able to get ideas of ways to improve my own companies controls.
5
Member's Profile
This course gives a good overview of the various phases for planning audit plans, including risk, analytical procedures, testing, materiality, controls, communication during and after audit completion.
2
Anonymous Author
This course is far to long for a non text based course the listen only becomes far too much to handle for such a long period of time this could easily be broken up into shorter segments.
4
Anonymous Author
Detailed detailed detailed. This is the best all-inclusive presentation of the audit process I've taken. Great guidance for use with companies/clients preparing fior their first audit
5
Anonymous Author
Thorough overview of the audit planning process. I wish I had taken this course during my first year as an auditor to have a better, more complete picture of the process
5
Member's Profile
I liked how the course was appropriate to my work and it will help me perform the audit planning in a more efficient manner in the future. the course was really helpful
5
Anonymous Author
Great course would recommend to anyone in the profession. This exam provided great examples about the audit process from planning to issuing an audit opinion.
3
Anonymous Author
The course is too long for just 1 course, it should at least be sectioned. Audit planning itself has various sections, in this way it may be less tedious.
5
Anonymous Author
This is a detailed course on the audit process. The fraud section was very insightful and interesting. Explained the audit planning process in detail.
5
Member's Profile
The instructor presented the material in a clear, concise manner. The format of the course flowed easily through the individual phases of an audit.
5
Member's Profile
Thorough content on audit planning and great presentation. The course has a very extensive emphasis on fraud that I thought was very valuable.
5
Anonymous Author
The training was detailed and very helpful. It clearly explains the audit planning process, types of risk and procedures to be performed.
5
Anonymous Author
Although this course had alot of detail, it was a great overview and review for me. Material was straight forward and easy to reference.
5
Member's Profile
This is an all-inclusive presentation of the audit process. Great guidance for use with companies/clients preparing for their first audit
5
Anonymous Author
good course. again, i think there was bad wording of some of the questions whereby multiple answers could've technically been corret
5
Anonymous Author
Great Course! Explained every step of the the Audit Planning process well. Highly recommended.
5
Anonymous Author
Incredibly comprehensive unit and a good refresher on how an auditor should conduct themselves
5
Anonymous Author
Great review course. Worth the time to review as needed. The instructor does a good job!
5
Anonymous Author
holy cow! this was fantastic and thorough. If only Worldcom had subscribed to Illumeo.
5
Anonymous Author
This was a great course for anyone who wants to learn more about the audit planning.
5
Anonymous Author
They have sufficient detailed information to understand the course's objective.
5
Member's Profile
Great stuff. Really enjoyed the material. Key for financial stmt auditors
4
Member's Profile
Subject matter is explained in detail but the slides have no subject index.
5
Anonymous Author
Great overview of the audit planning process. In depth and detailed
5
Anonymous Author
The course is very helpful. Really good information is reviewed.
5
Member's Profile
Content well organized and accurate to my industry experience.
5
Member's Profile
Good course material and excellent material organization

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .

1 QuestionCourse Questions and Answers

Member's Profile
Course Syllabus
INTRODUCTION AND OVERVIEW
  3:30Introduction to Audit Planning
Lesson 1-5
  17:06Phase of An Audit
  22:15Control Risk
  20:42Client Acceptance
  23:12Management and Governance
  22:19Types of Analytical Procedures
Lesson 6-11
  19:13Set Materiality and Assess Acceptable Audit Risk
  19:35Estimate Misstatement
  29:56Evaluating Management Integrity
  18:04Internal Control and Assess Control Risk
  23:50Reasonable Assurance
  29:54Reliability of Financial Reporting Controls
Lesson 12-17
  20:17Control Activities
  25:55Understanding and Evaluation of Internal Accounting Controls
  23:01Communication to Those Charged with Governance
  20:04Gather Information to Assess Fraud Risks
  19:20Duration of Fraud Schemes
  19:37Type of Organization Susceptible to Financial Fraud
Lesson 18-23
  20:30Mitigating Fraud Risks
  19:48Sign of Revenue Fraud
  20:33Reporting Mechanism
  19:30Accept Client and Develop the Audit Plan
  23:29Tests of Details of Balances
  27:59Audit Procedures
CONTINUOUS PLAY
  1:49:04Audit Planning Lesson 1-5
  2:20:32Audit Planning Lesson 6-11
  1:45:13Audit Planning Lesson 12-17
  2:11:49Audit Planning Lesson 18-23
SUPPORTING MATERIAL
  PDFSlides: Audit Planning
  PDFAudit Planning Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM