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: August 20, 2023
96 Reviews (384 ratings)

Reviews

4
Anonymous Author
Good course, noticed some typos in questions that didn't have a big impact but did make a few questions a bit confusing.

3
Anonymous Author
While this still served the purpose of refreshing my knowledge of the audit process, it could have been a lot better. The speaker and manner of presentation was incredibly dry and hard to follow, and the slides were oddly spaced out and therefore confusing. Maybe that was done to have space to take notes if this was originally an in-person class with handouts, but as far as organizing material in a logical manner, it was lacking. The charts were good though. Audit terms without examples of application are very vague and hard to follow. A case study covering 1 or 2 companies throughout the whole process would have been better, with setting materiality, selecting samples, etc.

3
Anonymous Author
Several of the questions in the quiz and final are poorly written, contain grammatical errors, etc. to the point where a lot of time was spent trying to determine what the question was asking. For others, it's as though the question and the multiple responses listed got misaligned somehow. This is the first course where I've experienced this.

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.

2
Member's Profile
The information provided in this course was presented well and provided a good overall understanding of the planning process of an audit. However, the exam itself needs to be proofread as there were several questions that were written so poorly as to make no sense of the question being asked.

4
Member's Profile
The course was very information and a great review of audit planning. It was very detailed, and some points were reinforced numerous times. I found that some of the charts were not easy to read. Also, some of the questions were not easy to ascertain exactly what the question was asking.

4
Anonymous Author
This is a very long training and a little dry since the trainer is mainly reading the information and you follow-through with the given downloadable slides, but it is very detailed information and relevant to any audit, not only financial. None the less, great training.

5
Anonymous Author
The exam questions were almost illiterate at some points. Other than that, this was a good refresher course on audit planning procedures, evaluating risk of misstatement, responsibilities, and internal control guidance.

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
The course was well structured and covered all the relevant materials. The speaker had a natural pleasant voice that allowed for easy listening. The material topics emphasized the important concepts for each section

5
Anonymous Author
Having never worked for a public accounting firm, this was a great reminder of the considerations they undertake when planning and performing an audit. It provides insight into their requests and methodologies.

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.

4
Member's Profile
Great review of audit principles and theory. Presenter did a very good job of staying interested and engaged throughout the presentation. Could have used more practical examples to improve content.

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
The course was very thorough. Everyone in private sector should take. The organization can be improved--I found myself reading the same concept again in different sections.

5
Anonymous Author
I liked all the information I reviewed and the slides that were put together for the course. Nice refresher for someone who doesn't work as a financial statement auditor.

4
Anonymous Author
The trainer provided some verbal examples, but this course could be much better if they added examples to slides and provided interactive content to aid in understanding.

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
Great course! Even though I am not an auditor, it helps to understand what goes on in the audit process so I can help make the annual audit more efficient.

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
Anonymous Author
This was a great refresher course and a great way to earn a large chunk of CPE at once. There were a few typos on the final exam, but was ok otherwise.

5
Anonymous Author
Fantastic course. A comprehensive audit planning course with full of examples and course materials. Good job and great effort made by the instructor!!!

3
Anonymous Author
This course is probably a bit too long. Additionally, better phrasing and vocabulary in the materials and written questions would probably be helpful.

5
Anonymous Author
GOOD discussion about audit planning. This provides a meaningful and informative review to help us auditors understand how to plan audits effectively.

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
I enjoyed this course. It had a small section on risk management, internal controls and fraud and financial management. Very informative!

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
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
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
Really great course! A lot of useful information in the lessons and supporting material. Everything helped prepare for me the final exam.

4
Member's Profile
A few of the questions had typos. Also, the slides were bland and could have consolidated into few slides to make the deck more concise

5
Anonymous Author
The topic of Audit is always a confusing beast compared to daily accounting tasks. This was a good course full of nuanced information.

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
This is a great course. A good refresher or auditing topics including understanding planning, and how to perform an audit etc.

5
Member's Profile
I really appreciated honing in on my audit planning skills and look forward to putting them to good use in my day to day.

5
Member's Profile
Very good training with lot of materials to refer. This will provide a user with in depth knowledge of audit planning.

5
Anonymous Author
This was a great refresher on audit planning procedures. It's lengthy, but I definitely found the information helpful!

5
Anonymous Author
Really informative - great overview of the audit process. Some questions were oddly worded, but exam was reasonable.

5
Anonymous Author
Easy to understand Powerpoint deck and material. As an Internal Auditor, it was a good refresher of information.

4
Anonymous Author
very comprehensive training, I liked the fact that examples were used to better present the subject Very good

5
Anonymous Author
A well prepared and delivered overview of audit planning. It had been quite some time for this information.

5
Anonymous Author
good overview, lots of credit hours, good overview, lots of credit hours,good overview, lots of credit hours

1
Anonymous Author
poorly written content and confusing exam questions that are lacking words to create complete sentences.

3
Anonymous Author
The questions in the quiz and test are hard to understand and at times do not make sense grammatically.

3
Anonymous Author
Good general overview of the planning process. The slides provide good points and are easy to follow.

5
Anonymous Author
This course covered a lot of important material in a manner that was easy to follow and understand.

4
Anonymous Author
There were many typos in the course and exam, but if you can ignore those, this was a good overview.

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

4
Anonymous Author
Very good details of audit process. presentation not too abstract and acceptable for learning.

5
Anonymous Author
Really informative (but lengthy) course. I enjoyed the use of graphs and charts throughout.

5
Anonymous Author
Great refresher and will plan to take again. Learning plan was well developed and helpful.

5
Anonymous Author
excellent summary of the audit process and how important the external audit function is.

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
Learned everything I needed to learn and earned an appropriate number of CPE credits.

4
Anonymous Author
The course had a lot of good information, but did have some audio fuzziness at times.

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
Not easy quiz questions, but the final exam is relatively easy to find an answer.

4
Anonymous Author
The course is a good refresher. The materials are very good and well organized.

5
Anonymous Author
This course provided a thorough representation of Audit Planning. Well done!

4
Member's Profile
Subject matter is explained in detail but the slides have no subject index.

5
Member's Profile
Great stuff. Really enjoyed the material. Key for financial stmt auditors

5
Anonymous Author
Great refresher on an important area. We need to keep going with learning.

5
Anonymous Author
Great course, clear and concise, would recommend others to take this course

4
Anonymous Author
Lots of good information, but it felt like listening to an audio textbook.

5
Anonymous Author
Easy to follow. Reasonable question on the test and number of questions.

4
Anonymous Author
The course was laid out in a logical way. It was easy for me to follow.

4
Member's Profile
Good refresh on audit planning for an industry guy, highly rrecommended.

4
Anonymous Author
The exam questions provided a good review of audit planning concepts.

5
Anonymous Author
Great overview of the audit planning process. In depth and detailed

3
Member's Profile
very high level review of how to plan and initiate the audit process

5
Member's Profile
Good review. Well written review of planning. Very comprehensive.

5
Member's Profile
Excellent! I felt like i learnt a lot, and know more about audit!

5
Anonymous Author
The course is very helpful. Really good information is reviewed.

5
Member's Profile
excellent course. well-taught and effective. I love auditing!!!

5
Member's Profile
Content well organized and accurate to my industry experience.

5
Anonymous Author
Well laid out course materials and easy to follow progression.

5
Anonymous Author
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5
Anonymous Author
Good course that was easy to listen to and very informative!

5
Anonymous Author
great course and I can totally relate to these discussions.

5
Anonymous Author
great refresher course! Information is presented clearly.

5
Anonymous Author
Good overview and refresher of the audit planning process

5
Member's Profile
Good course material and excellent material organization

5
Anonymous Author
I enjoyed this course, and I found it very informative.

4
Anonymous Author
good course, well structured, great content, good job!!!

4
Anonymous Author
good refresher of audit planning and internal controls.

4
Member's Profile
Good class, enjoyed it. Well put together. Thank you.

5
Anonymous Author
Good detailed overview of the audit planning process.

3
Member's Profile
Test questions had a confusing sentence structure.

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 .
Course Questions and Answers1 Question
Member's Profile
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Audit Planning3:30
Lesson 1-5
  Phase of An Audit17:06
  Control Risk22:15
  Client Acceptance20:42
  Management and Governance23:12
  Types of Analytical Procedures22:19
Lesson 6-11
  Set Materiality and Assess Acceptable Audit Risk19:13
  Estimate Misstatement19:35
  Evaluating Management Integrity29:56
  Internal Control and Assess Control Risk18:04
  Reasonable Assurance23:50
  Reliability of Financial Reporting Controls29:54
Lesson 12-17
  Control Activities20:17
  Understanding and Evaluation of Internal Accounting Controls25:55
  Communication to Those Charged with Governance23:01
  Gather Information to Assess Fraud Risks20:04
  Duration of Fraud Schemes19:20
  Type of Organization Susceptible to Financial Fraud19:37
Lesson 18-23
  Mitigating Fraud Risks20:30
  Sign of Revenue Fraud19:48
  Reporting Mechanism20:33
  Accept Client and Develop the Audit Plan19:30
  Tests of Details of Balances 23:29
  Audit Procedures27:59
CONTINUOUS PLAY
  Audit Planning Lesson 1-51:49:04
  Audit Planning Lesson 6-112:20:32
  Audit Planning Lesson 12-171:45:13
  Audit Planning Lesson 18-232:11:49
SUPPORTING MATERIAL
  Slides: Audit PlanningPDF
  Audit Planning Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam