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Financial statement auditors are engaged to provide reasonable assurance that financial statements are not materially misstated, whether due to fraud or error. Professional standards require auditors to obtain sufficient and appropriate evidence to support that opinion. It is critical for effective and efficient auditors to have a clear understanding of all the important elements and concepts related to properly identifying, evaluating, and deciding how to respond to risk in a financial statement audit.
Major Topics:
- The reason that entities engage a financial statement audit
- List the applicable financial reporting frameworks available
- Differentiate the responsibilities of reporting entity management and auditors
- The various phases of a financial statement audit
- Evaluating and documenting audit risk, both at the overall and relevant assertion level
- Case study differentiating high-risk audit engagements and higher-risk audit areas
Learning Objectives
- Discover and discuss the basis for an audit.
- Explore and explain the auditor’s professional responsibilities.
- Identify and describe important audit concepts, such as materiality.
- Recognize and explain the foundational principles of the audit risk formula.
- Discover and discuss considerations when Identifying and assessing risk of material misstatement.
Included In Certifications
This course is included in the following Certification Programs:
13 CoursesAudit Training Certification - Level 1 - Beginning Staff
- Professional Skepticism - Creating a Mindset for Finding Fraud and Error
- Audit Documentation - Creating Workpapers That Pass Review
- Adapting to the Engagement - Differentiating the Requirements of Preparations, Compilations, Reviews, and Audits
- The Audit Risk Model - Understanding Foundational Principles
- Internal Control Fundamentals - Satisfying Audit Requirements for Evaluating Design and Implementation
- Auditing Cash - Applying Basic Skills to the Starting Point of Any Audit
- Auditing PP&E, Including Leases under Topic 842 - Digesting the Risks of Improper Treatment of Tangible Long-Lived Assets
- Auditing Inventory - Performing Required Observations and Other Common Procedures
- Analytical Procedures - Comprehending Financial Statement Audit Fundamentals
- Audit Reporting Fundamentals - Introducing Core Concepts in the Audited Financial Statement Drafting and Issuance Process
- AICPAs Code of Professional Conduct - Exploring the Foundational Principles Underlying the CPA Profession as a Whole
- Accounting Update - Hot Topics for Preparing Current Period Financial Statements
- Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services
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Prerequisites
No Advanced Preparation or Prerequisites are needed for this course.
Designed For: Professionals requiring knowledge of fundamental audit concepts.
Education Provider Information
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