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Many organizations are audited by independent public accountants. The purpose of an audit is to express an opinion on the fairness of presentation of financial information prepared by management. An audit enhances the value of financial information by making it more trustworthy and credible.

In this course, we learn how public accountants plan and execute an audit. We begin with an overview of the financial statement audit itself and move on to a look at audit process, evidence, risk models and core audit principles. Next, we'll talk about internal controls and fraud controls, including the COSO framework, testing controls, fraud schemes and more. We'll wrap up by discussing auditing cycles and audit completion.

Learning Objectives

  • Discover the purpose and nature of a financial statement audit, identify the players in the auditing industry, and recognize ethical considerations in auditing
  • Identify different forms of auditor’s reports and discover the three phases of the audit process: planning, execution, and completion
  • Identify management assertions
  • Discover the various forms of audit evidence and the audit risk model
  • Discover how to assess inherent risk and calculate financial statement materiality
  • Identify different types of manual and electronic internal controls and fraud risks and controls
  • Discover approaches for assessing control risk, testing approaches for internal controls, and audit planning and the preparation of audit programs
  • Identify approaches to auditing for fraud and auditing the sales cycle
  • Discover substantive audit procedures
  • Recognize how to conduct audit completion procedures
Last updated/reviewed: December 08, 2017

16 Reviews (74 ratings)Reviews

2
Anonymous Author
what happened to the materials...only for MAC IOS?
4
Anonymous Author
This course had a LOT of good information in it for someone who hasn't been exposed to the auditing side of accounting. The presentation itself was very quick and sometimes difficult to keep up. I found myself having to stop and rewind several times to make sure I didn't miss anything. It would be really helpful if the videos were presented as slides so that it would be easier to go back for review. It felt like I wasted a lot of time trying to rewind to just the right place to try to hear what he was saying.
5
Anonymous Author
При ответе на тесты пришлось не легко, поскольку не все ответы удалось усвоить в процессе обучения
4
Member's Profile
This was a good review of audit basics that helped me to re-establish the principles of audit. This brought back key concepts which I learned during university.
4
Member's Profile
dozens of 5-minute modules, with same music and catch phrases got really annoying after while. Otherwise, the material and the presenter were very good.
5
Member's Profile
If you didn't take auditing in college/never worked in public or just need a refresher - this is your course! loaded with all the auditing basics.
4
Member's Profile
Good course to refresh auditing skills and knowledge. Appreciate the inclusion of the stages of the audit, as well as internal control.
5
Member's Profile
This course was challenging and very educating. I learned a lot from this course, tools that i can see myself using in the job field.
3
Member's Profile
just enough hours for help complete my cpe for my cia nnd cpa license without having an overwhelming amount of questions
5
Member's Profile
Course met my expectations given description of the course and was a good review of audit items.
4
Anonymous Author
This course is pretty thorough considering the material it covers within a short time frame.
5
Member's Profile
Well organized and comprehensive. Anyone teaching auditing would benefit.
5
Member's Profile
Interesting examples and very clear explanation of the Audit basics.
5
Member's Profile
I would like that the video could have had subtitle/ closed captions.
4
Anonymous Author
Good overview of Audit procedures, that provided a good refresher.
5
Member's Profile
The videos were a little long/dry, but I learned a lot!

Prerequisites

Course Complexity: Intermediate

No Advanced Preparation or Prerequisites are needed 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 Syllabus
  47:36Auditing Financial Statements Part I: An overview of the Financial Statement Audit
  1:04:30Auditing Financial Statements Part II: Auditing principles
  53:50Auditing Financial Statements Part III: Internal Controls and Fraud Controls
  56:34Auditing Financial Statements Part IV: Auditing cycles and audit completion
Supporting Materials
  ZIPAuditing Principles and Practices Supporting Materials
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM