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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: November 22, 2019

68 Reviews (297 ratings)Reviews

5
Anonymous Author
Good course for new auditors and a good review for experienced ones.
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
Very informative course on the fundamental principles and practices of auditing. The course instructor was very informative with regards to all aspects of this course. I especially enjoyed the lesson on fraud controls. All in all a very worthwhile course. Don't stop until you get to the top and when you get to the top don't stop.
4
Anonymous Author
Thanks for Mr.Blair's professional course. I have some difficult in mastering the subject, which sometime annoys me. After I listened the couser, I was updated my knowledge on aduiting.
5
Anonymous Author
При ответе на тесты пришлось не легко, поскольку не все ответы удалось усвоить в процессе обучения
4
Anonymous Author
The course was very instructive and covered a lot of detail in a short amount of time. I learned a lot about general auditing procedures, although they are mostly Canadian based.
5
Anonymous Author
Great course. Stated prerequisite requirements were appropriate and sufficient. Program materials were relevant and contributed to the achievement of the learning objectives.
4
Anonymous Author
Course touches on basic areas of the auditing process which is very helpful in understanding the auditing process conducted by an external independent auditing firm.
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.
5
Anonymous Author
Good overall review of Auditing standards and accounting principles. The instructor did a great job teaching and was very knowledgeable in the subject matter.
4
Member's Profile
Course was good overall. One thing that was kinda of annoying is that it was split into like 30 subsections and there was outro and intro every 10 minutes.
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.
2
Anonymous Author
sound quality wasn't good. Wasted time during transitions. Put in his own can't stop won't stop til you get to the top which was super annoying
4
Anonymous Author
As others have mentioned, I had a little difficulty understanding the speaker. If you can get past that, there is some good information here.
5
Member's Profile
Unfortunately, I was unable to see the attached supporting materials. What i saw is only the glossary being repeated on all the attachments.
5
Anonymous Author
This is a great review course for those with audit experience, but also a great course for those who have little or no audit experience.
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
Anonymous Author
This is a good course on auditing steps, processes and purpose. It looks at different sides of audits and is laid out in a good manner.
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
Provided lots of good information. Maybe supporting materials on the side to help visual learners to print and review.
5
Anonymous Author
The course materials were dense yet very helpful for the overall understanding of audit principles and actual practices.
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
Anonymous Author
Good content but wish I could have pulled the power point for further review. the zip file I got was only a glossary.
5
Anonymous Author
Very clear and informational. I suggest this course for every new internal auditor. The instructor loves to teach.
5
Anonymous Author
Great course! I really like this instructor. Good summary of auditing principles, controls and the audit process.
5
Member's Profile
Great overview of basic auditing principles and practices. Useful for new and inexperienced associates to review.
4
Anonymous Author
The speaker was not easy to listen to however he covered a great detail and was thorough and easy to understand.
5
Anonymous Author
Very informative course by Blair. Do not stop until you get to the top and when you get to the top do not stop.
5
Anonymous Author
This course is great for anyone interested in learning about auditing principles. Would highly recommend.
5
Anonymous Author
This course is great for any auditor or individual needing to brush up on their auditing knowledge.
5
Member's Profile
Course met my expectations given description of the course and was a good review of audit items.
5
Anonymous Author
What you would expect for a foundation level course. The questions proved to be a nice refresher.
4
Anonymous Author
Great quick review of the audit process. Blair is one of the reasons I subscribed to Illumeo.
4
Anonymous Author
This course is pretty thorough considering the material it covers within a short time frame.
5
Member's Profile
After having been away from auditing for many years, this was an excellent refresher course.
5
Member's Profile
I enjoyed this course thoroughly and felt as though I learned a lot and gained perspective.
5
Anonymous Author
Good course, I appreciate the auditor point of view. Material was interesting and memorable.
5
Member's Profile
I liked everything about this course, I'll recommend it to other students or colleagues
5
Member's Profile
Deep dive into audit principles and good test for anyone working in the audit field.
4
Anonymous Author
Good overview of auditing principles and practices. Good examples, lengthy material.
5
Member's Profile
Excellent 4 hour course with lots of good info for the non-auditor or new auditor.
5
Member's Profile
There was a lot of information in this course. It felt great to pass the final!
2
Anonymous Author
zip file would not open. very hard to refer back to material if you need to.
4
Anonymous Author
Good overall refresher to auditing after being out of it for several years.
4
Anonymous Author
The class was a good refresher if you've been on the sidelines for a while.
5
Anonymous Author
Very thorough and helpful course. Good refresher on all aspects of an audit.
5
Anonymous Author
Great course on Auditing principles, refresher or fundamental understanding
5
Member's Profile
Excellent course!!! Well designed with adequate coverage of all key areas.
5
Member's Profile
Well organized and comprehensive. Anyone teaching auditing would benefit.
5
Anonymous Author
Very good refresher on audit. Blair puts it in a simple logical approach
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.
5
Anonymous Author
The written materials were weak but the review and quiz was helpful.
5
Member's Profile
This was an excellent course and covered a number of solid topics.
4
Anonymous Author
Good overview of Audit procedures, that provided a good refresher.
4
Anonymous Author
Good review of the audit process and very thorough.
3
Anonymous Author
Good course with some basic concepts. A good course! Excellent!
4
Anonymous Author
Test was very easy to take and videos were easy to follow along.
5
Anonymous Author
Great instructor, had good examples. No one topic was too long.
4
Anonymous Author
Thorough review and refresher course for auditing essentials.
5
Member's Profile
The videos were a little long/dry, but I learned a lot!
4
Anonymous Author
The videos were informative and detailed,it was through
5
Anonymous Author
4 easy CPE hours for anyone who has audit experience.
5
Anonymous Author
Hot topic for today - fraud risk. Useful presentation.
5
Anonymous Author
Good brush up of the basics. It was a nice refresher.
4
Member's Profile
Good coverage of various topics and audit techniques
2
Anonymous Author
what happened to the materials...only for MAC IOS?

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