1 CPE 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 multi-part course, we learn how public accountants plan and execute an audit. This is Part 2 of 4, which covers audit process, evidence, risk models and core audit principles.
Course Series
This course is included in the following series:
4 CoursesAuditing
- Auditing Financial Statements Part I: An Overview of The Financial Statement Audit
- Auditing Financial Statements Part II: Auditing Principles
- Auditing Financial Statements Part III: Internal Controls and Fraud Controls
- Auditing Financial Statements Part IV: Auditing Cycles and Audit Completion
Learning Objectives
- Discover the three phases of the audit process: planning, execution, and completion
- Identify management assertions
- Discover the various forms of audit evidence
- Discover the audit risk model
- Discover how to assess inherent risk
- Discover how to calculate financial statement materiality
Last updated/reviewed: August 27, 2023
- 1. The Closing Process
- 2. Recognizing Assets & Liabilities in a Business Combination (Text Based Course)
- 3. Audit Reporting Fundamentals - Introducing Core Concepts in the Audited Financial Statement Drafting and Issuance Process
- 4. SEC Top Focus Areas - Non-GAAP Financial Measures
- 5. Introduction to Not-for-Profit Entities
- 6. Performing Auditing and Other Assurance Services
- 7. Preparing to be a Forensic Accountant: Focus on Network Forensics
- 8. The Definition of Intangible Assets as per IAS 38
- 9. Inventory Costing
- 10. Intangible Asset Valuation for Accounting and Reporting
60 Reviews (261 ratings)
Reviews
Anonymous
(Director)
The speaker is very good on correlating the lesson to real life situation by providing specific examples. The information presented is very basic if you are not new in audit work and is a good refresher for those who are not doing audit for a while. In general, this is very good course.
Thomas Hayes
(Clinical Associate Professor at University of Arkansas)
Again, very knowledgeable. I'm surprised that you can't see the results of the exam. I would like to know which one I missed? As before, I think this is a great course for anyone starting out in auditing or as a refresher.
Anonymous
(Owner)
Particularly liked the informative discussion surrounding Audit Risk as well as materiality. The instructor is engaging and communicates complex topics in an easy-to-understand method.
Lawrence Hirsch
(Controller at Builders design)
Blair is an awesome presenter. His dynamic approach and energy excit the studant to pay attention and absorb the material. I recommend Blairs courses.
Thank you,
Larry
Linda Forde
(Owner at The Forde Firm, LLC)
This course gets a little deeper into the audit planning and process but is still a good course for a basic understanding. It would be good for staff accountants in industry.
Anonymous
(Accounting Manager)
The course is very informative yet concise . It provides detailed information and examples on Audit Principles. It basically discusses Audit Principles in over an hour.
Anonymous
(Adjunct Professor)
Very knowledgeable instructor. A lot of material covered in a short amount of time. Would have liked slides as a take-a-way to assist in future recall of information.
Braden LaTour
(Financial Analyst at Kent Power)
Great course, provided a nice refresher on the basics of audit planning and execution. Would be helpful to have a packet of course materials to go along with it.
Antonio Crawford
(Senior Internal Auditor - Budget/Busines.. at Individual)
I like the way this instructor explains the audit concepts. He made audit simple by adding common sense explanations./comparisons. Great job. Excellent course
Eric Cox
(Senior Accountant at Mondo)
Helpful if you've never worked in public and are considering a career in audit. If you worked in public it's a good refresher on the audit process.
Keith Johnson
(Director SOX Compliance at Waterjet Holdings)
This is a great refresher course, to be reacquainted with the basic concepts of audit risk, audit planning, materiality implications and the like.
Jacklyn Collins
( at Jacklyn Collins)
great explanation of Materiality and the audit risk formula.
user friendly examples of control risk and the auditors planned detection risk
Lou Mortillaro, CMA
(Accounting Manager at American Financial Resources)
The presenter covered this material in a very concise and easy to follow way. I'm looking forward to finishing this series.
Sylvia Ratliff
(internal audit consultant at self employed)
Enjoyed the refresher course but had a hard time with the wording of a couple of the questions. Felt they were unclear.
Anonymous
(-)
Good training and informative. I would recommend to those interested in learning more about financial statement audits.
Nancy Moreland
(Principal at N. L. Moreland)
Jam-packed course. Its definitely for those with some financial statement knowledge & auditing background.
Anonymous
(Consultant - Process Specialist)
This course is ideal for those having difficulty on grasping the concepts about risks and materiality.
Anonymous
(Accountant II)
What you would expect for a foundation level course. The questions proved to be a nice refresher.
Brian Krauss
( at Brian H. Krauss, CPA, P.C.)
Good course. Covers the basic audit framework very well, and in easy to understand terms.
Corey Masters
(Accountant, Internal Auditor, Risk Speci.. at Self)
A good overview of the audit process. I liked how it summarized a rather complex process.
Anonymous
(CPA)
Quite challenging. I enjoyed the course. Very clear about the content and well delivered
Anonymous
()
All topics were well cover and explained. Very good instructor thanks for the material
Georgios Baltos
( at EUI)
The course includes all possible measurements of successful carrer to the audit.
Anonymous
(Tax Accountant)
Great follow up to part 1 of this course. Good overview of auditing principles.
Stephanie Pan
(Tax Associate at NFP)
Great enthusiasm and visual examples and then cues to help grasp the materials.
Kevin Murray
(Business Partner - Strategic Projects at The Wesson Group)
Great course for understanding the principals of an audit plan and execution.
Muhammad Baig
(Managing Director at N/A)
Decent coverage of intended topics. A good recap of subject matter.
Curtis Coachman
(Auditor at VA)
Great teacher! I like how he thoroughly explains each point/topic.
John Filbert
(Consultant at DLC Group)
Good refresh on auditing principles. Very helpful for new starts.
Anonymous
(Financial Reporting Manager)
Good overview of the audit process. Instructor is very energetic.
Anonymous
(Board Member)
Great info, just have instructor go a little slower in talking.
Anonymous
(Internal Audit Manager)
Clear and straightforward introduction to basic audit concepts.
Anonymous
()
Good review of audit fundamentals. My thanks to the presenter.
Lilian Dendrinos
(consultant at DLC Group)
No supporting material except for glossary? very informative.
Anonymous
(Auditor)
Very fluid explanation of the audit process and materiality.
Radhesh Pradhan
(Accounting Manager at DGN Technologies Inc)
Great course. Great slides. Great examples. Great teacher.
Anonymous
(Sr Revenue Accountant)
very useful brief overview over audit procedures and phazes
Anonymous
()
This course was presented well with lots of great examples
Jana Connoway
(Senior Internal Auditor at HealthShare Ltd)
Good overview to understand auditing financial statements
Anonymous
(Senior Accountant)
Very well explained, the examples are great- Thanks!
Anonymous
(Vice President of Technical Accounting)
Good job going through the audit process in order.
Anonymous
(N/A)
This was a good course. I was engaged throughout.
Anonymous
(-)
Great. Like the way concepts are explained.
Ara Toroyan
(Director - Financial Planning & Proc.. at NCCI Holdings, Inc.)
Good class. Blair is a great instructor.
Fernanda Manochio
(Assistant Board Secretary at Union Township Board of Education)
Good overview of Accounting Principals
Anonymous
(-)
Very good refresher course. Thanks!
Good overview of audit principles.
Anonymous
()
Good Course for an overview
concise and relevant
Anonymous
(Consulant)
Gives great examples
Charles Elwis
(Insurance Broker at Health Guys)
Good quick survey
Anonymous
(Accountant)
great refresher
Jeff Wilhelm
(Director - Transaction Services at Yahoo!)
Great content.
Anonymous
(Director of Accounting and Finance)
Good overview
Todd Stanley
(Fiscal Officer at County of Passaic)
valued course
Anonymous
(NA)
Good overview
Tania Roberts
(Revenue Accountant at OEConnection, LLC)
Fun course.
Patrenia McAbee
(Owner at McAbee Consulting)
Good
Mei Ren
(Regional Director at AECOM)
Good
Erin Milroth
(Assistant Controller at -Edifice, Inc.)
none
Prerequisites
Course Complexity: Intermediate
No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.
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
.
Blair CookDirector of Clarke Inc
About Illumeo
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