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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 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

  1. Auditing Financial Statements Part I: An Overview of The Financial Statement Audit
  2. Auditing Financial Statements Part II: Auditing Principles
  3. Auditing Financial Statements Part III: Internal Controls and Fraud Controls
  4. 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

38 Reviews (175 ratings)Reviews

4
Anonymous Author
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.
5
Member's Profile
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.
5
Member's Profile
I like the way this instructor explains the audit concepts. He made audit simple by adding common sense explanations./comparisons. Great job. Excellent course
5
Member's Profile
This is a great refresher course, to be reacquainted with the basic concepts of audit risk, audit planning, materiality implications and the like.
5
Member's Profile
The presenter covered this material in a very concise and easy to follow way. I'm looking forward to finishing this series.
4
Member's Profile
Enjoyed the refresher course but had a hard time with the wording of a couple of the questions. Felt they were unclear.
5
Anonymous Author
Good training and informative. I would recommend to those interested in learning more about financial statement audits.
5
Member's Profile
Jam-packed course. Its definitely for those with some financial statement knowledge & auditing background.
4
Member's Profile
Good course. Covers the basic audit framework very well, and in easy to understand terms.
5
Member's Profile
A good overview of the audit process. I liked how it summarized a rather complex process.
5
Member's Profile
The course includes all possible measurements of successful carrer to the audit.
4
Anonymous Author
Great follow up to part 1 of this course. Good overview of auditing principles.
5
Member's Profile
Great enthusiasm and visual examples and then cues to help grasp the materials.
4
Member's Profile
Great course for understanding the principals of an audit plan and execution.
5
Anonymous Author
Great info, just have instructor go a little slower in talking.
5
Member's Profile
No supporting material except for glossary? very informative.
5
Member's Profile
Great course. Great slides. Great examples. Great teacher.
4
Member's Profile
Good overview to understand auditing financial statements
5
Anonymous Author
Very well explained, the examples are great- Thanks!
4
Member's Profile
Good job going through the audit process in order.
4
Anonymous Author
Great. Like the way concepts are explained.
4
Member's Profile
Good class. Blair is a great instructor.
5
Member's Profile
Good overview of Accounting Principals
5
Anonymous Author
Very good refresher course. Thanks!
4
Member's Profile
Good overview of audit principles.
4
Anonymous Author
Good Course for an overview
4
Member's Profile
concise and relevant
5
Anonymous Author
Gives great examples
5
Member's Profile
Good quick survey
4
Anonymous Author
great refresher
4
Member's Profile
Great content.
5
Anonymous Author
Good overview
4
Member's Profile
valued course
5
Anonymous Author
Good overview
4
Member's Profile
Fun course.
4
Member's Profile
Good
5
Member's Profile
Good
4
Member's Profile
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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
Auditing Principles
  9:59Management Assertions Audit objectives
  16:06The Audit Process
  16:41The Audit Evidence
  11:00Audit Risk Model
  3:58Inherent Risk
CONCLUSION
  6:46Materiality
Continuous Play
  1:04:30Auditing Financial Statements Part II: Auditing principles
SUPPORTING MATERIALS
  PDFAuditing Principles Glossary
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM