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
Last updated/reviewed: March 20, 2024
60 Reviews (267 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
Anonymous Author
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.

5
Member's Profile
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

5
Member's Profile
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.

5
Anonymous Author
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.

4
Anonymous Author
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.

5
Member's Profile
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.

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
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.

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
great explanation of Materiality and the audit risk formula. user friendly examples of control risk and the auditors planned detection risk

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
Anonymous Author
This course is ideal for those having difficulty on grasping the concepts about risks and materiality.

5
Anonymous Author
What you would expect for a foundation level course. The questions proved to be a nice refresher.

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
Anonymous Author
Quite challenging. I enjoyed the course. Very clear about the content and well delivered

5
Anonymous Author
All topics were well cover and explained. Very good instructor thanks for the material

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.

3
Member's Profile
Decent coverage of intended topics. A good recap of subject matter.

5
Member's Profile
Great teacher! I like how he thoroughly explains each point/topic.

4
Member's Profile
Good refresh on auditing principles. Very helpful for new starts.

5
Anonymous Author
Good overview of the audit process. Instructor is very energetic.

5
Anonymous Author
Great info, just have instructor go a little slower in talking.

5
Anonymous Author
Clear and straightforward introduction to basic audit concepts.

5
Anonymous Author
Good review of audit fundamentals. My thanks to the presenter.

5
Member's Profile
No supporting material except for glossary? very informative.

5
Anonymous Author
Very fluid explanation of the audit process and materiality.

5
Member's Profile
Great course. Great slides. Great examples. Great teacher.

5
Anonymous Author
very useful brief overview over audit procedures and phazes

5
Anonymous Author
This course was presented well with lots of great examples

4
Member's Profile
Good overview to understand auditing financial statements

5
Anonymous Author
Very well explained, the examples are great- Thanks!

4
Anonymous Author
Good job going through the audit process in order.

5
Anonymous Author
This was a good course. I was engaged throughout.

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 .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
Auditing Principles
  Management Assertions Audit objectives 9:59
  The Audit Process 16:06
  The Audit Evidence 16:41
  Audit Risk Model 11:00
  Inherent Risk 3:58
CONCLUSION
  Materiality 6:46
Continuous Play
  Auditing Financial Statements Part II: Auditing principles1:04:30
SUPPORTING MATERIALS
  Auditing Principles GlossaryPDF
REVIEW & TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam