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This course is being updated and will be available soon.

The American Institute of Certified Public Accountants (AICPA) AU-C Section 200 Standards address Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards. The statements contain conceptual principles that shape the objectives of an audit, and broad, overarching requirements that govern an audit’s conduct. They addresses the overall responsibilities of the independent auditor when conducting an audit of FS in accordance with U.S. Generally Accepted Auditing Standards (GAAS).

GAAS are developed and issued in the form of Statement of Auditing Standards (SASs) and are codified into Audit Clarity Sections (AU-C sections). GAAS are written in the context of an audit of financial statement evaluation by an auditor.

  • They can be adapted in the circumstances when applied to other engagements conducted in accordance with GAAS:
    • Audits of other historical financial information
    • Compliance audits
    • Audits of Internal Control over Financial Reporting (ICFR) that are integrated with audits of financial statement

This course is part 1 of this series, will focus on key aspects of understanding the purpose of a FS audit, the auditor’s association with the audit, identifying and breaking down key terms of the SAS and understanding management responsibility for the audit.

Note: “This course does not cover elements related to tax preparation, tax audit or tax accounting.”

This is an Updated course for new Standards effective December 2021 and December 2022.

Learning Objectives

  • Identify the purpose of an audit per AU-C Section 200.
  • Recognize how the auditor is associated with the financial statements.
  • Identify relevant definitions critical to understand GAAS and the audit of FS per AU Section 200.
  • Identify the management’s responsibilities when having an audit conducted under GAAS per AU Section 200.
  • Identify relevant ethical standards.
Last updated/reviewed: September 30, 2022

Included In Certifications

This course is included in the following Certification Programs:

15 CoursesFinancial Statement Preparation, Reporting and Auditing Certification

  1. Financial Statement Introduction
  2. GAAP Principles, Assumptions and Considerations
  3. GAAP Presentation of Financial Statements
  4. Management Discussion and Analysis (MD&A) Update
  5. Sarbanes Oxley (SOX) Overview
  6. Sarbanes-Oxley Section 302: ICFR
  7. XBRL (Extensible Business Reporting Language) Introduction to Basics - Updated
  8. XBRL - Connection to SOX 302/404 and Critical Roles
  9. Analyzing Financial Ratios - Solvency, Liquidity and Debt
  10. Analyzing Financial Ratios - Leverage
  11. Analyzing Financial Ratios - Performance And Efficiency
  12. Introduction to Accounting for Income Taxes Based on Income
  13. Practical Application For Accounting For Income Taxes Based On Income Part 1
  14. Practical Application For Accounting For Income Taxes Based On Income Part 2
  15. FASB Codification Research System

2 Reviews (26 ratings)Reviews

4
Anonymous Author
This course provides an understanding of conducting an audit in accordance with GAAS including the definition of audit risk, inherent risk, control risk and detection risk.
4
Anonymous Author
At times, the instructor spoke a bit fast. I wish the PDF was more detailed to help with the final exam.

Prerequisites

Course Complexity: Foundational
No advanced preparation or prerequisites are required 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
INTRODUCTION AND OVERVIEW
  6:28Introduction to Independent Auditor and the Conduct of an Audit in Accordance with GAAS Part One
  22:46GAAS Purpose
  4:54Agenda and Purpose of an Audit
  4:44Auditor's Association with Financial Statements
  19:10FR Framework, Audit Risk and Acceptable Risk
  5:37Financial Statements and Financial Reporting
  7:37Professional Judgment and Skepticism
  6:41Audit Risk Formula and Inherent Risk
  4:10Control and Detection Risk
  6:53Inherent Limitations of an Audit
  3:22Ethical Requirements and Summary
CONTINUOUS PLAY
  1:32:23Independent Auditor and the Conduct of an Audit in Accordance with GAAS Part One Full Video
SUPPORTING MATERIALS
  PDFSlides: Independent Auditor and the Conduct of an Audit in Accordance with GAAS Part One
  PDFIndependent Auditor and the Conduct of an Audit in Accordance with GAAS Part One Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM