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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 1 of 4, which begins with an overview of the financial statement audit itself.
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 purpose and nature of a financial statement audit
- Identify the players in the auditing industry
- Recognize ethical considerations in auditing
- Identify different forms of auditor’s reports
Last updated/reviewed: November 6, 2019
90 Reviews (387 ratings)Reviews
Rahman Ullah
(Senior Accountant at Cardtronics)
I will say the topic is very important and rather hard to condense. However, I feel the presenter should have used lists, and better supporting materials to categorize all of the key concepts. I have seen this done before as this was a review for me. Thus, if a novice is about to take this course be prepared to take your notes and YOU will have to structure this presenters disorganized presentation.
Dareth Obermayer
(Examiner of Accounts at Government of Belize)
The course materials and contents were well put together. Every lesson was clearly put together that it was easy to follow and grasp the information presented. As an Examiner of Accounts in the Office of the Auditor-General; Supervisors of Audit, other Examiners, Audit Clerks, and Government Tax Auditors.
Robert Czerniak
(retired at none)
Excellent, almost overwhelming presentation of a large amount of information by an impressive very knowledgable instructor. Only suggestion would be to make slides available so that we could retain more of the detail. Otherwise. great job!
Brian Krauss
( at Brian H. Krauss, CPA, P.C.)
Course description should specify this uses Canadian GAAS as examples (for standards and report wording) instead of US GAAS. Even with that surprise though, this was a good, basic, introductory auditing course and I'm glad I took it.
Anonymous
(Owner)
A good introducition to the subject of auditing. The instructor is energetic and easy to listen to. The subject material covers both US GAAS and Canadian Standards. Overall, well done on condensing this info into an overview.
Stephanie Pan
(Tax Associate at NFP)
Instructor is enthusiastic and a pleasure to listen to. The visual materials really help supplement his presentation instead of being slides that he is reading off of. A good overview of financial audit principles.
Anonymous
(DIRECTOR)
The topics covered is a good refresher to those who have been in audit. For those that are not, this provides a very good overview. The speaker presented well and provided relevant and useful information.
Keith Johnson
(Director SOX Compliance at Waterjet Holdings)
This is a great refresher for those who have been not exposed to financial statement auditing. I appreciated the step by step presentation of background, standards, planning and audit reporting.
David Siu
(Acct Fin Sys Ana at EBMUD)
It almost like the presenter is yelling at the students. Showing more pictures or including some clips would draw more interest and attention than just watching the presenter talked.
Nancy Moreland
(Principal at N. L. Moreland)
Nice summary approach - instructor a bit wired. Also, examples are Canadian oriented - not a lot of difference, but the specific points may be unfamiliar to a US participant.
Anonymous
(Manager - Corporate Audit Services | AC..)
This course provides a basic understanding of audit of financial statements. The resource person helps us to understand the concepts by explaining succinctly.
Sylvia Ratliff
(internal audit consultant at self employed)
Very nice refresher course. Reminders of several aspects of auditing financial statements that we tend to gloss over, especially as internal auditors.
Debra Salisbury
(controller at New Century Health)
First, why were are the examples given related to Canada? Second, It felt like the instructor was shouting at me. I did not enjoy this course at all.
Chad Gallion
(Audit Senior at EKS&H)
Presenter was clear and concise, and this was a good overview of how an auditor works with a company to issue the financial statements.
Bryan Chamberlain
(Controller at N/A)
This material is very helpful for anyone in the Accounting profession. I'm anxious to view other courses offered with this instructor.
Anonymous
()
Additional notes which you could review are required. I really don't like the annoying phrase which he repeats at the end of each unit.
Thomas Hayes
(Clinical Associate Professor at University of Arkansas)
Very informative. I'm surprised at how well it's organized. A great refresher for experienced auditors and audit instructors, alike.
Anonymous
()
Good introductory and review material. Think course would be better if notes were included for student to keep for future reference.
Lilian Dendrinos
(consultant at DLC Group)
Good overview on financial audits; it's governing body, brief description on how it's performed and the results of said audits.
Brett Peterson
(Consultant at DLC Group)
decent low level summary of audit process for anyone needing it, mostly accountants without public accounting experience
Corey Masters
(Risk Specialist at PNC Investments)
I thought it was a good overview of the audit field. A good review to get me oriented for my CPE courses for the year.
Anonymous
(Corporate Accounting Consultant)
Weak program materials, but otherwise good course. Really need a set of slides, or script, for better review.
Theresa Won
(Information Systems Support Analyst II at EBMUD)
It was a good overview for auditing financial statements. The pacing and amount of information was just right.
Anonymous
(Financial Analyst)
As a former auditor this was a good refresher course. Also, good for those just entering the audit profession.
Linda Forde
(Owner at The Forde Firm, LLC)
The course is basic. It covers the general facts. It's a good place for a new accounting student to start
John Filbert
(Consultant at DLC Group)
Presenter refers to Generally Accepted Auditing Standards but the slide shows Canadian Auditing Standards.
Melissa Gruner
( at None)
Instructor sounds like an infomercial and some of the information presented in this course is not accurate
Anonymous
(Program Management)
The course is ideal for those who wanted to have an idea of what audit is about. Very helpful for newbies.
Timothy Halliday
(Consulting Senior at EKS&H)
Good audit course that goes over the requirements of what you need to know about financial statements.
Anonymous
(Sr. Decision Support analyst)
Good introductory course. The instructor took a very dry subject and made it interesting (somewhat)
Anonymous
(Accountant II)
What you would expect for a foundation level course. The questions proved to be a nice refresher.
Radhesh Pradhan
(Accounting Manager at DGN Technologies Inc)
Very well presented. The examples were great! The slides were understandable and informative.
Anonymous
()
Great intro to an audit. And a good refresher course if you haven't done audit in a while.
Monte Smith, CMA
(Chief Financial Officer at Gerding Companies, Inc)
I enjoyed the presentation style and found the reference material shown to be most helpful.
Jana Connoway
(Senior Internal Auditor at HealthShare Ltd)
Good information for internal auditors who have not performed a financial statement audit
George Welch
(Staff Accountant at Correct Care Solutions)
Solid review of the basics of an audit which is helpful as we head into audit season.
Anonymous
(Financial Operations)
Solid overview of the terms and definitions surrounding a financial statement audit.
Perry Byrd
( at Perry Byrd CPA)
The Instructor cover all topic and explained them in an easy to understand way.
Craig Scanlon
(Owner at BST)
Good overview for someone previously involved in public accounting to refresh
Georgios Baltos
( at EUI)
This course was useful as always. I liked so much the all teaching procedure.
Halina Kovel
(Sr Revenue Accountant at Yelp)
Interesting refresher on Audit standards and types of audit opinions.
Anonymous
(Board Member)
Liked that the presentation is organized and summarized succinctly.
Daniel McElhaney
(Financial Reporting Analyst at Salt River Pima-Maricopa Indian Communit..)
I like the instructor and seek out his courses. Next up part II.
Anonymous
(Consultant)
Good basic overview of the Audit Process & who does what and why.
Anonymous
(Tax Accountant)
Great beginner course on the audit of the financial statements.
Nicole Goodwin
(Director of Chemistry, Stress & Repa.. at GSK)
Another great course with great content and helpful information
Anonymous
(Accounting Manager)
A great overview on the important aspects of financial audit.
Natasha Blackshear
(Attorney at The Law Office of Natasha L. Blackshear)
I would like to know what I got right and wrong on the exam.
Anonymous
(Manager)
great basis course for beginnings and refresher for others
Sally Volling
(Tax Accountant at Southwestern University)
Ease of use; the fact that is was free; relevant to my job
Anonymous
(Vice President and Corporate Controller)
Good introduction. Not necessarily an overview of audit.
Anonymous
(-)
Like the way the material is presented. I would recommend
Anonymous
(Executive)
Excellent general overview for non-financial auditors.
Anonymous
(Accountant)
Good overview. I would have liked a pdf of the slides.
Anonymous
(Director of Internal Audit)
There appears to be something wrong with the grading.
Lee Flick
(- at -)
Clear, concise, and easy to review and understand.
Anonymous
(Associate with Two Degrees)
Thorough and clear presentation of the concepts!
Emilee Flaherty
(Grants Accountant at WGBH Educational Foundation)
It would be helpful if there were review slides.
Fernanda Manochio
(Assistant Board Secretary at Union Township Board of Education)
Good over view of a financial statement audit
Ken Dopher
(CFO at HEXXU)
Great introductory course. Good materials.
Cynthia Poole
(Executive Director - Corporate Finance &.. at Buffalo Rock Pepsi Cola Co)
Highly energetic and engaging presentation!
Kevin Murray
(Manager of Finance at NYSTRS)
Excellent course on auditing standards.
Ara Toroyan
(Director - Financial Planning & Proc.. at NCCI Holdings, Inc.)
Blair is killing it. Good solid course.
Penny Lozano
(CFO at Novotus, LLC an Orion International Comp..)
Good description of the audit and report
Anonymous
(CPA)
A very complete review of the basics.
Anonymous
(-)
Great summary and refresher. Thanks.
MJ Pierce
(None at Valeo)
Engaging and knowledgeable presenter.
Tania Roberts
(Revenue Accountant at Spear Education)
Need pdf for this course for notes.
Torin Campbell, CMA
(Controller at Form-A-Fab)
Very concise overview of auditing
Matt Osmundsen
(Director of Financial Planning at Baldwin Technology Company, Inc.)
Great course! Very informative.
Anonymous
(Consulant)
The course was a little dry
Anonymous
(Budget & Accounting Manager)
review of opinion types
Lou Mortillaro, CMA
(Accounting Manager at American Financial Resources)
Good intro to Auditing.
Anonymous
()
Straightforward course.
Anonymous
(Controller)
Good initial overview.
good basic information
Antonio Crawford
(Senior Internal Auditor - Budget/Busines.. at Individual)
One word, excellent.
Robert Godfrey
(CPA at Robert Godfrey, CPA)
Nice review for me
Jeff Wilhelm
(Director - Transaction Services at Yahoo!)
Great content.
Anonymous
(Accountant)
good refresher
Anonymous
()
good refresher
Anonymous
(NA)
Good overview
oussama jaalouk
( at mains)
interesting.
Han Lee
(Staff at Not Provided)
Good course
Anonymous
(Chief Financial Officer)
excellent
Haley Gismondi
(CPA - Fund Accounting at Technology Crossover Ventures)
Helpful
Simon Adell
(Chief Financial Officer at Undisclosed)
Easy.
Mei Ren
(Regional Director at AECOM)
Good
Kevin Reis
( at Precision Drilling)
n/a
Zhen Chen
(Accountant III at New York Power Authority)
ok
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 .
I missed a question on the final exam. I want to know which one I answered incorrectly and what the correct answer is.
Good course! Excellent tutor!