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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

  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 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 10, 2017

71 Reviews (319 ratings)Reviews

5
Member's Profile
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!
4
Member's Profile
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.
5
Member's Profile
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.
4
Anonymous Author
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.
5
Member's Profile
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.
2
Member's Profile
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.
5
Member's Profile
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.
3
Anonymous Author
This course provides a basic understanding of audit of financial statements. The resource person helps us to understand the concepts by explaining succinctly.
5
Member's Profile
Very nice refresher course. Reminders of several aspects of auditing financial statements that we tend to gloss over, especially as internal auditors.
5
Member's Profile
Presenter was clear and concise, and this was a good overview of how an auditor works with a company to issue the financial statements.
5
Member's Profile
Very informative. I'm surprised at how well it's organized. A great refresher for experienced auditors and audit instructors, alike.
4
Member's Profile
Good overview on financial audits; it's governing body, brief description on how it's performed and the results of said audits.
5
Member's Profile
decent low level summary of audit process for anyone needing it, mostly accountants without public accounting experience
5
Member's Profile
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.
4
Anonymous Author
Weak program materials, but otherwise good course. Really need a set of slides, or script, for better review.
5
Member's Profile
It was a good overview for auditing financial statements. The pacing and amount of information was just right.
5
Anonymous Author
As a former auditor this was a good refresher course. Also, good for those just entering the audit profession.
4
Member's Profile
Presenter refers to Generally Accepted Auditing Standards but the slide shows Canadian Auditing Standards.
1
Member's Profile
Instructor sounds like an infomercial and some of the information presented in this course is not accurate
5
Member's Profile
Good audit course that goes over the requirements of what you need to know about financial statements.
4
Anonymous Author
Good introductory course. The instructor took a very dry subject and made it interesting (somewhat)
5
Member's Profile
Very well presented. The examples were great! The slides were understandable and informative.
4
Member's Profile
I enjoyed the presentation style and found the reference material shown to be most helpful.
3
Member's Profile
Good information for internal auditors who have not performed a financial statement audit
4
Member's Profile
Solid review of the basics of an audit which is helpful as we head into audit season.
5
Member's Profile
This course was useful as always. I liked so much the all teaching procedure.
5
Member's Profile
Interesting refresher on Audit standards and types of audit opinions.
5
Anonymous Author
Liked that the presentation is organized and summarized succinctly.
5
Anonymous Author
Good basic overview of the Audit Process & who does what and why.
5
Anonymous Author
Great beginner course on the audit of the financial statements.
4
Member's Profile
I would like to know what I got right and wrong on the exam.
4
Member's Profile
Good introduction. Not necessarily an overview of audit.
4
Anonymous Author
Like the way the material is presented. I would recommend
5
Anonymous Author
Excellent general overview for non-financial auditors.
4
Anonymous Author
Good overview. I would have liked a pdf of the slides.
4
Anonymous Author
There appears to be something wrong with the grading.
5
Member's Profile
Clear, concise, and easy to review and understand.
4
Anonymous Author
Thorough and clear presentation of the concepts!
Member's Profile
It would be helpful if there were review slides.
5
Member's Profile
Good over view of a financial statement audit
4
Member's Profile
Great introductory course. Good materials.
5
Member's Profile
Highly energetic and engaging presentation!
5
Member's Profile
Excellent course on auditing standards.
4
Member's Profile
Blair is killing it. Good solid course.
5
Member's Profile
Good description of the audit and report
4
Anonymous Author
A very complete review of the basics.
5
Anonymous Author
Great summary and refresher. Thanks.
5
Member's Profile
Engaging and knowledgeable presenter.
5
Member's Profile
Need pdf for this course for notes.
5
Member's Profile
Very concise overview of auditing
5
Member's Profile
Great course! Very informative.
3
Anonymous Author
The course was a little dry
5
Anonymous Author
review of opinion types
4
Member's Profile
Good intro to Auditing.
3
Anonymous Author
Straightforward course.
5
Anonymous Author
Good initial overview.
4
Member's Profile
good basic information
5
Member's Profile
One word, excellent.
4
Member's Profile
Nice review for me
4
Member's Profile
Great content.
4
Anonymous Author
good refresher
4
Anonymous Author
good refresher
5
Anonymous Author
Good overview
3
Member's Profile
interesting.
5
Member's Profile
Good course
5
Anonymous Author
excellent
5
Member's Profile
Helpful
5
Member's Profile
Easy.
5
Member's Profile
Good
5
Member's Profile
n/a
1
Member's Profile
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 .

3 QuestionsCourse Questions and Answers

Member's Profile

I missed a question on the final exam. I want to know which one I answered incorrectly and what the correct answer is.

User picture
User picture

Good course! Excellent tutor!

Course Syllabus
INTRODUCTION AND OVERVIEW
Overview of The Financial Statement Audit
  10:41ABC's of Auditing
  5:49Audit Profession Players
  7:53Generally Accepted Auditing Standards
  12:50Ethics and Rules
  5:27Independent Auditors' Report
CONCLUSION
  4:56Auditors' Report with Reservations
Continuous Play
  47:36Auditing Financial Statements Part I: An overview of the Financial Statement Audit
SUPPORTING MATERIALS
  PDFAn Overview of The Financial Statement Audit Glossary
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM