Got Audit? Most U.S. Companies whose financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) are required to be audited annually. During these audits, accounting and finance teams are primarily responsible for interacting with the auditors and for providing the required information to enable the auditors to complete their work.

For accounting and finance professionals who have not yet participated in an audit or have only experienced audits from the client’s perspective, an audit can be a very daunting and often frustrating experience. While most auditing courses are geared towards the learning needs of auditors, this course is specifically designed to give professionals on the client side a sufficient understanding of audit methods and procedures so that they can effectively partner with their auditors for the mutual goal of an efficient and successful audit.

Based on a true insider’s perspective, this course explores an auditor’s typical areas of focus, standard audit approaches and frequent audit trouble spots and then outlines useful strategies to help maximize the potential for an on-time and favorable audit outcome.

Passing Your Annual Financial Statement Audit is a two part series course:
Passing Your Annual Financial Statement Audit - Part 1; An Ex-Auditor's Proven Strategies for Success
Passing Your Annual Financial Statement Audit - Part 2; An Ex-Auditor's Proven Strategies for Success

Learning Objectives
  • Recognize the phases of a financial statement audit and the client’s role in each phase.
  • Explore the fundamentals of audit methodology and common audit approaches by account area.
  • Identify audit pitfalls and how to avoid them.
  • Discover strategies for facilitating the overall efficiency of an audit.
Last updated/reviewed: August 15, 2023
10 Reviews (34 ratings)

Reviews

4
Anonymous Author
This was a good discussion on the audit process and how it works. Explains the process that goes into the auditing of financial statements.

5
Member's Profile
Very well organized and presented. Lots of useful information, especially for individuals unfamiliar with audit procedures.

5
Anonymous Author
This was a good overview of how auditors plan and perform their audit of a company. Lots of vocabulary to learn.

5
Anonymous Author
Good overview of the audit process. Course also provide a lot of details from the auditor's prospective.

4
Member's Profile
Passing Your Annual Financial Statement Audit - Part 1: An Ex-Auditor's Proven Strategies for Success

5
Anonymous Author
Great refresher on audit concepts. Helpful as we prepare to enter the year-end fieldwork season.

5
Anonymous Author
Clear explanation of concepts, easy to follow slides, and reasonable test questions.

5
Anonymous Author
The course work for this course was helpful for completing the assignments.

5
Anonymous Author
nofreeadsfrommenofreeadsfrommenofreeadsfrommenofreeadsfrommenofreeadsfromme

5
Anonymous Author
overview on auditing financial statements from an auditors point of view.

Prerequisites
Course Complexity: Foundational

No Advanced Preparation or Prerequisites are needed for this course. This course is beginner-friendly but also relevant and useful for all professionals who participate in audits of US GAAP financial statements to gain insights for how to improve their annual audit experience.

This is series of two courses, therefore, it is recommended to take Passing Your Annual Financial Statement Audit - Part 2; An Ex-Auditor's Proven Strategies for Success after 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 .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Passing your Annual Financial Statement Audit9:52
  An Introduction to Financial Statements Audit15:24
  The Primary Phases of an Audit-Planning Phase15:26
  Three Primary Phases of an Audit Plan- Interim and Year End Phase10:20
AUDIT METHODOLOGY FUNDAMENTALS
  Fundamentals of Audit Methodology2:34
  Risk Assessment6:26
  Internal Controls, Materiality and Scope9:04
  Test of details Vs. Test of Controls3:43
  Material Misstatements and Weaknesses5:31
  Subsequent Events3:32
  Conclusion0:32
CONTINUOUS PLAY
  Passing Your Annual Financial Statement Audit - Part 1; An Ex-Auditor's Proven Strategies for Success1:22:24
SUPPORTING MATERIAL
  Slides: Passing Your Annual Financial Statement Audit - An Ex-Auditor's Proven Strategies for SuccessPDF
  Passing Your Annual Financial Statement Audit - An Ex-Auditor's Proven Strategies for Success Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam