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All publicly-traded and many privately-held, nonprofit and other types of entities are subject to independent audits as a means of providing financial report users with reasonable assurance that the financial statements and related disclosures are not materially misstated due to fraud or error. This course assists financial statement preparers with understanding how to pre-identify and proactively avoid potential audit issues, by thinking like an auditor when preparing and fairly presenting financial statement information.

What you learn in this course should result in multiple benefits, such as:

  • On-time financial statement issuance
  • Lower audit fees
  • Improved reliability of financial reports
  • An enhanced ability to manage enterprise-wide risk.      

Course Series

This course is included in the following series:

7 CoursesAn Auditor's Perspective on...

  1. Preparing Financial Statements – An Auditor’s Perspective on What Matters Most
  2. Independence Rules for CPA’s – An Auditor’s Perspective on Significant AICPA, Public Company, Governmental, and International Differences
  3. Designing and Performing Sampling Plans – An Auditor’s Perspective on Monitoring Internal Controls, Compliance, and the Reasonableness of Account Balances
  4. FASB ASC Section 205-40: Going Concern Uncertainty – An Auditor’s Perspective
  5. FASB ASC Topic 470: Debt – An Auditor’s Perspective on Common Balance Sheet Classification Issues
  6. FASB ASC Topic 820 Fair Value – An Auditor’s Perspective on Determining Fair Value of Non-Readily Marketable Investments
  7. Recently Issued GAAP Relevant to Small- or Mid-Size Private Companies – An Auditor’s Perspective on What Merits the Most Attention

Learning Objectives

  • Discover the concept of materiality that is built into the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), Public Company Accounting Oversight Board (PCAOB), and Generally Accepted Audit Standards (GAAS).
  • Discover tips for identifying and evaluating where the most probable risk of material misstatement exists in the financial statements and related disclosures.
  • Explore how to proactively avoid potential financial statement audit issues. 

30 Reviews (157 ratings)Reviews

4
Anonymous Author
The course is very helpful especially to those that are involved in the financial statements preparation. For those with no public accounting background, this is a highly recommended course. The presentation is very organized and presented with a good level of simplicity. The speaker is also good and very knowledgeable of the topics included in the course.
4
Member's Profile
This course is a great resource to review when in the planning phase of the Annual Audit. I am in the middle of my planning phase now and I took away some points that I will make sure to address in my own preparation. Great course!
5
Member's Profile
As an auditor this is a good over view, and easy to follow of the overall financial statement process we go through in order to issue a set of financials.
5
Member's Profile
insightful Information to help financial statement preparers approach their work with audit in mind. This should help reduce audit time tremendously.
5
Member's Profile
Well-organized course. I'm surprised at how much I remembered from before. Good course for anyone teaching auditing.
4
Anonymous Author
Practical and helpful tips for corporate accountants who are responsible for preparing the financial statements.
5
Member's Profile
This is a must take for anyone without a background in audit who needs to prepare audited financial statements!
5
Member's Profile
goog refresher on auditing standards and practices. Useful for non-audit professionals as well as auditors
5
Member's Profile
Presenter is very knowledgeable, gives good examples and makes the information easy to understand.
5
Member's Profile
Great class with thorough information on how to avoid audit issues and get good audit opinions.
5
Member's Profile
Coming from the management side, it was very interesting to see what matters most to auditors.
5
Member's Profile
A good overview, nicely presented. I'm not sure that I would consider this course "advanced".
5
Anonymous Author
One of the better courses; relevant information presented in an easy-to-understand format.
5
Anonymous Author
Enjoy the instructor's insight and knowledge of the subject matter.
4
Member's Profile
Some good information to think about in advance of FS preparations.
5
Member's Profile
Good overview of what to look out for when considering an audit.
5
Anonymous Author
Great course. Objectives and concepts are clearly presented.
5
Member's Profile
This course if very good. I will recommend it to others
5
Member's Profile
Sure glad I'm not an auditor - talk about boring work!
4
Member's Profile
Good course. Slides were informative and colorful.
5
Member's Profile
Great overview of risks and possible misstatements
5
Anonymous Author
Good information that was clearly explained.
5
Member's Profile
A fairly thorough review of the topic.
5
Member's Profile
Very good course and slides
5
Anonymous Author
Very well-done course!
4
Member's Profile
Great Presentation
5
Anonymous Author
Good overview
4
Member's Profile
Informative.
5
Member's Profile
Good review
4
Member's Profile
Relevant.

Prerequisites

Course Complexity: Advanced

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
  2:13Introduction to Preparing Financial Statements – An Auditor’s Perspective on What Matters Most
Preparing Financial Statements
  5:42Statements of Financial Accounting Concepts
  5:04Concepts of Materiality
  5:35Evaluating What is Material
  7:21Notes to Financial Statements (Topic 235)
  15:02Concept of Financial Statement Audit Risk
  7:29Evaluating Known and Likely Misstatements
  7:14Measuring Uncertainty and Subjectivity
  11:37Current Audit Issues
CONCLUSION
  3:57Tips for Proactively Avoiding Audit Issues
Continuous Play
  1:11:14Preparing Financial Statements
SUPPORTING MATERIALS
  PDFSlides: Preparing Financial Statements
  PDFPreparing Financial Statements Glossary/Index
REVIEW and TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM