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:
6 CoursesAn Auditor's Perspective on...
- Preparing Financial Statements - An Auditor’s Perspective on What Matters Most
- Independence Rules for CPA’s - An Auditor’s Perspective on Significant AICPA, Public Company, Governmental, and International Differences
- Designing and Performing Sampling Plans – An Auditor’s Perspective on Monitoring Internal Controls, Compliance, and the Reasonableness of Account Balances
- FASB ASC Section 205-40: Going Concern Uncertainty – An Auditor’s Perspective
- FASB ASC Topic 470: Debt – An Auditor’s Perspective on Common Balance Sheet Classification Issues
- FASB ASC Topic 820 Fair Value – An Auditor’s Perspective on Determining Fair Value of Non-Readily Marketable Investments
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.
- 1. Understanding and Applying the AICPA Code of Professional Conduct (Text Based Course)
- 2. How IFRS Lets you Change the Value of Assets on the Balance Sheet
- 3. Microaggression Awareness for Accountants
- 4. Auditing - Evaluations for Internal Controls
- 5. Consolidating Foreign Subsidiaries
- 6. Accounting for Business Combinations under IFRS 3
- 7. Business Combinations - U.S. GAAP and IFRS (Text Based Course)
- 8. Revenue Recognition (ASC Topic 606): Transaction Price Part 1
- 9. Auditing Financial Statements Part I: An Overview of The Financial Statement Audit
- 10. GAAP Hot Topics - What You Need to Know Chapter 2: Revenue Recognition (Text Based Course)
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Prerequisites
No advanced preparation or prerequisites are required for this course.