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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. 
Last updated/reviewed: November 20, 2019

130 Reviews (526 ratings)Reviews

5
Anonymous Author
Great info on the auditor approach to materiality and misstatement. Brief helpful section on the rollforward of prior misstatement to aggregate with new for evaluation of audit opinion.
4
Anonymous Author
Proper coverage of the materials. Instructor provided relevant information. Interesting and timely topics.
5
Anonymous Author
Presenter was clear and effective - great perspective for non-public accountants
4
Anonymous Author
This course gave a good audit perspective on what the focus is during an audit.
5
Anonymous Author
Nice high-level overview of the auditor's perspective on financials.
4
Anonymous Author
Good refresher course for those in non-public accounting field
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.
5
Anonymous Author
The course provides a great overview for individuals who are preparing FS. The course provides a good understanding about what areas are higher risk of auditor investigation, areas of higher risk of misstatements, and areas that are lower risk/immaterial to the FS. Great course for first time FS preparers.
5
Member's Profile
This course provided a more in depth overview of what is involved in preparing financial statements. It gave me a better idea of what the auditors might be looking for. I enjoyed the instructor because she was very knowledgeable and easy to follow. The slides and glossary statements were helpful as well.
5
Anonymous Author
This course provides financial accounting professionals with a good and helpful overview on how to prepare financial statements with potential audit issues in their mind. Thinking along the line with auditors helps to better understand the auditing process and avoid potential audit issues.
4
Anonymous Author
There are many concepts here, and somtimes it was not so concrete to comprehenze the theories here.Hope next time Ms Jennifer could give us a lot examples explanation to teach the audit's focus on financial statement.Thanks for Ms Jennifer's nice teaching.
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!
4
Anonymous Author
Helpful to reminder to continue to bring an auditor's perspective to the books. I wish this was something I had more exposure to in my early career days when I was more focused on the mechanics of an entry, accrual or valuation.
4
Anonymous Author
Well laid out and comprehensive material. Provided good detailed examples. Gave pros and cons in evaluating audit risk points. Presenter's delivery was well measured. Came across as very knowledgeable on subject matter.
5
Member's Profile
I enjoyed Jennifer Louis course on taking an auditor's perspective on what matters most when preparing financial statements. It is obvious that Jennifer has a solid auditor experience and knows her subject area well.
5
Anonymous Author
Great course. Helpful to think through areas that increase audit issues. Jennifer's presentation is well-paced, thoughtful, and organized. Even the exam questions helped to refresh the key areas of the material.
4
Member's Profile
Helpful class from an auditor's perspective on preparing financial statement audits. Great for anyone that preparing to go through there first audit, or want to be prepared for the event in the future.
5
Member's Profile
Great course presented by a very capable mentor. Jam packed content that throughly explains the material. Very sufficient presentation slides. Overall a very solid hour of study. Thank you, Larry
5
Anonymous Author
This was a nice overview of what Auditor's are looking for during an audit. I thought the presentation and the materials were very good and she spent an appropriate amount of time covering each topic.
5
Anonymous Author
This course was an effective overview of audit implications in light of considering the concept of materiality. The slides are well structured and the instructor provides a deep dive into the topic.
5
Anonymous Author
The corse provides a great reminder to what the auditors are looking for and also the why. This presentation was well done and provides additional insight for our financial statements.
5
Anonymous Author
I draft several sets of financial statements per year and have always started with the same as last year approach. This course will be helpful in better understanding the end goal.
3
Anonymous Author
Course was hard to follow as there was too busy and monotone. However, it is still a good course to take given that it provides good ideas and examples that can be applicable.
5
Member's Profile
Excellent course to refresh your audit knowledge for experienced practitioners or to learn the basics for the new CPA. The materials were spot on, easy to use and understand.
4
Member's Profile
Very timely and informative course from someone who obviously has dealt with auditor/management interactions. I was glad the course included theory as well as practical advice.
5
Member's Profile
An excellent coverage of the topic especially relevant to those not coming from a public accounting background. The auditor's perspective is invaluable in prepping financials.
5
Member's Profile
Outstanding coverage of the material. Really went into good depth on the learning objectives and what is important to an auditor when reviewing the financial statements.
5
Anonymous Author
This is a great course to understand the risks involved in the preparation of financial statements and how auditors assess and manage their audit risk during their audit.
5
Member's Profile
The presenter did a great job with the course. The content is helpful to those in the position of preparing financial statements and the disclosures to those statements.
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
Anonymous Author
This is a very informative course on materiality in financial statements. It gives information on how to define materiality and what should be considered.
5
Member's Profile
Very informative course. Would not recommend for beginners: it requires deep understanding of the preparation of financials statements and disclosures.
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
Great examples! Helpful information considering materiality. Note to financial statements are so importance and the course discussed them nicely.
5
Anonymous Author
This course was a refresher. The instructor was very effective in presenting the course materials. The time allotted for the course was appropriate.
5
Anonymous Author
Incredibly informative class the succinctly and engagingly provides insightful knowledge on the preparation of financial statements. Nicely done!
5
Anonymous Author
Great course. Stated learning objectives were met. Program materials were relevant and contributed to the achievement of the learning objectives
5
Anonymous Author
Instructor provided helpful examples throughout this course. Material is beneficial for professionals who are not familiar with these concepts.
4
Member's Profile
good course - raised many areas to be considered when preparing the financial statements. Some are intuitive while others were good reminders
5
Anonymous Author
Did a great job with teaching the relevant knowledge needed for this course and gave a good general baseline for basic audit concepts.
5
Anonymous Author
Good introduction focused on risk to financial statement preparers and auditor and on the principle objectives of financial reporting.
5
Anonymous Author
Excellent course covering how auditors view financial statement and how management can use the same lens in anticipation of the audit.
5
Member's Profile
wonderful presentation of material that every accountant should be familiar with. I'm anxious to see other courses by this instructor.
4
Anonymous Author
Good review on areas to focus on to help with financial close and review with the auditors prior to releasing financial statements.
5
Anonymous Author
This is a great course for anyone wanting to learn more about financial statement preparation. Would highly recommend this course.
5
Anonymous Author
Good overview to prepare for year end. Delivery a little slow so have to work on keeping concentration. Tips section appreciated.
4
Anonymous Author
Presentation was easy to follow and comprehend. Presenter gave solid examples and included demonstrations for clear comprehension.
5
Anonymous Author
A concise explanation of financial statements and the process to determine the components most necessary to a successful audit.
4
Member's Profile
I enjoyed the subjec matter of this course. It's a very high level overview of what goes into financial statement preparation.
5
Anonymous Author
I liked the way this instructor articulated the subject matter. I found her discussion points to be interesting and useful.
5
Member's Profile
This was a good overview of important auditing concepts, specifically materiality and the different types of audit risk.
4
Member's Profile
Overall good information but moved along slowly. Believe this could have been covered in a 50 minute session with ease.
5
Member's Profile
Great tips for accounting professionals to help them think like auditors and protect their companies from audit issues.
5
Member's Profile
Well-organized course. I'm surprised at how much I remembered from before. Good course for anyone teaching auditing.
5
Anonymous Author
Great overview, easy to follow slides. Liked the short break down of topic. More like this on audit and accounting.
5
Member's Profile
Presenter did a nice job keeping my interest level and attention with a subject matter that is not overly exciting.
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!
4
Member's Profile
This webinar provides an in depth discussion that is great for those looking to gain audit/materialty insight.
5
Anonymous Author
Thank you very much for the excellent presentation! I will apply what I learned to my daily work approach.
5
Member's Profile
This course is very relevant to anyone in the accounting or finance field as it covers the basic of audit.
5
Member's Profile
goog refresher on auditing standards and practices. Useful for non-audit professionals as well as auditors
5
Anonymous Author
This is a very strong course on preparing financial statements. It is a helpful class with a good layout.
5
Member's Profile
Good review of the audit world with some nice tips. Instructor is very knowledgeable about the subject.
5
Anonymous Author
Course material was intuitive and basic for auditor - however a good refresher of conceptual framework.
5
Member's Profile
The course was very informative. However a better conclusion could help with information. retention.
5
Member's Profile
Really great instructor, nice verbal style, good presentation, excellent slides. Interesting topic.
5
Member's Profile
Presenter is very knowledgeable, gives good examples and makes the information easy to understand.
5
Anonymous Author
Great slides, there is a fair amount of new material related to the topic. Overall a good course.
5
Anonymous Author
I thought the course was informative and the host presented the material in a constructive format.
5
Member's Profile
This was very informative and I will recommend this to my colleague and friends of similar field.
5
Member's Profile
Great class with thorough information on how to avoid audit issues and get good audit opinions.
5
Anonymous Author
Overall, I thought the presentation was easy to understand and covered the topics as designed.
3
Member's Profile
More practical skills training is good. I feel this training is too theoretical and conceptual.
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
Great course! Very informative and did a nice job walking through the auditor's perspective.
5
Anonymous Author
This course was great. Instructor was informative and engaging. Would recommend this course.
3
Anonymous Author
This was an adequate refresher course. Good reminder for why I left the field of auditing.
5
Anonymous Author
One of the better courses; relevant information presented in an easy-to-understand format.
5
Anonymous Author
Great in-depth review of materiality related to the preparation financial statements.
5
Member's Profile
This course was a great refresher on the concept of materiality and risk assessment.
4
Member's Profile
Great refresher on understanding how external auditors assess financial statements.
5
Member's Profile
An excellent review of preparing financial statements. A lot of good insights.
4
Anonymous Author
it was concise but dry. I could not relate to real-life examples. Eazy credits
5
Member's Profile
Excellent overview over financial statement preparation to avoid audit issues.
5
Member's Profile
Pretty straightforward. I liked the slides they were easy to follow along.
5
Member's Profile
Good coverage of material and clear questions to test the knowledge obtained.
5
Anonymous Author
interesting class. good to get a refresher on risks in financial statements
4
Anonymous Author
Good discussion on risk -- all the different types that go into audit risk
4
Anonymous Author
The presenter was very clear. She appeared well knowledgeable in this area
5
Member's Profile
Very nicely explained - definitely helpful! Presentation to the point.
4
Anonymous Author
great course with a great overview of financial statements. Thank you!
5
Member's Profile
great course, a lot of knowledge to take away. worth a listen and learn
5
Member's Profile
Lots of useful information on auditing. It was pretty heavy in content.
5
Member's Profile
Quality course. Good mix of high-level overview and specific examples.
4
Anonymous Author
Good reminder course on audit information. Would recommend to others.
5
Anonymous Author
I thoroughly enjoyed this course. Great refresher on audit concepts
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
Anonymous Author
This courses effectively touches on the important topics in audits.
5
Anonymous Author
Good review of the types of risk and what auditors are looking for
4
Anonymous Author
Good insight into the risk factors involving financial statements.
3
Member's Profile
Good insight on inherent risk and high level focus on materiality
5
Member's Profile
I like this course because it was very informative and thorough.
5
Member's Profile
Good overview of what to look out for when considering an audit.
4
Member's Profile
The course was very easy to understand. Flew through it quickly
5
Member's Profile
Good presentation that is useful for both auditors and clients.
5
Anonymous Author
Thank you for adequately explaining the concept of materiality
4
Anonymous Author
The instructor was clear and concise. It was well presented.
4
Anonymous Author
This course met it's stated learning objectives effectively.
5
Anonymous Author
Great course. Objectives and concepts are clearly presented.
5
Anonymous Author
Material was well presented. Practical examples. Relatable.
4
Anonymous Author
Good discussion on audit issues commonly confuses auditors.
5
Anonymous Author
This course provided a great overview on materiality.
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!
5
Anonymous Author
I enjoyed the course and thought it was informative.
5
Member's Profile
Clear and well thought out presentation. Thank you.
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