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During the series of courses on Audit and Assurance, you develop knowledge and learn skills used by auditors to carry out an audit engagement. The theory will be accompanied by practical cases and real-time examples for a deeper understanding of the subject.

The role of the auditors/consultants has transformed during the past years, however, the core principles behind performing assurance engagements remained the same.

Assurance engagement is carried out to enhance the degree of confidence of intended users, such as shareholders, investors, regulators, etc., in the financial information. Potential investors are highly interested in the accuracy of the financial statements, or shareholders want to be sure of the effectiveness of internal controls for safeguarding their investment and the company’s assets.
We will dive specifically into the concept of external audits of financial statements. Nowadays listed companies are under tight control and at least annually pass external audits, where auditors express an independent opinion that the financial statements present fairly in all material respects, the financial position, and results of the entity. The credibility of financial reports underpins various transactions that may be entered into for trading and investment purposes.

During the course, you discover what assurance engagement is and the levels of assurance given by consultants, what the objectives of the audit are, and the benefits and limitations of the work performed by auditors. Also, the course assists in understanding who needs audits and why, and what role plays regulators and professional bodies in the whole process.

The course is perfect for specialists with financial and nonfinancial backgrounds to update their existing knowledge and skills, as well as look at the audit process from different angles.

Course Key Concepts: Assurance, external audit, IAS, regulators, reasonable assurance, limited assurance, confidence level.

Learning Objectives
  • Explore the concept of audit and other assurance engagements.
  • Identify levels of assurance.
  • Discover the benefits and limitations of an audit.
  • Explore ad describe the regulatory environment within which external audits take place.
Last updated/reviewed: March 7, 2024
2 Reviews (6 ratings)


Anonymous Author
Overall is good course on audit. The course is an overview of the reasons for an audit, and cover's the failures over the years of audits. The presenter explains generally the levels of opinions. I feel this is a good overall course.

Anonymous Author
Overall, a good course for discussing the basics.

Course Complexity: Foundational
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 .
Instructor for this course
Course Syllabus
  Introduction to Why Do We Need Audits in The Modern Financial System?2:24
  What is Assurance8:34
  Professional Skepticism6:14
  Benefits and Limitations of Audit8:42
  Review Engagements and Role of Audit13:36
  Audit Regulatory Environment9:08
  Why Do We Need Audits in The Modern Financial System?50:03
  Slides: Why Do We Need Audits in The Modern Financial System?PDF
  Why Do We Need Audits in The Modern Financial System? Glossary/IndexPDF