Learn the audit process from planning to an audit report from a Certified Public Accountant (CPA).
Audit-Financial Accounting will discuss, in detail, the auditing process of financial statements.
The course will start by discussing what an audit is and what the terms attest engagement and assurances services mean.
We will discuss the audit environment, the general format of a public accounting firm, and the general format of an audit team that would conduct the procedures related to an audit. The course will also discuss regulations and regulatory institutions related to the audit process.
The course will cover the planning process for an audit engagement. The planning process is an important component of the audit because it will outline the steps that will be taken. The highest levels of the public accounting firm are generally involved in the planning process.
We will consider how to assess risk related to the audit using an audit risk Model. The risk assessment will help us plan the audit and determine where the auditors’ time can be spent most efficiently to gather evidence to support the auditor’s conclusion and opinion.
Learners will learn the different formats of audit evidence and how to document audit evidence so that it can be used as evidence to support the conclusion and opinion of the auditor.
We will exam the internal controls of the organization. Internal controls are policies set up by management to achieve the objectives of the organization. As auditors, we are primarily concerned with internal controls that will lower the risk of financial statements being materially misstated. If we can rely on internal controls as an auditor, we may be able to do more testing of the controls and less substantive testing, and this can be more efficient.
The course will discuss the audit sampling methods. When applying testing procedures, auditors often need to test a sample of a population and then apply the results to the population as a whole. Different sampling methods are appropriate for different situations and assertions being tested.
Next, we will talk about substantive tests. Substantive tests include tests that most people think of when they think of an audit, like pulling files, counting inventory, and performing procedures at the company’s place of business. Substantive testing will include testing account balances and transactions.
We will then cover audit procedures related to specific processes, including the revenue process, the purchasing process, and the payroll and human resources process.
Next will cover the audit process for specific accounts like inventory, prepaid expenses, intangible assets, property plant and equipment, long term debt & equity.
Then we will discuss the audit process related to cash, cash being a very important account because it is involved in almost every other accounting process at some point.
Learners will then learn how to put together a standard audit report. The standard audit report is called an unqualified report. It is beneficial to actually memorize or have a good idea of the format of the standard unqualifies report. We can then think about variations on the standard unqualified report, adjusting it as necessary.
Who this course is for:
- Professionals working in public accounting
- Accounting students
- Accounting professionals who want to expand their understanding of accounting
- Accounting professionals who work with auditors
What you’ll learn
What an audit engagement in and the objectives of the audit engagement
How learning the audit process can enhance an accountants understanding of financial accounting concepts
The general format and structure of a public accounting firm
The general format and structure of an audit team
How to plan an audit
How to assess risk and use risk assessment in the planning process
The concept of materiality and how it applies to audit planning and procedures
Internal controls, tests of internal controls, and the role they play in the audit process
Audit sampling procedures
Substantive testing procedures
Audit testing procedures related to the revenue process
Audit testing procedures related to the purchasing process
Audit testing procedures related to payroll and human resources
Audit testing procedures related to inventory
Audit testing procedures related to prepaid expenses, intangible assets, & PP&E
Audit testing procedures related to long term debt-equity and cash
The format of audit reportes
The concepts of professional conduct and independents
Learners should have a basic understanding of accounting concepts and the double-entry accounting system.
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