Course curriculum

  • 02
    Auditing Environment
    Show Content
    • 2 Auditing Environment FREE PREVIEW
    • 2010 Typs of Audit, Attest, & Assurance Services
    • 2010 Typs of Audit, Attest, & Assurance Services
    • 2020 Public Accounting Firms
    • 2020 Public Accounting Firms
    • 2030 Audit Team
    • 2030 Audit Team
    • 2040 Government Regulation
    • 2040 Government Regulation
    • 2050 Corporate Governance
    • 2050 Corporate Governance
    • 2060 Organizations That Impact Auditing
    • 2060 Organizations that Impact Auditing
    • 2070 Underlying Principles of an Audit
    • 2070 Underlying Principles of an Audit Underlying Principles of an Audit
    • 2080 Auditing Standards
    • 2080 Auditing Standards
  • 03
    Audit Planning, Audit Tests, & Materiality
    Show Content
    • 3 Audit Planning, Audit Tests, & Materiality FREE PREVIEW
    • 3010 Audit Planning Stages
    • 3010 Audit Planning Stages
    • 3020 Preliminary Engagement Activities
    • 3020 Preliminary Engagement Activities
    • 3030 Planning the Audit
    • 3030 Planning the Audit
    • 3040 Types of Audit Tests
    • 3040 Types of Audit Tests
    • 3050 Materiality Dertimination
    • 3050 Materiality Determination
  • 04
    Risk Assessment
    Show Content
    • 4 Risk Assessment FREE PREVIEW
    • 4010 Audit Risk Model
    • 4010 Audit Risk Model
    • 4020 Risk Assessment Process
    • 4020 Risk Assessment Process
    • 4030 Understanding the Entity and Environment
    • 4030 Understanding the Entity and Environment
    • 4040 Assess Internal Controls
    • 4040 Assess Internal Controls
    • 4050 Responding to the Risk of Material Misstatement
    • 4050 Responding to the Risk of Material Misstatement
    • 4060 Evaluation of Audit Test Results
    • 4060 Evaluation of Audit Test Results
    • 4070 Documentation of Risk Assessment
    • 4070 Documentation of Risk Assessment
  • 05
    Audit Evidence
    Show Content
    • 5 Audit Evidence FREE PREVIEW
    • 5010 Audit Evidence & Management Assertions
    • 5010 Audit Evidence & Management Assertions
    • 5020 Audit Procedures
    • 5020 Audit Procedures
    • 5030 Audit Documentation
    • 5030 Audit Documentation
    • 5050 Develop Audit Expectations
    • 5050 Develop Audit Expectations
  • 06
    Internal Controls
    Show Content
    • 6 Audit Internal Controls FREE PREVIEW
    • 6010 Internal Controls Introduction
    • 6010 Internal Controls Introduction
    • 6020 Effect of Information Technology on Internal Controls
    • 6020 Effect of Information Technology on Internal Controls
    • 6030 Internal Control Components
    • 6030 Internal Control Components
    • 6040 Component of Internal Control
    • 6040 Principles of Internal Control Components
    • 6050 Internal Control Flowchart
    • 6050 Internal Control Flowchart
    • 6060 Substantive and Reliance Strategies
    • 6060 Substantive and Reliance Strategies
    • 6070 Assertions about Classes of Transactions and Related Controls Procedures
    • 6070 Assertions About Classes of Transactions and Related Control Procedures
    • 6080 Obtain an Understanding of Internal Controls
    • 6080 Obtain an Understanding of Internal Controls
    • 6090 Performing & Documenting Tests of Controls
    • 6090 Performing & Documenting Tests of Controls
    • 6100 Substantive Procedures
    • 6100 Substantive Procedures
    • 6110 Internal Controls Matters Communication
    • 6110 Internal Control Matters & Communication
    • 7010 Internal Control Over Financial Reporting (ICFR)
    • 7010 Internal Control Over Financial Reporting (ICFR)
    • 7020 Internal Control Deficiencies
    • 7020 Internal Control Deficiencies
  • 07
    Audit Sampling – Tests of Controls
    Show Content
    • 7 Audit Sampling Tests of Controls FREE PREVIEW
    • 8010 Controls Audit Sampling
    • 8010 Controls Audit Sampling
    • 8020 Audit Evidence Should Sampling Be Done
    • 8020 Audit Evidence-Should Sampling Be Done
    • 8030 Types of Audit Sampling
    • 8030 Types of Audit Sampling
    • 8040 Attribute Sampling Applied to Test of Controls
    • 8040 Attribute Sampling Applied to Test of Controls
    • 8050 Attribute Sampling Applied to Test of Controls - Performance
    • 8050 Attribute Sampling Applied to Test of Controls Performance
    • 8060 Attribute Sampling Applied to Test of Controls - Evaluation
    • 8060 Attribute Sampling Applied to Test of Controls-Evaluation
    • 8070 Nonstatistical Sampling for Tests of Controls
    • 8070 Nonstatistical Sampling for Tests of Controls
  • 08
    Substantive Tests
    Show Content
    • 8 Substantive Tests FREE PREVIEW
    • 9010 Substantive Tests of Details of Account Balances
    • 9010 Substantive Tests of Details of Account Balances
    • 9020 Monetary Unit Sampling (MUS)
    • 9020 Monetary Unit Sampling (MUS)
    • 9030 MUS Appication Process
    • 9030 Monetary Unit Sampling (MUS) Process
    • 9040 Non-statistical Sampling for Tests of Account Balances
    • 9040 Non-statistical Sampling for Tests of Account Balances
    • 9050 Classical Variable Sampling
    • 9050 Classical Variable Sampling
  • 09
    Revenue Process Audit
    Show Content
    • 9 Revenue Process Audit FREE PREVIEW
    • 10010 Auditing Revenue Approach
    • 10010 Auditing Revenue Approach Auditing Revenue Approach
    • 10020 Auditing Revenue Types of Docements & Records
    • 10020 Auditing Revenue Types of Documents & Records
    • 10030 Revenue Process Major Fuctions
    • 10030 Revenue Process Major Functions
    • 10040 Segregation of Duties
    • 10040 Segregation of Duties Revenue Process
    • 10050 Inherent Risk Assessment Revenue Process
    • 10050 Inherent Risk Assessment Revenue Process
    • 10060 Control Risk
    • 10060 Control Risk Assessment Revenue Process
    • 10080 Testing Controls Revenue Transactions
    • 10080 Testing Controls Revenue Transactions
    • 10090 Testing Controls Cash Transactions
    • 10090 Testing Controls Cash Receipts Transactions
    • 10110 Substantive Tests of Transactions
    • 10110 Substantive Tests Of Transactions Accounts Receivable, Allowance for Uncollectible Accounts a
  • 10
    Purchasing Process Audit
    Show Content
    • 10 Purchasing Process Audit FREE PREVIEW
    • 11010 Purchasing Process Auditing
    • 11010 Purchasing Process Auditing
    • 11020 Purchasing Process Segregation of Duties
    • 11020 Purchasing Process Segregation of Duties
    • 11030 Purchasing Process Inherent & Control Risk
    • 11030 Purchasing Process Inherent Risk & Control Risk
    • 11040 Purchasing Process Control Activiteis & Tests
    • 11040 Purchasing Process Control Activities & Tests
    • 11050 Audit Accounts Payable & Accrued Expenses
    • 11050 Audit Accounts Payable & Accrued Expenses
    • 11060 Tests of Details of Transactions
    • 11060 Tests of Details of Transactions
  • 11
    Payroll & Human Resources Audit
    Show Content
    • 11 Payroll & Human Resources Audit FREE PREVIEW
    • 12110 Human Recourses Auditing
    • 12110 Payroll & Human Resources Auditing
    • 12120 Human Recourses Auditing Control Activities & Tests
    • 12120 Payroll & Human Resources Auditing Control Activities & Tests
    • 12125 Human Recourses Substantive Procedures
    • 12125 Payroll & Human Resources Auditing Substantive Procedures Part 1
    • 12130 Paryoll Expense Accounts & Accrued Payroll Liabilities
    • 12130 Payroll & Human Resources Auditing Substantive Procedures Part 2
  • 12
    Inventory Audit
    Show Content
    • 12 Inventory Audit FREE PREVIEW
    • 13110 Inventory
    • 13110 Inventory Auditing
    • 13120 Inventory Inherent Risk & Control Risk
    • 13120 Inventory Audit Inherent Risk & Control Risk
    • 13130 Inventory Assertions & Substantive Tests
    • 13130 Inventory Audit Assertions & Substantive Tests
  • 13
    Prepaid Expenses, Intangible Assets & Property Plant & Equipment Audit
    Show Content
  • 14
    Long Term Debt & Equity
    Show Content
    • 14 Long Term Debt & Equity FREE PREVIEW
    • 15110 Long Term Debt Audit
    • 15110 Audit Long Term Debt
    • 15120 Substantive Procedures Long Term Debt Audit
    • 15120 Audit Long Term Debt Substantive Procedures
    • 15130 Stockholders' Equity Audit
    • 15130 Audit Stockholders’ Equity
    • 15140 Retained Earnings Dividends Audit
    • 15140 Audit Retained Earnings & Dividends
    • 15150 Income Statement Accounts Audit
    • 15150 Audit Income Statement Accounts
  • 15
    Cash & Cash Equivalents
    Show Content
  • 16
    Audit Reports
    Show Content
    • 16 Audit Reports FREE PREVIEW
    • 18100 Standard Unqualified Audit Report
    • 18100 Standard Unqualified Audit Report
    • 18110 Adjustments to the Standard Unqualified Audit Report
    • 18110 Adjustments to Standard Unqualified Audit Report
    • 18120 Departure from Unqualified Report
    • 18120 Departure from Unqualified Report
    • 18130 Special Reports
    • 18130 Special Reports
  • 17
    Professional Conduct, Independence, & Quality Control
    Show Content
    • 17 Professional Conduct, Independence, & Quality Control FREE PREVIEW
    • 19110 Professional Conduct
    • 19110 Professional Conduct
    • 19120 Prohibited Business Relationships
    • 19120 Prohibited Business Relationships
    • 19130 Effect of Litigation
    • 19130 Effect of Litigation
    • 19140 Restrictions on Nonaudit Services to Attest Entities
    • 19140 Restrictions on Nonaudit Services to Attest Entities
    • 19150 General Standards & Compliance
    • 19150 General Standards & Compliance, Accounting Principles & Confidential Client Information
    • 19160 Fees & Commissions Rules
    • 19160 Fees & Commissions Rules
    • 19170 Acts Discreditable Rule
    • 19170 Acts Discreditable Rule
    • 19180 Quality Control Standards
    • 19180 Quality Control Standards

Description

Audit-Financial Accounting will discuss, in detail, the auditing process of financial statements.

The course will start by discussing what an audit is, as well as 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 a very important component of the audit because it will outline the steps that will be taking. 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 unqualifies 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.

Robert (Bob) Steele CPA CGMA CPI MStax

Instructor

Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.

In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele’s teaching philosophy is to make content applicable, understandable, and accessible.

Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.

Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.

Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.

Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.

The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.

Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge.