Audit - Financial Statement
Learn how to plan and execute an audit from a practicing CPA, CGMA, CPI, with B.S.Tax.
Audit - Financial Statement - Overview
FREE PREVIEW1010 Audit vs Financial Accounting
FREE PREVIEW1010 Audit vs Financial Accounting
FREE PREVIEW1020 Auditing Attest & Assurance
FREE PREVIEW1020 Auditing, Attest, & Assurance Services
FREE PREVIEW1030 Overview of Financial Statement Auditing Process
FREE PREVIEW1030 Overview of Financial Statement Auditing Process
FREE PREVIEW1040 Audit Evidence & Sampling
FREE PREVIEW1040 Audit Evidence & Sampling
FREE PREVIEW1050 Stages of an Audit
FREE PREVIEW1050 Format of Audit Report
FREE PREVIEW1060 Format of Audit Report
FREE PREVIEW1050 Stages of an Audit
FREE PREVIEW2 Auditing Environment
FREE PREVIEW2010 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
3 Audit Planning, Audit Tests, & Materiality
FREE PREVIEW3010 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
4 Risk Assessment
FREE PREVIEW4010 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
5 Audit Evidence
FREE PREVIEW5010 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
6 Audit Internal Controls
FREE PREVIEW6010 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
7 Audit Sampling Tests of Controls
FREE PREVIEW8010 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
8 Substantive Tests
FREE PREVIEW9010 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
9 Revenue Process Audit
FREE PREVIEW10010 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
FREE PREVIEW11010 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
FREE PREVIEW12110 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
FREE PREVIEW13110 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
FREE PREVIEW14110 Prepaid Expenses Audit
14110 Audit Prepaid Expenses
14120 Intangible Assets Audit
14120 Audit Intangible Assets
14130 Property Plant & Equipment Audit
14130 Audit Property Plant & Equipment
14 Long Term Debt & Equity
FREE PREVIEW15110 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
FREE PREVIEW16110 Cash & Cash Equivalents Audit
16110 Audit Cash & Cash Equivalents
16 Audit Reports
FREE PREVIEW18100 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
FREE PREVIEW19110 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
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.
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.