Course curriculum

    1. Audit - Financial Statement - Overview

      FREE PREVIEW

    2. 1010 Audit vs Financial Accounting

    3. 1010 Audit vs Financial Accounting

      FREE PREVIEW

    4. 1020 Auditing, Attest, & Assurance Services

    5. 1020 Auditing Attest & Assurance

      FREE PREVIEW

    6. 1030 Overview of Financial Statement Auditing Process

    7. 1030 Overview of Financial Statement Auditing Process

      FREE PREVIEW

    8. 1040 Audit Evidence & Sampling

    9. 1040 Audit Evidence & Sampling

      FREE PREVIEW

    10. 1050 Stages of an Audit

    11. 1050 Stages of an Audit

      FREE PREVIEW

    12. 1050 Format of Audit Report

    13. 1060 Format of Audit Report

      FREE PREVIEW

    1. 2 Auditing Environment

      FREE PREVIEW

    2. 2010 Typs of Audit, Attest, & Assurance Services

    3. 2010 Typs of Audit, Attest, & Assurance Services

    4. 2020 Public Accounting Firms

    5. 2020 Public Accounting Firms

    6. 2030 Audit Team

    7. 2030 Audit Team

    8. 2040 Government Regulation

    9. 2040 Government Regulation

    10. 2050 Corporate Governance

    11. 2050 Corporate Governance

    12. 2060 Organizations that Impact Auditing

    13. 2060 Organizations That Impact Auditing

    14. 2070 Underlying Principles of an Audit Underlying Principles of an Audit

    15. 2070 Underlying Principles of an Audit

    16. 2080 Auditing Standards

    17. 2080 Auditing Standards

    1. 3 Audit Planning, Audit Tests, & Materiality

      FREE PREVIEW

    2. 3010 Audit Planning Stages

    3. 3010 Audit Planning Stages

    4. 3020 Preliminary Engagement Activities

    5. 3020 Preliminary Engagement Activities

    6. 3030 Planning the Audit

    7. 3030 Planning the Audit

    8. 3040 Types of Audit Tests

    9. 3040 Types of Audit Tests

    10. 3050 Materiality Determination

    11. 3050 Materiality Dertimination

    1. 4 Risk Assessment

      FREE PREVIEW

    2. 4010 Audit Risk Model

    3. 4010 Audit Risk Model

    4. 4020 Risk Assessment Process

    5. 4020 Risk Assessment Process

    6. 4030 Understanding the Entity and Environment

    7. 4030 Understanding the Entity and Environment

    8. 4040 Assess Internal Controls

    9. 4040 Assess Internal Controls

    10. 4050 Responding to the Risk of Material Misstatement

    11. 4050 Responding to the Risk of Material Misstatement

    12. 4060 Evaluation of Audit Test Results

    13. 4060 Evaluation of Audit Test Results

    14. 4070 Documentation of Risk Assessment

    15. 4070 Documentation of Risk Assessment

    1. 5 Audit Evidence

      FREE PREVIEW

    2. 5010 Audit Evidence & Management Assertions

    3. 5010 Audit Evidence & Management Assertions

    4. 5020 Audit Procedures

    5. 5020 Audit Procedures

    6. 5030 Audit Documentation

    7. 5030 Audit Documentation

    8. 5050 Develop Audit Expectations

    9. 5050 Develop Audit Expectations

    1. 6 Audit Internal Controls

      FREE PREVIEW

    2. 6010 Internal Controls Introduction

    3. 6010 Internal Controls Introduction

    4. 6020 Effect of Information Technology on Internal Controls

    5. 6020 Effect of Information Technology on Internal Controls

    6. 6030 Internal Control Components

    7. 6030 Internal Control Components

    8. 6040 Component of Internal Control

    9. 6040 Principles of Internal Control Components

    10. 6050 Internal Control Flowchart

    11. 6050 Internal Control Flowchart

    12. 6060 Substantive and Reliance Strategies

    13. 6060 Substantive and Reliance Strategies

    14. 6070 Assertions about Classes of Transactions and Related Controls Procedures

    15. 6070 Assertions About Classes of Transactions and Related Control Procedures

    16. 6080 Obtain an Understanding of Internal Controls

    17. 6080 Obtain an Understanding of Internal Controls

    18. 6090 Performing & Documenting Tests of Controls

    19. 6090 Performing & Documenting Tests of Controls

    20. 6100 Substantive Procedures

    21. 6100 Substantive Procedures

    22. 6110 Internal Controls Matters Communication

    23. 6110 Internal Control Matters & Communication

    24. 7010 Internal Control Over Financial Reporting (ICFR)

    25. 7010 Internal Control Over Financial Reporting (ICFR)

    26. 7020 Internal Control Deficiencies

    27. 7020 Internal Control Deficiencies

About this course

  • $59.99
  • 213 lessons
  • 18 hours of video content

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.