Audit - Financial Statement

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Introduction

Are you looking to dive deep into the world of financial auditing? Whether you're a seasoned professional aiming to sharpen your skills, a student eager to learn the ropes, or someone preparing for the CPA exam, the "Audit - Financial Statement" course is your gateway to mastering the art of auditing. This comprehensive course provides a thorough understanding of the auditing process, equipping you with the knowledge and practical skills needed to excel in this crucial field. From analyzing audit engagements to preparing professional audit reports, this course is designed to enhance your career in financial auditing.

Course Details

Course Curriculum Overview

The "Audit - Financial Statement" course is meticulously structured to cover all aspects of financial statement auditing. Here's a glimpse into the curriculum:

• Audit Engagements: Learn to analyze engagements and provide assurance on financial statements.
• Advanced Auditing Knowledge: Apply advanced knowledge to interpret financial accounting concepts effectively.
• Public Accounting Firms: Understand the structure and functions of public accounting firms in the audit process.
• Audit Team Coordination: Coordinate and allocate tasks within an audit team for efficient engagement execution.
• Audit Planning: Develop comprehensive audit plans based on client business, risk environment, and scope.
• Risk Management: Assess and manage audit risks through risk assessment and identification techniques.
• Materiality and Audit Procedures: Determine materiality and design appropriate audit procedures for reliable financial reporting.
• Internal Controls: Evaluate internal controls, identify deficiencies, and perform tests to ensure their effectiveness.
• Sampling Methods: Apply statistical and non-statistical sampling methods to obtain relevant audit evidence.
• Substantive Testing: Perform substantive testing to verify the accuracy and completeness of account balances.
• Specific Processes: Evaluate revenue, purchasing, payroll, and human resources processes.
• Specialized Accounts: Conduct audit procedures for inventory, prepaid expenses, intangible assets, property plant and equipment, long-term debt, equity, and cash.
• Audit Reports: Prepare professional audit reports conveying findings, opinions, and recommendations.
• Ethical Behavior: Demonstrate ethical behavior, independence, objectivity, and confidentiality in auditing engagements.

Key Learning Outcomes

By the end of this course, you will be able to:

• Analyze and provide assurance on financial statements.
• Develop and implement comprehensive audit plans.
• Evaluate and manage audit risks effectively.
• Design and perform audit procedures tailored to specific client needs.
• Prepare professional audit reports that communicate findings clearly.

Target Audience and Prerequisites

This course is ideal for:

• Seasoned Professionals: Those looking to enhance their auditing skills.
• Students: Aspiring auditors who want a comprehensive introduction to financial statement auditing.
• CPA Candidates: Individuals preparing for the CPA exam with a focus on auditing.

Prerequisites include a basic knowledge of financial accounting principles and concepts.

Course Duration and Format

The course spans 19 hours of on-demand video content, supplemented by:

• 1 practice test
• 99 downloadable resources
• Access on mobile and TV
• NASBA CPE credits: 24.6
• Closed captions
• Certificate of completion

Instructor Background

The course is taught by Robert (Bob) Steele, a seasoned CPA, CGMA, with an M.S. in Tax and CPI credentials. With a 4.5 instructor rating, over 53,988 reviews, and more than 931,544 students enrolled in his 157 courses, Bob brings a wealth of experience and expertise to the table.

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Benefits & Applications

Practical Skills Gained

This course equips you with a range of practical skills essential for a successful career in auditing:

• Audit Planning and Execution: Develop and execute audit plans tailored to specific engagements.
• Risk Assessment: Identify and manage audit risks effectively.
• Internal Control Evaluation: Assess and test internal controls to ensure financial reporting integrity.
• Substantive Testing: Verify account balances and transactions through substantive testing.
• Report Preparation: Prepare clear and professional audit reports.

Real-World Applications

The skills learned in this course have direct applications in various real-world scenarios:

• Public Accounting: Enhance your role within a public accounting firm by conducting thorough audits.
• Corporate Auditing: Apply your knowledge to internal audit functions within corporations.
• Regulatory Compliance: Ensure compliance with financial reporting standards and regulations.
• Consulting: Offer auditing services as a consultant to businesses seeking to improve their financial processes.

Career Relevance

Completing this course can significantly boost your career in the following ways:

• Career Advancement: Gain the skills needed to move up in your auditing career.
• CPA Exam Preparation: Prepare effectively for the auditing section of the CPA exam.
• Industry Recognition: Enhance your professional credibility with a certificate of completion and NASBA CPE credits.

Industry Alignment

The course aligns with the latest industry standards and practices, ensuring you stay current with:

• Auditing Standards: Learn and apply the latest auditing standards and guidelines.