Audit – Financial Statement

Audit-Financial Accounting will focus on, intimately, the auditing course of of monetary statements.

The course will begin by discussing what an audit is, in addition to what the phrases attest engagement and assurances providers imply.

We will focus on the audit setting, the overall format of a public accounting agency, and the overall format of an audit staff that will conduct the procedures associated to an audit. The course may also focus on rules and regulatory establishments associated to the audit course of.

The course will cowl the planning course of for an audit engagement. The planning course of is a vital part of the audit as a result of it should define the steps that shall be taking. The highest ranges of the general public accounting agency are typically concerned within the planning course of.

We will contemplate easy methods to assess threat associated to the audit utilizing an audit threat Model. The threat evaluation will assist us plan the audit and decide the place the auditors time could be spent most effectively to collect proof to assist the auditor’s conclusion and opinion.

Learners will be taught the totally different codecs of audit proof and easy methods to doc audit proof in order that it may be used as proof to assist the conclusion and opinion of the auditor.

We will examination the interior controls of the group. Internal controls are insurance policies arrange by administration to attain the targets of the group. As auditors, we’re primarily involved with inside controls that may decrease the danger of monetary statements being materially misstated. If we will depend on inside controls as an auditor, we might be able to do extra testing of the controls and fewer substantive testing, and this may be extra environment friendly.

The course will focus on the audit sampling strategies. When making use of testing procedures, auditors usually want to check a pattern of a inhabitants after which apply the outcomes to the inhabitants as an entire. Different sampling strategies are applicable for various conditions and assertions being examined.

Next, we’ll discuss substantive checks. Substantive checks embody checks that most individuals consider once they consider an audit, like pulling recordsdata, counting stock, and performing procedures on the firm’s office. Substantive testing will embody testing account balances and transactions.

We will then cowl audit procedures associated to particular processes, together with the income course of, the buying course of, and the payroll and human sources course of.

Next will cowl the audit course of for particular accounts like stock, pay as you go bills, intangible property, property plant and gear, long run debt & fairness.

Then we’ll focus on the audit course of associated to money, money being a vital account as a result of it’s concerned in nearly each different accounting course of sooner or later.

Learners will then learn to put collectively an ordinary audit report. The commonplace audit report is named an unqualifies report. It is useful to really memorize or have a good suggestion of the format of the usual unqualifies report. We can then take into consideration variations on the usual unqualified report, adjusting it as obligatory.

CPE (Continuing Professional Education)

Learning Objectives

1. Describe what an audit engagement is and the targets of the audit engagement

2. Explain how studying the audit course of can improve an accountant’s understanding of monetary accounting ideas

3. Discuss the overall format and construction of a public accounting agency

4. Outline the overall format and construction of an audit staff

5. Describe easy methods to plan an audit

6. Explain easy methods to assess threat and use threat evaluation within the planning course of

7. Discuss the idea of materiality and the way it applies to audit planning and procedures

8. Outline inside controls, checks of inside controls, and the function they play within the audit course of

9. List audit sampling procedures

10. List substantive testing procedures

11. Discuss audit testing procedures associated to the income course of

12. Explain audit testing procedures associated to the buying course of

13. Identify audit testing procedures associated to payroll and human sources

14. Describe audit testing procedures associated to stock

15. Explain audit testing procedures associated to pay as you go bills, intangible property, & PP&E

16. Outline audit testing procedures associated to long run debt fairness and money

17. Discuss the format of audit experiences

18. Explain the ideas {of professional} conduct and independents

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Who this course is for:

• Professionals working in public accounting
• Accounting college students
• Accounting professionals who need to broaden their understanding of accounting
• Accounting professionals who work with auditors