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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.
WHAT WILL YOU LEARN IN THIS COURSE:
- What an audit engagement in and the objectives of the audit engagement
- How learning the audit process can enhance an accountants understanding of financial accounting concepts
- The general format and structure of a public accounting firm
- The general format and structure of an audit team
- How to plan an audit
- How to assess risk and use risk assessment in the planning process
- The concept of materiality and how it applies to audit planning and procedures
- Internal controls, tests of internal controls, and the role they play in the audit process
- Audit sampling procedures
- Substantive testing procedures
- Audit testing procedures related to the revenue process
- Audit testing procedures related to the purchasing process
- Audit testing procedures related to payroll and human resourses
- Audit testing procedures related to inventory
- Audit testing procedures related to prepaid expenses, intangible assets, & PP&E
- Audit testing procedures related to long term debt equity and cash
- The format of audit reportes
- The concepts of professional conduct and independents
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