Audit – Financial Statement

Learn the audit process from planning to audit report form a Certified Public Accountant (CPA).

What you’ll learn

• 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

Requirements

• Learners should have a basic understanding of accounting concepts and the double entry accounting system.

Author(s): Robert (Bob) Steele

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