Financial Statement Auditing Principles

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Financial Statement Auditing Principles

Learning Objectives

To discover the purpose and nature of a financial statement audit.
To identify the players in the auditing industry.
To recognize ethical considerations in auditing.
To identify different forms of auditor’s reports.
To discover the three phases of the audit process: planning, execution, and completion.
To Identify management assertions.
To discover the various forms of audit evidence.
To identify different types of manual and electronic internal controls.
To identify different types of fraud risks and controls.
To discover approaches for assessing control risk.
To discover testing approaches for internal controls.
To identify approaches to auditing for fraud.
To describe substantive audit procedures.

Course Description

Many organizations are audited by independent public accountants. The purpose of an audit is to express an opinion on the fairness of presentation of financial information prepared by management. During a financial audit, a CPA confirms that the financial statements do not contain material errors. In case there are substantial errors, the CPA recommends corrective measures that comply with the Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

On the reliability of such a view, many stakeholders take important business decisions. For instance, investors and lenders rely on the opinion of an independent outside auditor to make their economic decisions to invest or lend their money.

An audit enhances the value of financial information by making it more trustworthy and credible. Realizing the importance of audit, regulators, and many legislative bodies apply strict controls on audit procedures.

In this online CPE course, we are going to learn how public accountants plan and execute an audit by complying with all the regulations of the audit regulators.

Major topics covered in this Audit online CPE webinar:

Definition of audit and its importance
Audit process walk-through
An overview of the financial statement audit
Auditing principles
Internal controls and fraud controls
Demystifying management assertions
Weighing audit evidence
Audit risk model
Auditing cycles and audit completion
Independent auditor’s report

click to access more webinars on Accounting & Auditing | QuickBooks Online for Accounting Professionals | Free CPE Webinars

Overview

Four Components of an Audit

3 mins
General Standard - Independence

18 mins
Independence in Fact

31 mins
Concept of Management Assertions

46 mins
Auditors form an opinion on financial statements

57 mins
What is Audit Evidence?

72 mins
Audit risk

88 mins
Materiality in the context of Audit

102 mins
Matters impacting the client risk profile

115 mins
Segregation of duties

137 mins
Reporting fraud

161 mins
Auditor communications to the Audit Committee

220 mins

Webinar Qualifies For

4 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
4 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
4 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
4 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
4 CPE Credit of Auditing for Certified Management Accountants (CMA)
4 CPE Credit of Auditing for Certification in Risk Management Assurance (CRMA)
4 CPD Credit of Auditing for Certified Financial Forensics (CFF)
4 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
4 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
4 CPE Credit for Certified Internal Controls Auditor (CICA)
4 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
4 CPE Credit of Auditing for Iowa Licensed Public Accountant (IA-LPA)
4 CPE Credit of Auditing for Maine Licensed Public Accountant (ME-LPA)
4 CPE Credit of Auditing for Delaware Licensed Public Accountant (DE-LPA)
4 CPE Credit for Certified Controls Specialist (CCS)

About Instructor

Blair Cook, CPA (US), CA - ICAEW, MBA

Partner, Executive Finance Partner Inc.

Blair is a many-time and active financial executive, corporate director, author, speaker, and thought leader. His educational videos of accounting and finance have million of views on YouTube. He has keynoted and spoken at national conferences from New York to Toronto. Along with Jen, he co-hosts CPA Canada’s podcast series “CPA Success Podcast.” He works with real businesses experimenting with theories and best practices to share his experiences and stories with others of what works, what doesn’t, and what was learned. He is the author of The Illiterate Executive: An Executive’s Handbook for Mastering Financial Acumen.

Additional Information

Duration

4 Hours

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

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NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

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John Claros, CPA (US)

great Instructor

Angela Yuen, CPA (US)

Conner Mitchell, CPA (US)

Helpful refresher

Rebecca Lee, CPA (US)

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4 Credits

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Subject Area

Auditing

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Financial Statement Auditing Principles

Course Details

Learning Objectives

Course Description

Overview

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

Blair Cook, CPA (US), CA - ICAEW, MBA

Other Details

Additional Information

4 Hours

Basic

QAS Self Study

None

None

FAQ’s

NASBA APPROVED

Ratings and Review

4.3

John Claros, CPA (US)

Angela Yuen, CPA (US)

Conner Mitchell, CPA (US)

Rebecca Lee, CPA (US)

Subject Area

Unlimited Access Plan

Inclusions

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