CPE PACKAGES (Incl. Ethics) for Multiple States and Qualifications @ $4/credit. CLICK HERE to view.

Financial Statement Auditing Principles

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

Executive Finance Partner Inc.

  • CRMA
  • CFEs
  • CIA
  • CMA
  • CPA (US)
  • CVA

Published: July, 2021

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Before starting this self study program, please go through the instructional document.

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

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

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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

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Finance Pros
  • Senior Accountant
  • Staff of Accounting Firm
  • VP Finance
  • Young CPA