Audit - Financial Statement

Explore the auditing environment, including types of audits and attest and assurance engagements, and examine the structure of public accounting firms, auditing teams, government regulations, and organizations that impact audits.

Access a downloadable PDF that accompanies the instructional video as a supplement for the next presentation.

Explore types of audit, attest, and assurance services offered by public accounting firms, including external, internal, government, and forensic auditors, and understand independence, internal controls, and non-audit services.

Access a downloadable pdf that supplements the instructional video, reinforcing audit and financial statement topics with insights from public accounting firms.

Public accounting firms range from sole proprietors to networks; the big four—Deloitte, Ernst and Young, Pricewaterhouse Cooper, KPMG—audit publicly traded companies, while mid-tier and regional firms collaborate to win clients.

Access a downloadable pdf that supplements the instructional video, reinforcing concepts from the audit - financial statement course and the 2030 audit team lecture.

Lead the standard audit team from partner to staff, plan the engagement, supervise the audit program, review working papers, and sign off on the final audit.

Download a pdf supplement to the instructional video for 2040 government regulation in audit of financial statements.

Analyze how government regulation shapes audits of large publicly traded firms, balancing cost with trust, and examine Sarbanes-Oxley, the Public Company Accounting Oversight Board, and Dodd-Frank.

Access a downloadable pdf that supplements the instructional video for the 2050 corporate governance module in the audit - financial statement course.

Explain how corporate governance governs the audit, detailing the shareholders, board of directors, management, and the independent audit committee, and why auditor independence matters for GAAP reporting.

Access a downloadable PDF that supplements the instructional video and supports understanding of organizations that impact auditing in the audit of financial statements.

Identify the US and international bodies shaping auditing, including the SEC, AICPA, PCAOB, FASB, ASB, ISAB, and IAASB, and explain how auditing standards standardize financial statements and support independence.

Download a pdf supplement that accompanies the instructional video and reinforces the underlying principles of an audit.

Explore the underlying principles of an audit, including the purpose, responsibilities of management and the auditor, evidence gathering, and the reporting of fair financial statements.

Explore the major auditing standards setters—ASB and SAS for non-publicly traded companies, PCAOB and AS for publicly traded companies, and IAASB with ISA—plus AU numbering and topical organization.

Explore the audit planning process, including the engagement team's role, selecting procedures, setting materiality thresholds, and deciding on tests of controls and substantive testing to maximize evidence while minimizing effort.

Access a downloadable pdf that accompanies the instructional video, guiding you through the audit planning stages.

Assess client acceptance or continuance, preliminary engagement activities, and audit planning to ensure integrity, independence, capability, and regulatory compliance before initiating the audit.

Access a downloadable pdf to supplement the instructional video. Use the pdf with the next presentation as a supplement to the instructional video.

Explore preliminary engagement activities, set engagement letters, and decide if internal auditors' work can be used. Review the audit committee's role and Sarbanes-Oxley 301 pre-approval for audit and non-audit services.

Access a downloadable pdf that accompanies the instructional video, providing a concise supplement for planning the audit.

Learn how to plan an audit by setting an overarching strategy and a detailed audit plan, assess business risk, establish materiality, and identify related parties for efficient testing.

Download the accompanying pdf to supplement the instructional video and explore the 3040 types of audit tests for auditing financial statements.

Explore the full spectrum of audit tests, from risk assessment procedures and test of controls to substantive procedures, including dual-purpose tests and walkthroughs.

Access a downloadable PDF that supplements the instructional video, reinforcing materiality determination within the audit of financial statements.

Learn how to determine overall materiality and tolerable misstatements during planning, allocate materiality to accounts and classes of transactions, aggregate misstatements, and evaluate results to ensure fairly presented financial statements.

Explore risk assessment in auditing, linking how internal controls influence testing decisions and substantive procedures during planning, and how to formalize assessing control strength to determine reliance and testing levels.

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Explain the audit risk model, detailing inherent risk (IR), control risk (CR), and detection risk (DR), and how they determine the risk of material misstatement and audit procedures.

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Understand the risk assessment process to identify business risks. Assess material misstatement risk at the financial statement and assertion levels with inquiries and analytical procedures.

Download a pdf supplement that supports the instructional video on understanding the entity and environment in audit and financial statement contexts.

Learn how to understand the entity and environment by examining operations, ownership, governance, investments, financing, and risks to inform audit strategy and testing.

Access a downloadable pdf that supplements the instructional video on assessing internal controls in financial statement audits.

Assess internal controls to design audit procedures, identify weak controls and higher fraud risk, and evaluate the risk of material misstatement due to errors or fraud.

A downloadable pdf complements the instructional video in this audit course on the risk of material misstatement, supporting the lecture on responding to financial statement risks.

Access a downloadable PDF that supplements the instructional video, supporting the evaluation of audit test results.

Evaluate audit results to identify material misstatements against generally accepted accounting principles. Set tolerable misstatement levels and decide on corrective actions or opinions on the financial statements.

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Document documentation of risk assessment and evidence in working papers to support assertions and financial statements opinion. Outline inquiries, responses, and procedures to identify fraud risk and misstatement.

Identify and gather different types of audit evidence, and record it to support the opinion on whether the financial statements comply with generally accepted accounting standards.

Download the pdf supplement to the instructional video for 5010 audit evidence and management assertions, enriching your study of audit practices for financial statements.

Explore audit evidence and management assertions to support the audit opinion on financial statements under GAAP, guiding planning, testing, and the sufficiency and appropriateness of evidence.

Download a PDF file that accompanies the upcoming presentation and use it as a supplement to the instructional video.

Explore audit procedures, from risk assessment and test of controls to substantive tests and analytical procedures, using accounts receivable and source documents to form an evidence bucket.

Access a downloadable pdf that supplements the instructional video for pdf 5030 audit documentation in financial statement auditing.

Understand audit documentation and working papers, including procedures, evidence, and conclusions; learn how permanent and current files, indexing, tick marks, and reviews support planning, supervision, and compliant audit reports.

Access the downloadable pdf as a supplement to the instructional video to develop audit expectations.

Auditors develop expectations for analytical procedures using benchmarks from financial data, budgets, industry standards, and management analysis, then test whether results align with those expectations.

Explore how management establishes internal controls to assure financial statement reliability, enabling auditors to rely on controls and reduce substantive testing when those controls are strong.

Learn how management designs internal controls, how auditors test them, and how the COSO framework guides reliability of financial reporting, efficiency of operations, and compliance.

Explore how management implements internal controls to safeguard assets and ensure reliable financial reporting, while auditors test controls and assess independence and separation of duties.

Access a downloadable pdf file that supplements the instructional video on the effect of information technology on internal controls.

Explore how information technology shapes internal controls, including separation of duties, access controls, data analytics, timely and accurate information, monitoring, and related risks such as unauthorized access and data loss.

Access a downloadable pdf that accompanies the instructional video, providing a supplement to the 6030 internal control components lecture.

Explore the five internal control components—control environment, risk assessment, control activities, information and communication, and monitoring—to understand how tone at the top shapes design, implementation, and ongoing effectiveness.

Access a downloadable pdf that supplements the instructional video for audit financial statement concepts, focusing on the 6040 principles of internal control components.

Explore the five internal control components—control environment, risk assessment, control activities, information and communication, and monitoring activities—and their core principles, including integrity, board independence, and accountability.

Access a downloadable pdf that supplements the instructional video, illustrating the 6050 internal control flowchart for auditing financial statements.

an internal control flowchart guides auditors through designing, evaluating, and documenting controls, deciding whether to rely on them or pursue substantive testing based on control risk and company type.

Access a downloadable PDF that supplements the instructional video, supporting the substantive and reliance strategies discussed for auditing financial statements.

Compare substantive and reliance strategies by examining how internal controls influence control risk and the level of substantive testing needed, depending on whether controls are strong or weak.

Identify assertions about classes of transactions and related control procedures, including occurrence, completeness, authorization, accuracy, cutoff, and classification, to design effective internal controls.

Learn how internal controls map assertions like occurrence, completeness, authorization, accuracy, cutoff, and classification to control activities, including testing and reconciliations.

Access a downloadable pdf that supplements the instructional video to help you obtain an understanding of internal controls for financial statement audits.

Auditors obtain an understanding of internal controls and their five components to plan the audit, assess control risk, and design tests of controls and substantive procedures.

Access the downloadable PDF file to supplement the instructional video on performing and documenting tests of controls.

Perform and document tests of controls by auditing through inquiry, inspection, observation, and reperformance, map management's controls to assertions, and document control risk with working papers and memos.

Downloadable pdf supplements the instructional video on 6100 substantive procedures for auditing financial statements in this course.

Learn how substantive procedures drive audit testing, balancing internal controls and detection risk to determine interim and year-end testing for significant assertions.

Access a downloadable pdf that accompanies the upcoming presentation, serving as a supplement to the instructional video.

Define and distinguish internal control matters, control deficiency, significant deficiency, and material weakness, and explain how they affect timely prevention or detection of misstatements in financial statements.

A downloadable pdf supplement accompanies the instructional video on internal control over financial reporting (ICFR), reinforcing key concepts from the audit course.

Explore internal control over financial reporting (ICFR) under section 404 of the Sarbanes-Oxley Act, detailing management responsibilities, auditor roles, and an integrated audit of ICFR and financial statements.

Access the downloadable pdf that serves as a supplement to the instructional video. This resource supports learners by reinforcing the instructional content with a portable reference for audit topics.

Examine internal control deficiencies, significant deficiencies, and material weaknesses in icfr, and learn how likelihood and magnitude guide communication to management and the audit committee.

Explore how auditors use sampling to test controls in large populations and apply results to the population, highlighting sampling methods for controls and substantive tests.

Access a downloadable pdf that accompanies the instructional video for the 8010 controls audit sampling in the audit - financial statement course.

Explore audit sampling for internal controls, comparing statistical and non-statistical methods. Determine population, select representative samples, evaluate sampling risk, and interpret confidence level, tolerable error, and expected error.

Download a pdf supplement to the instructional video, covering audit evidence and sampling concepts for the audit of financial statements.

Access a downloadable pdf that serves as a supplement to the instructional video on 8030 types of audit sampling.

Explore statistical and nonstatistical audit sampling, compare efficiency and sampling risk, and examine techniques—attribute, monetary-unit, and classical variable sampling—to assess controls and detect misstatements.

Download the PDF supplement to the instructional video, reinforcing attribute sampling applied to test of controls in audit of financial statements.

Apply attribute sampling to test of controls and evaluate operating effectiveness through planning, defining population, sampling unit, deviation conditions, and determining sample size with confidence levels and deviation rates.

Access a downloadable pdf that supplements the instructional video on attribute sampling applied to test of controls performance in audit of financial statements.

Apply attribute sampling to test of controls, planning, performing, and evaluating the sample; select items by random or systematic methods and address deviations and stopping rules.

Download a PDF supplement to reinforce the instructional video on attribute sampling applied to test of controls evaluation in financial statement audits.

Apply attribute sampling to test of controls, evaluate results by calculating sample deviation and upper deviation rates, compare to tolerable deviation rate, and decide the final conclusion about internal controls.

Access a downloadable pdf that supplements the instructional video on nonstatistical sampling for tests of controls in auditing.

Learn nonstatistical sampling for tests of controls, using a policy grid to set sample sizes (15, 25, 50) and apply random, systematic, or haphazard selection alongside upper deviation rate concepts.

Master substantive tests and procedures for auditing financial statements, including testing balances, transactions, inventory, and invoices, and assess how internal controls shape audit evidence in large and small organizations.

Access a downloadable pdf for the 9010 substantive tests of details of account balances, used as a supplement to the instructional video.

Analyze substantive tests of details of account balances and how sampling concepts from internal controls guide inventory misstatement estimation, including tolerable and projected misstatements.

Access a downloadable pdf that supplements the instructional video for the audit of financial statements.

Explore monetary unit sampling (mus) and how auditors express monetary conclusions using attribute sampling theory, testing accounts like accounts receivable, loans receivable, investment securities and inventory, with advantages and considerations.

Access a downloadable pdf that serves as a supplement to the instructional video, detailing the monetary unit sampling (MUS) process for auditing financial statements.

Master the monetary unit sampling (mus) process—from planning through evaluation—to test the accuracy and potential misstatements of financial statement amounts, using dollars as units and probability proportional to size.

Access a downloadable PDF that supplements the instructional video, covering non-statistical sampling for tests of account balances.

Explains non-statistical sampling for tests of account balances, including identifying individually significant items, determining sample size, selecting samples, and applying ratio and difference projection methods.

Access a downloadable pdf that supplements the instructional video on auditing financial statements, featuring classical variable sampling concepts.

Examine classical variable sampling using normal distribution theory to estimate misstatements and analyze sampling distributions and the sample mean as the population mean's best estimate.

Examine the revenue process audit plan, test the revenue cycle, and gather evidence from accounts receivable, sales, inventory, and cost of goods sold to assess gaap compliance.

Explore auditing revenue approaches through a downloadable pdf that complements the instructional video on financial statement auditing.

Audit revenue by applying the revenue recognition principle and accrual basis to contracts, performance obligations, transaction price, and recognition when obligations are satisfied, noting fraud risks and related accounts.

Access a downloadable PDF file that complements the instructional video, providing a concise supplement for auditing revenue concepts in this course.

Examine the key documents and records in revenue auditing, including credit approval forms, customer orders, shipping documents, invoices, journals, and accounts receivable reports, to test revenue recognition and internal controls.

Download a pdf file to supplement the instructional video. Use the downloadable pdf to reinforce the content covered in the video.

Explore the revenue process from order entry to cash receipts, including shipping and billing. Evaluate credit authorization, accounts receivable, and the general ledger for proper recording.

Access a downloadable pdf that supplements the instructional video on the segregation of duties in the revenue process for audit and financial statement coverage.

Learn how segregation of duties strengthens revenue recognition through internal controls by separating order entry, credit, shipping, invoicing, and cash receipts to deter errors and fraud.

Access a downloadable pdf that supplements the instructional video on inherent risk assessment within the revenue process for audit of financial statements.

Explore inherent risk assessment in the revenue process, and how industry type, complexity, and prior misstatements influence internal controls and the level of substantive testing.

Access a downloadable pdf supplement to the instructional video for the 10060 control risk assessment revenue process.

Assess control risk in the revenue process by testing controls, using a reliance strategy, and documenting the control environment, control activities, and methods for substantive testing.

Access a downloadable PDF that supplements the instructional video and reinforces testing controls over revenue transactions in auditing financial statements.

Examine testing controls for revenue transactions, linking assertions such as occurrence and completeness to the internal controls and testing procedures that detect fictitious revenue or other misstatements.

Access a downloadable pdf that supplements the instructional video on testing controls for cash receipts transactions, aligned with auditing financial statements.

Learn how auditors test cash receipts controls within the revenue process, covering occurrence, completeness, authorization, accuracy, cutoff, and classification, with bank reconciliations, lockbox systems, and daily remittance reconciliation tests.

Download a pdf supplement that accompanies the instructional video, covering substantive tests of transactions for accounts receivable.

Master substantive tests of transactions for accounts receivable, including allowance for uncollectible accounts and bad debt expense. Trace invoices to orders and shipping documents; use aging and confirmations for valuation.

Apply audit procedures and the audit plan to the purchasing cycle, identify affected accounts such as accounts payable, inventory, expenses, and supplies, and gather audit evidence through testing.

Access a downloadable pdf file that accompanies the instructional video, providing a supplementary resource for understanding the purchasing process auditing.

Audit the purchasing process on an accrual basis, applying the matching principle. Assess internal controls and key documents, such as requisitions, orders, receiving reports, vendor invoices and accounts payable.

download a pdf supplement for the purchasing process segregation of duties that accompanies the instructional video in the audit - financial statement course.

Explore how internal controls and segregated duties safeguard the purchasing process, from requisition to payment, reducing fraud and errors through checks, balances, and reconciliations.

Access a downloadable pdf that supplements the instructional video on the purchasing process inherent risk and control risk for auditing financial statements.

Assess inherent and control risks in the purchasing process and the role of internal controls to set detection risk and plan substantive testing via a reliance strategy.

Access a downloadable PDF that supplements the instructional video on purchasing process control activities and tests in audit of financial statements.

Examine control activities and tests of controls in the purchasing process, linking inherent risk, control risk, and detection risk to audit planning.

Access a downloadable pdf that supplements the instructional video, enhancing your understanding of audit accounts payable and accrued expenses.

Audit accounts payable and accrued expenses by testing existence, rights and obligations, completeness, valuation, allocation, classification, and presentation, using year-over-year comparisons and vendor balances to detect misstatements.

Access a downloadable pdf that supplements the instructional video on tests of details of transactions in audit of financial statements.

Explore tests of details for accounts payable, including completeness, existence, cutoff, rights and obligations, accuracy, valuation, and classification, with emphasis on related party purchases, purchase commitments, and positive blank confirmations.