Auditing of financial statements is a required skill for advanced accountants and CPAs. Intended for individuals interested in pursuing a professional accounting career, this course prepares students with an understanding of auditing methods and concepts. Through online lecture and instructor-led Q&As, students will learn professional standards and responsibilities, legal liability, audit objectives, types of audits, audit evidence, materiality and audit risk. This class will also cover best practices during the audit process, including planning, the study and evaluation of internal control, tests of transactions, direct tests of account balances, analytical procedures and more. In addition, students will become familiar with audit sampling and the effect of electronic data processing (EDP) on the audit process. By the end of this course, you will possess the knowledge and analytical skills necessary to perform basic financial audits.
Learning Outcomes
- Demonstrate professional ethics
- Distinguish the authoritative bodies responsible for setting auditing standards, attestation standards, and quality control standards
- Apply the scope of legal liability inherent in the practice of accounting
- Utilize the procedures necessary to complete an audit, including an evaluation of audit findings and the auditor’s post-audit responsibilities
- Describe standard audit reports for public and non-public entities, including available options for audit opinions
Skills You Will Gain
- Auditing
- Professional standards, ethics, and legal liabilities of CPAs
- Internal control
- Additional assurance services