This free Auditing and Attestation (AUD) course covers the CPA exam as well as a typical undergraduate auditing course. Click on link below to view related topics:
Demand for Audit and Other Assurance Services (5 lectures)
What is an audit? Audit and information risk, assurance and non assurance services, attestation services, type of audits and type of auditors.
The CPA Profession (7 lessons)
nature and structure of CPA firms, PCAOB role in auditing , AICPA role in auditing, SEC role in auditing, international standard of auditing, clarity project, quality control standards for CPA firms
Audit Reports and Opinion (8 lessons)
Standard unmodified report for issuer and non-issuers, reporting on internal control under PCAOB, unmodified opinion with emphasis of a matter or other matter explanatory, modified opinion due to scope limitation and GAAP deviation.
Professional Ethics (6 lessons)
Content of AICPA Code of Professional Conduct, Importance if Ethical Conduct for the Accounting Profession, AICPA Independence Rule and Interpretation, PCAOB SOX Independence Requirements that Influence Auditor Independence, AICPA Rules of Conduct, Enforcement Mechanism for CPA Conduct.
Auditor’s Responsibilities and Objectives (7 Lessons)
Objective of an Audit, Management Responsibilities, Auditor Responsibility fro Errors and Fraud, Auditor Responsibility for Illegal Acts, Professional Skepticism and Professional Judgement, Auditing assertion, Benefit of Cycle Approach of Segmenting.
Audit Evidence (9 lessons)
Sufficient Appropriate Evidence, Audit Evidence, Reliability of Audit evidence, Audit Evidence Procedures, Analytical Procedures Audit, Financial Ratios fro Auditing Purposes.
Chapter 8 – Part 01
Audit Planning (3 Lessons)
Audit Planning, Accepting a Client and Performing Initial Audit Planning, Understand the Client Business and Industry.
Chapter 8 – Part 02
Materiality in Auditing (5 lessons)
Concept of Materiality, Preliminary Judgement about Materiality for the Financial Statement as a Whole, Performance Materiality, Tolerable Misstatement, Materiality to Evaluate audit Evidence.
Assessing The Risk of Material Misstatement Audit Risk Model (7 lessons)
Audit Risk Model, Assessment of Inherent Risk in the Audit Risk model, Relationship of Risk to Audit Evidence, Engagement Risk Acceptable, Relationship of Risk and Materiality to Audit Evidence, Detection risk
Assessing and Responding to Fraud Risks (8 lessons)
Fraud Auditing, Fraud Triangle, assessing and Documenting Risk of Fraud, Corporate Governance and Other Factors that Reduce Fraud Risk, Responses to Identified Fraud Risk, Fraud Risk Area, Fraud Risk Area Sales and Account Receivable, Specific Fraud Risk area: Inventory, Accounts Payable, Payroll, Fixed assets, Fraud Discovery Auditor’s Role Interviewing Techniques.
Chapter 11 and 12 (part A)
Internal Control (10 lessons).
Internal Control, Internal Control Control Environment, Internal Control Risk Assessment, Internal Control Control Activities, Internal Control Information and Communication and Monitoring, Obtain an Understanding and Documenting Internal Control, Assess Internal Control, Test of Internal Control, Auditor’s Reporting on Internal Control
Chapter 11 and 12 (part B)
Internal Control over Information Technology (6 lessons).
Information Technology Internal Control, Information Technology General Control, Application Controls for Information Technology, Batch Processing Input Controls, Auditing Around the Computer, Auditing Using Computer Assisted Auditing Techniques.
Chapter 14 and 16
Introduction to Sales Cycle (11 lessons)
Introduction to sales Cycle, Sales cycl;e Test of Control and Substantive Transactions, Audit Cash Collection Cycle Transaction Related Transactions, Auditing of sales Returns and Allowances and Write-off of Uncollectibles, Auditing of Sales and Cash Collection Cycles, Account Receivable Substantive testing, Analytical Procedures fro sales and Collection Cycle, Account Receivable Confirmation, Account Receivable Test of Details Balance, Account Receivable Cutoff Test
Chapter 15 and 17
Audit Sampling (11 lessons)
Statistical Sample, Non Statistical Sampling, Probabilistic Selection, Introduction to Attribute sampling, Statistical sampling, Attribute sampling, test of Details Balance Variable, Monetary Unit Sampling, MUS, Probability Proportional to Size PPS, PPS, Variable sampling, Variable Sampling Mean Per Unit, Estimation Ratio, Estimation difference Estimation.
Chapter 18 and 19
Audit of the Acquisition and Payment Cycle (10 lessons)
Introduction to Acquisition and Payment Cycle, Acquisition and Payment Cycle Test of Control and Substantive Testing of Transactions, Analytical Procedures fro Acquisition and Payment Cycle, Test of Details balance Accounts payable, Accounts Payable and Inventory Cutoff Test, Audit of Property Plant and Equipment, Auditing of Prepaid expenses, Auditing Accrued Liabilities.
Audit of The Payroll and Personnel Cycle (4 lessons)
Introduction to Auditing payroll and personnel cycle, Auditing Payroll and Personnel Cycle: test of Control and Substantive test of Transactions, Auditing Payroll cycle Analytical Procedures and Test of Details balance.
Auditing of Inventory and Warehousing Cycle (9 lessons)
Auditing Inventory and Warehousing Cycle, Five parts of Audit Inventory and Warehousing Cycle, Audit of Cost Accounting, Substantial Analytical Procedures for Inventory and Warehousing Cycle, Physical Observation of Inventory, Audit of Pricing and Compilation, Audit of Pricing and Compilation Inventory, Auditing Inventory Internal Control and Substantive testing, Auditing the Capital Acquisition and Repayment Cycle.
Audit of the Capital Acquisition and Repayment Cycle (9 lessons)
Auditing the Capital acquisition and Repayment Cycle, Audit of Notes Payable Internal Control, Analytical Substantive Procedures for Notes Payable, Test of Details of Balances Notes Payable, Auditor of owner’s equity Transactions, Auditing of capital Stock and Paid in capital, Auditing of Dividend and Retained earnings, Auditing Notes payable.
Auditing of cash and financial instruments (6 lessons)
Auditing of Cash and Financial Instruments, Audit of Cash, Bank Confirmation, Bank Reconciliation, Cutoff Statement, Auditing Cash Fraud Oriented Procedures, Auditing financial Instruments, Check kiting.
Completing the Audit (8 lessons)
Completing the Audit: Presentation and Disclosures, Completing the Audit: contingent Liability, letter from client’s Attorney, Subsequent Events and Discovery of Facts, Completing the Audit Evidence Accumulation, Completing the Audit Evaluating Evidence, Completing the Audit Communication with audit Committee and management Letter, Adjustment Summary of Possible Misstatement Audit Schedule.
Assurance Service other Than Audit (9 lessons)
Assurance service review compilation, Compilation of Financial Statements, Review of Interim Financial Reporting, Attestation Engagement, Internal Control at Service Organization SOC Reports, Prospective Financial Statements Forecasts and Projections, Agreed Upon Procedures, Assurance Engagement Related to Historical Financial Statements, Example: Review and Compilation Engagement.
Internal and Governmental Financial Auditing and Operational Auditing (2 lessons)
Role of Internal Auditor in Auditing Auditing, Governmental Financial Auditing GAGAS Yellow Book Single audit act