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Auditing Financial Statements

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This class will be geared towards current and future accounting professionals who have or will have responsibility to pass financial audits.  The following topics will be covered in this class:

• Generally Accepted Accounting Principals (GAAP)

• Generally Accepted Auditing Standards (GAAS)

• Public Company Account Oversight Board (PCAOB)

• COSO framework

• Sarbanes Oxley legislation

• Dodd-Frank Wall Street Reform

• Concepts of auditing (audit risk, materiality, evidence)

• Objective and purpose of audit of financial statements

• Responsibility and accountability

• Reasonable assurance

• Structure of Internal Audit Department

• Internal Audit Process (announcement letter, requests, interviews, findings, status meetings, recommendations, final report, response 

• Substantive audit evidence

• Substantive analytical procedures

• The Financing Process

• The Purchasing Process

• The Human Resource Management Process

• The Revenue Process

• Audit Opinions  (unqualified, qualified, adverse, disclaimer)

• Inherit risks/control risks

• Risk factors and pressure to commit fraud

• Occurrence, completeness, authorization. accuracy, cutoff, classification

• Evaluation of evidence

• Audit documentation

• Analytical procedures

• Control types

• Misstatements

• Testing

• Contingent liabilities