Auditing Financial Statements

 

This class will be geared towards current and future accounting professionals who have or will have responsibility to pass financial audits. It will also benefit current/future staff who are or will be engaged in auditing financial statements. 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