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Auditing Financial Statements

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 

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