Duration of the online course: 6 hours and 6 minutes
4.8
(10)
The course "Auditing in Accounting" is a comprehensive dive into the world of auditing, tailored for enthusiasts and professionals in the field of accounting. With a total duration of 6 hours and 6 minutes, this course meticulously covers a wide range of essential auditing concepts and practices that are crucial for any business administration professional, especially those majoring in accounting.
From the very outset, the course aims to demystify the concept of audits. It starts with foundational questions such as "What is an Audit?" and "Why Auditing is Important," setting the stage for a deep exploration of the subject. Participants will gain insights into the different kinds of auditing services, namely auditing, attestation, and assurance, which are fundamental in validating the accuracy and integrity of financial statements.
The course delves into the 4 Types of Audit Opinions, providing a nuanced understanding of different opinions an auditor can provide, including the crucial Going Concern Opinion which assesses a company's ability to continue operating in the foreseeable future. The distinction between Internal Audit and External Audit is thoroughly explained, highlighting their respective roles and importance.
An extensive section is devoted to the Sarbanes Oxley Act of 2002, a landmark in the history of auditing that significantly changed corporate governance and accountability practices. Alongside this, learners will come to understand the vital functions of The Audit Committee within an organization.
The course also covers the various Auditing Standards by comparing PCAOB and AICPA Auditing Standards. The Audit Process is illuminated through topics like Client Acceptance or Continuance and the critical differences between Independence in Fact and Independence in Appearance. The course lays out the detailed makeup of The Engagement Letter as well.
Understanding and preventing fraud is a significant component of this curriculum, with dedicated sections on The Fraud Triangle and multiple fraud schemes including Check Kiting and Lapping. The Audit Risk Model and its application through The 3 Types of Audit Tests are elaborated upon, guiding students on assessing and mitigating risks in an audit.
In terms of evidence and procedures, learners will delve into the 9 Types of Audit Procedures, with practical explanations on techniques such as Vouching and Tracing. Management Assertions, both about Classes of Transactions and Events, and Account Balances, are also detailed, providing a comprehensive framework for evaluating financial statements.
Internal controls are another key focus with topics such as The 5 Components of Internal Control and Segregation of Duties explored in depth. Learners will understand the various Types of Internal Control Deficiencies, distinguish between Material Weakness and Significant Deficiency, and learn how to report these findings.
The course also covers Audit Sampling methods, comparing Statistical vs. Nonstatistical Sampling, and discussing Sampling Risk vs. Nonsampling Risk. Detailed procedures on Attributes Sampling, Variables Sampling, and specific techniques like Monetary Unit Sampling and Classical Variables Sampling are explained, offering practical insights on how to calculate and optimize sample size.
Overall, this meticulous course equips aspiring auditors and accounting professionals with the essential knowledge and skills to excel in their field. Whether you’re looking to understand the Revenue and Collection Cycle, test Internal Controls, or conduct Substantive Procedures, "Auditing in Accounting" provides a detailed roadmap for mastering these critical auditing practices.
Video class: What is an Audit?
06m
Exercise: What is the primary purpose of an audit in the context of financial statements?
Video class: Why Auditing is Important
07m
Exercise: Why is auditing important beyond legal requirements?
Video class: Auditing, Attestation, and Assurance
05m
Video class: The 4 Types of Audit Opinions
06m
Video class: Going Concern Opinion
03m
Exercise: What action must an external auditor take if they conclude that there is substantial doubt about an entity's ability to continue as a going concern?
Video class: Internal Audit vs External Audit
03m
Video class: The Sarbanes Oxley Act of 2002
10m
Exercise: What was one of the key requirements imposed on the CEOs and CFOs of publicly traded companies by the Sarbanes-Oxley Act?
Video class: The Audit Committee
04m
Exercise: What is a key requirement for members of the Audit Committee in a corporation?
Video class: Auditing Standards
05m
Video class: PCAOB vs. AICPA Auditing Standards
04m
Video class: The Audit Process
06m
Video class: Client acceptance or continuance
02m
Video class: Independence in Fact vs. independence in Appearance
02m
Exercise: Why is it important for an auditor to have both independence in fact and independence in appearance?
Video class: The Engagement Letter
01m
Exercise: What is the primary purpose of the engagement letter between an auditor and a client?
Video class: The 3 Types of Audit Tests
04m
Video class: The Fraud Triangle
03m
Exercise: What are the three factors of the fraud triangle?
Video class: The Audit Risk Model
07m
Video class: 9 Types of Audit Procedures and Evidence
06m
Video class: Vouching vs. Tracing
02m
Video class: Management Assertions (Auditing)
03m
Exercise: What are the two general categories of management assertions in financial statements?
Welcome to our comprehensive list of free courses on Auditing in Accounting. Whether you are an aspiring accountant, a seasoned professional, or someone looking to expand your knowledge in the field of accounting, our curated selection of courses offers valuable insights into the world of auditing. These courses cover various aspects of auditing, from fundamentals to advanced techniques, ensuring you gain a thorough understanding of the subject.
Auditing is a crucial aspect of accounting, involving the examination and verification of financial records to ensure accuracy and compliance with established standards. By enrolling in these free courses, you can enhance your skills, stay updated with industry practices, and boost your career prospects. Explore our list of free auditing courses below and start learning today.
Each of these free auditing courses is designed to provide you with practical knowledge and skills that you can apply in real-world scenarios. By completing these courses, you will be well-equipped to handle various auditing tasks and challenges, making you a valuable asset to any organization.
Don't miss out on this opportunity to enhance your auditing expertise without any cost. Enroll in our free auditing courses today and take the first step towards becoming a proficient auditor. Happy learning!
6 hours and 6 minutes of online video course
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Course comments: Auditing in Accounting
Precious Babirye
It is very knowledgeable and helpful.
Artem Zverev
Cool