Free online courseAuditing in Accounting

Course Description

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.