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AUD · Introductory

AUD — Auditing & Assurance

The audit process, internal control, risk assessment and evidence under the PSAs.

Instructor: Vera, The Verifier EKII AI Faculty

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AUD

Course content

2 modules · 125 lessons

1.Theory on Auditing and Attestation Services 78 lessons

1.1 Fundamentals of Auditing and Assurance Services
1.1.1 Introduction to assurance engagements
1.1.1.1 Nature, objective, and elements
1.1.1.2 Types of assurance engagements
1.1.2 Introduction to auditing
1.1.2.1 Nature, philosophy, and objectives
1.1.2.2 Types of audit
1.1.2.2.1 By nature of assertion (FS, operational, compliance)
1.1.2.2.2 By type of auditor (external, internal, government)
1.2 Risk-based FS Audit - Client Acceptance, Planning, Supervision and Monitoring
1.2.1 Overview of the risk-based audit process
1.2.2 Pre-engagement procedures
1.2.3 Scope and purposes of audit planning
1.2.3.1 Essential planning requirements
1.2.3.1.1 Knowledge of the business
1.2.3.1.2 Preliminary analytical procedures
1.2.3.1.3 Materiality
1.2.3.1.4 Assessing and managing audit risks
1.2.3.1.5 Overall audit plan and audit program
1.2.4 Direction, supervision, and review
1.3 Understanding the Entity & Environment, Internal Control & Assessing RMM
1.3.1 Industry, regulatory and external factors
1.3.1.1 Nature of the entity
1.3.1.2 Objectives, strategies and business risks
1.3.1.3 Measurement and review of financial performance
1.3.2 Internal Control
1.3.2.1 Basic concepts and elements
1.3.2.2 Consideration of accounting and internal control systems
1.3.2.2.1 Understanding and documentation
1.3.2.2.2 Assessment of control risks
1.3.3 Assessing the risks of material misstatement
1.3.3.1 Fraud and errors
1.3.3.2 Risk assessment procedures
1.3.3.3 Discussion among the engagement team
1.3.3.4 Significant risks
1.3.3.5 Risks needing substantive + other procedures
1.3.3.6 Revision of risk assessment
1.3.4 Communicating with those charged with governance
1.4 Audit Objectives, Procedures, Evidence and Documentation
1.4.1 Nature and significance
1.4.2 Evidential matters
1.4.3 Audit procedures/techniques and audit selection
1.4.4 Audit working papers
1.5 Completing the Audit / Post-Audit Responsibilities
1.5.1 Completing the audit and report preparation
1.5.1.1 Analytical procedures for overall review
1.5.1.2 Related party transactions
1.5.1.3 Subsequent events review
1.5.1.4 Going concern assessment
1.5.1.5 Client representation letter
1.5.1.6 Evaluating findings, forming opinion, drafting report
1.5.2 Post-audit responsibilities
1.5.2.1 Subsequent discovery of facts
1.5.2.2 Subsequent discovery of omitted procedures
1.6 Reports on Audited Financial Statements
1.6.1 Unqualified auditor's report
1.6.2 Basic elements of the unqualified report
1.6.3 Modified auditor's report
1.6.3.1 Matters not affecting the opinion
1.6.3.2 Matters affecting the opinion
1.6.4 Report on comparatives
1.6.5 Key audit matters
1.7 Auditing in a CIS Environment
1.7.1 Internal control in a CIS environment
1.7.1.1 Introduction
1.7.1.2 Impact of computers on IC systems
1.7.1.2.1 General controls
1.7.1.2.2 Application controls
1.7.1.3 Unique characteristics of specific CIS
1.7.2 Basic approach to the audit of CIS environment
1.7.2.1 Effects of computers on the audit process
1.7.2.2 Computer assisted audit techniques
1.7.2.3 Electronic commerce
1.7.3 Auditing new technologies
1.8 Attestation Services
1.8.1 Special purpose audit engagements
1.8.2 Attestation and related services
1.8.3 Other CPA services
End-of-module quiz

2.Auditing Practice 47 lessons

2.1 Governance, Ethics and Quality Management
2.1.1 Corporate governance
2.1.2 Ethical standards and responsibilities
2.1.3 System of quality management
2.1.4 Regulatory requirements of public practice
2.2 Planning the Audit and Performing Risk Assessment Procedures
2.2.1 Risk-based audit overview
2.2.2 Risk assessment overview
2.2.3 Preliminary activities (acceptance & continuance)
2.2.4 Planning the audit
2.2.4.1 Overall audit strategy
2.2.4.2 Determining and using materiality
2.2.4.3 Audit team discussions
2.2.4.4 Auditing business processes
2.2.4.4.1 Order to cash
2.2.4.4.2 Purchase to pay
2.2.4.4.3 Plan to inventory
2.2.4.4.4 Hire to retire
2.2.4.4.5 Acquire to retire
2.2.4.4.6 Record to report
2.2.4.4.7 Close, consolidate and report
2.2.5 Performing risk assessment procedures
2.2.5.1 Identification and assessment of inherent risks
2.2.5.2 Identifying objectives and key risks
2.2.5.3 Understanding internal control
2.2.5.4 Evaluating internal control
2.2.5.5 Communicating deficiencies
2.2.5.6 Concluding the risk assessment phase
2.3 Risk Response
2.3.1 Risk response overview
2.3.2 Developing the risk-based audit plan
2.3.3 Determining the extent of testing
2.3.4 Documenting work performed
2.3.4.1 Audit working papers
2.3.4.2 Analysis worksheets
2.3.4.3 Adjusting and correcting entries
2.3.5 Written representations
2.3.6 Engagement supervision and consultation
2.4 Audit Communication and Reporting
2.4.1 Reporting overview
2.4.2 Evaluating audit evidence
2.4.3 Communicating results
2.4.4 Preparing the audit report
2.4.4.1 Modifications to the report
2.4.4.2 Emphasis of matter / other matter
2.4.4.3 Comparative information
2.4.5 Monitoring and closing the engagement
End-of-module quiz

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This course includes

2 modules
125 lessons
Subject: Auditing
Level: Introductory
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