How to Perform a Financial Audit

Description

How to Perform a Financial Audit – The Why and How of Financial Auditing in Easy, Straightforward Terms includes a self study e-book for 4 hours of CPE credit.

How to Perform a Financial Audit by Charles Hall, CPA, CFE, MAcc explains both why and how to audit in an insightful, practical, and easy to understand manner.

If you’ve ever felt trapped by a financial audit, this book will set you free.

The audit started so well, but somewhere along the way, something went wrong. Maybe it started with your acceptance of a new client that you didn’t feel good about from the beginning. Or possibly your new staff members don’t understand risk assessment. So they blindly followed last year’s work papers. However, the auditee has new risks, and the audit team failed to address them.

Now, the audit budget is busted. But you’ve still got to finish the substantive work—and the wrap-up work remains. Just creating financial statements will take a week. The clock is ticking.

This book explains the full audit process, from beginning to end, from client acceptance to audit opinion issuance so that you address problems with your audit head-on!

This course takes a complex topic and breaks it down into an easy to read, well-defined road map to audit a variety of common audit subjects including transaction cycles such as receivables and revenue, payables and expenses, debt, payroll, and more.

Course objectives include:

• Identify ways to assess if an auditor should accept or continue to serve a client and when to begin the risk assessment
• Identify the components of determining the Risk of Material Misstatement
• Identify and evaluate the inputs and outputs of a risk assessment
• Understand when and how to use planning analytics
• Identify the inputs for the audit risk model and understand why some transactions have higher risks
• Recognize the factors that can lead to an audit failure
• Understand the auditor’s responsibility relating to fraud detection
• Identify signs of auditor disregard for fraud
• Recognize the difference between audit materiality, audit strategy and the audit plan
• Identify what additional audit steps should be included in the audit plan based on the risk assessment
• Understand auditor’s responsibility to document their results of testing
• Recognize why the auditors must have clear communication
• Identify the primary assertions, risks and substantive procedures for auditing cash
• Identify the primary assertions, risks and substantive procedures for auditing receivables and revenue
• Identify the primary assertions, risks and substantive procedures for auditing investments
• Identify the primary assertions, risks and substantive procedures for auditing property
• Identify the primary assertions, risks and substantive procedures for auditing accounts payables and expenses
• Identify the primary assertions, risks and substantive procedures for auditing payroll
• Identify the primary assertions, risks and substantive procedures for auditing debt
• Identify the primary assertions, risks and substantive procedures for auditing equity
• Identify the audit steps needed to wrap up an audit in order to issue an opinion

Program level: Basic
Instructional method: Self-study text with online qualified assessment. QAS SS
NASBA Category of Study: Auditing
Advance preparation: None
Prerequisites: None
Who should attend: Auditors
CPE Credit Hours: 4
Author: Charles B. Hall, CPA, CFE, MAcc

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