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How Audits Work

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How Audits Work

This course is part of CPA Licensure Prep: Advanced Auditing and Attestation Specialization

Instructor: William Karalius

Included with

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4 modules

Gain insight into a topic and learn the fundamentals.

Intermediate level

Recommended experience

6 hours to complete

Flexible schedule

Learn at your own pace

4 modules

Gain insight into a topic and learn the fundamentals.

Intermediate level

Recommended experience

6 hours to complete

Flexible schedule

Learn at your own pace

What you'll learn

Evaluate audit risk and design appropriate control and substantive testing procedures
Determine the correct audit opinion and complete final audit and post-audit responsibilities

Skills you'll gain

Details to know

Shareable certificate

Add to your LinkedIn profile

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Build your subject-matter expertise

This course is part of the CPA Licensure Prep: Advanced Auditing and Attestation Specialization

When you enroll in this course, you'll also be enrolled in this Specialization.

Learn new concepts from industry experts
Gain a foundational understanding of a subject or tool
Develop job-relevant skills with hands-on projects
Earn a shareable career certificate

There are 4 modules in this course

By the end of this course, you will be able to evaluate audit risk, design appropriate audit responses, assess audit evidence, and determine the correct audit opinion based on professional standards. You’ll move through the full execution and completion phases of an audit engagement — from understanding the entity and developing an audit strategy to performing substantive testing, forming conclusions, and addressing post-audit responsibilities.

This course takes you beyond theory. You will analyze assertion-level risks, distinguish between control testing and substantive procedures, evaluate sufficient appropriate evidence, and determine when to issue an unmodified, qualified, adverse, or disclaimer opinion. You’ll also examine critical end-of-engagement procedures such as searching for unrecorded liabilities, performing final analytics, evaluating subsequent events, and handling omitted procedures. What makes this course unique is its judgment-driven approach. Rather than memorizing standards, you will think like a CPA — applying professional skepticism and audit logic to realistic scenarios that mirror real-world audit engagements.

Module details

In this module, you'll explore the overall planning phase in an audit engagement where the auditor obtains necessary information to develop an overall audit plan along with the audit strategy. You'll develop a more thorough understanding of how auditors assess risks and how they respond to identified risks. By the end of this module, you'll have a clearer understanding of how risks are identified and how auditors develop a plan to respond to those risks.

What's included

5 videos3 readings2 assignments

5 videosTotal 38 minutes

Instructor Introduction and Course Overview4 minutes
Obtaining an Understanding About the Client11 minutes
Developing the Audit Strategy and Plan6 minutes
Understanding Audit Risk8 minutes
Assertion-Level Risk Responses9 minutes

3 readingsTotal 70 minutes

Course Outline 5 minutes
Understanding the Client and the Client's Industry40 minutes
Risk and Risk Response25 minutes

2 assignmentsTotal 30 minutes

Graded Assessment: Module 120 minutes
Practice Assessment: Obtaining an Understanding About the Client10 minutes

In this module, you'll develop a deeper understanding about the various procedures auditors perform to gather sufficient, appropriate evidence to meet the requirements of auditing standards in the United States. You'll learn about the two key types of tests: control tests and substantive tests, as well as how analytical procedures are utilized by the engagement team. By the end of this module, you'll have a clearer picture of how evidence sets the stage for auditors to adequately reach a conclusion that results in the appropriate audit opinion.

What's included

4 videos1 reading1 assignment

In this module, you'll explore the key activities that auditors are required to perform as the audit engagement comes to a close. You'll learn that before the audit report is released, there are certain tasks auditors must complete in order to comply with the auditing standards in the United States. By the end of the module, you'll learn how auditors ultimately reach a conclusion and form their opinion on a client's financial statements.

What's included

4 videos2 readings1 assignment

This final module brings everything together. You’ll review key concepts from the course and apply what you’ve learned to real-world business situations. By stepping back and looking across an audit engagement, you will see all the key phases associated with ultimately reaching the conclusion that is presented in the audit report —skills that are essential for auditors and business professionals alike.