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Lesson 7 of 23

The Auditing Process

This lecture provides a high level overview of the audit process and provides you a feel of what an audit process is and how it is conducted. There are four broad steps: Acceptance Continuance, Planning, Execution (Risk Response), and Reporting.

There are two key things here. The management prepares the financial statements, and the auditors are responsible for their opinion, which is based on the evaluation of the audit evidence they gather.

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Auditor's Report with Reservations

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Auditing: Management Assertions

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Learn Auditing

23 lessons

Lessons

1
Introduction to Auditing
2
Players in the Audit Industry
3
Generally Accepted Auditing Standards (GAAS) - Overview
4
Auditing Ethics and Rules of Professional Conduct
5
Understanding the Independent Auditors' Report
6
Auditor's Report with Reservations
7
The Auditing Process
8
Auditing: Management Assertions
9
The Audit Evidence
10
Audit Risk Models
11
Auditing: Assessing Inherent Risk
12
Auditing: The Concept of Materiality
13
Auditing: Client Risk Profile
14
How Auditors Document Their Work?
15
Internal Controls in a Company
16
COSO - Integrated Internal Control Framework
17
Assessing Control Risk
18
Testing Internal Controls
19
Auditing Issues in Small Businesses
20
Auditing Planning Approach
21
Audit Programs
22
Auditing the Sales Cycle
23
Substantive Audit Procedures
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