Lessons
- Introduction to Auditing
- Players in the Audit Industry
- Generally Accepted Auditing Standards (GAAS) - Overview
- Auditing Ethics and Rules of Professional Conduct
- Understanding the Independent Auditors' Report
- Auditor's Report with Reservations
- The Auditing Process
- Auditing: Management Assertions
- The Audit Evidence
- Audit Risk Models
- Auditing: Assessing Inherent Risk
- Auditing: The Concept of Materiality
- Auditing: Client Risk Profile
- How Auditors Document Their Work?
- Internal Controls in a Company
- COSO - Integrated Internal Control Framework
- Assessing Control Risk
- Testing Internal Controls
- Auditing Issues in Small Businesses
- Auditing Planning Approach
- Audit Programs
- Auditing the Sales Cycle
- Substantive Audit Procedures
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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