Enjoying the preview?
This is the free first lesson. Get full access — request a demo or sign in.
Auditing and Due Diligence Concepts
Learn the purpose of a financial auditPreview the first lesson free — get full access to all 5 lessons.
Intermediate Provider : Lori Hauck 5 Lessons · 10m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
Auditing is a practice carried out by certified public accountants that helps determine a company's financial health. It’s conducted to provide assurance that a company’s financial statements accurately represent its financial standing. Financial statement representations are based on the rules and guidelines of the Generally Accepted Accounting Principles in the United States. Auditing also looks at a company’s internal controls to ensure they function as efficiently as possible. When working with a company, investors, creditors, and regulators are interested in this information. So how do you begin preparing for an audit?
In this Auditing and Due Diligence course, you’ll be introduced to financial audits, including who performs them and why they’re performed. We will also cover what internal controls are and how each audit is planned. By the end of this course, you’ll understand the purpose of financial audits and be better prepared for them.
What You'll Learn
- Understand what an audit is and the purpose of financial audits
- Examine why companies have financial audits and who performs them
- Explore what auditors do to audit a company's books
- Discover the primary goal of financial audits
- Learn what internal controls are and how each audit is planned
Key Takeaways
- Auditing is a practice carried out by certified public accountants that helps determine a company's financial health.
- Audits are conducted to provide assurance that a company's financial statements accurately represent its financial standing.
- In the United States, financial statement representations are based on the rules and guidelines of the Generally Accepted Accounting Principles.
- Auditing examines a company's internal controls to ensure they function as efficiently as possible.
- Investors, creditors, and regulators are interested in audit information when working with a company.
Frequently Asked Questions
What does this course cover?
The course introduces financial audits, including who performs them and why they are performed, and covers what internal controls are and how each audit is planned.
What will I understand by the end of the course?
By the end of the course, you will understand the purpose of financial audits and be better prepared for them.
Who performs the audits discussed in this course?
Auditing is a practice carried out by certified public accountants who help determine a company's financial health.
What skills does this course focus on?
The course focuses on Audit Management, Audit Planning, Auditing, Due Diligence, Financial Auditing, and Internal Auditing.
What lessons are included?
Lessons include Introduction, Introduction to Financial Audits, Internal Controls Concepts, Audit Planning, and a Test Your Knowledge section.
