Course Details
Course

Auditing Financial Statements Part II: Auditing Principles 1 CPE


Course Duration: 1 Hours
Course Rating:
Course Enrollments: 490 Enrolled
Mode of Delivery: On-Demand
Course Level: Basic
Study Area: Auditing

Many organizations are audited by independent public accountants.  The purpose of an audit is to express an opinion on the fairness of presentation of financial information prepared by management.  An audit enhances the value of financial information by making it more trustworthy and credible. 

In this multi-part course, we  learn how public accountants plan and execute an audit. This is Part 2 of 4, which covers audit process, evidence, risk models and core audit principles.

Prerequisites

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.

Learning Objective
  • Discover the three phases of the audit process: planning, execution, and completion
  • Identify management assertions
  • Discover the various forms of audit evidence
  • Discover the audit risk model
  • Discover how to assess inherent risk
  • Discover how to calculate financial statement materiality

Last updated/reviewed: July 21, 2025

(175) Reviews

(92 rating)
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dane.fuhrman

Helpful overview of the leasing process. Thank you for this course!

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jacklyn.collins

Excellent explanation of the Statement of Cash Flows. Highlights the important aspects of understanding Free Cash Flow. I found this very educational, good refresher!

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zachary.lockhart

Quality course from a quality instructor. Coverage was brief but satisfactory.

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kenneth.hopkins_1

This was a good review of the Control Environment. It provided great explanations and examples.

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jana.connoway

This was an interesting introductory course into powerBI and its uses

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stephen.bellanca

great overview of the control environment, types and pros/cons

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dong_hoon.owen

It was packed with detailed information with great structure!

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elavayen

Liked very much the topic to my next interviewer process. Thanks!

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aeyoung.youn

happy to pass the exam at one time, Great and thanks you.

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terriftaylor

Great information about useful tools. Didn't know there were so many plugins available

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mhandcpa

Very interesting course! ..................................................................

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nicholas.wilhelm

The excitement of the content combined with the enthusiasm and insight of Mr. Wasny make this course, along with those he presents on AI, the most inspiring and motivational I've experienced on this platform.

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seth.deyo

I believe that there is some audio repetition about half way through. Great course, might just want to take a look at that.

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julia.misaki

Good refresher course on how to use pivot tables. I like having a workbook to test with along with the lesson.

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koyj2015@gmail.com

Acquired knowledge. presented clearly and succintly. Would take subsequent courses if available.

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karen.misaki

This text based course was very detailed and provided good examples of real world application

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stephenmvigil

The course is well organized and easy to understand!

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muhammad.baig

A wonderful summary of key concepts of AI and machine-learning. Excellent material.

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malvarez

I Like the course because I heard the Sox but never work with it. I had some idea what is about but the course give me the all picture of the tool.

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lindsay.elizondo

Love Blair's webinars! Definitely wish there were more available on Illumeo. He is one of my facotire presenters!

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corey.masters

This course was a good refresher. This course is ideal for people not as familiar with accounting. Thank you.

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kevin.murray

The course covers a significant amount of material that is often uncommon such as disposal of divisions and going concern treatments. It's well done and interesting.

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randy.leduc

This was a great course to introduce me to features of excel that I have never used to give me a great understanding of how they might be used in practical everyday applications of Excel.

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jengale83

Great course - Well structured, interesting content and engaging instructor.

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tania.roberts

Concise review of journals, ledgers and GL. Good use of examples. The PDFs are extremely helpful as I listened to the recording.

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greg.hall

Solid course for understanding frameworks for ethical decision making. Useful for all types of businesses.

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danielle.carr

Detailed and informative course with plenty of examples to illustrate application of laws into practice.

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ermendoza_12

This course provides some great information. The topics covered are very helpful as well.

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finn

Thank you for providing an informative opportunity to complete my ethics cpe requirement.

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maged_medhat_.shoukri

Very comprehensive and helpful course I highly recommend it

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raymond.woo

This is a really good informative course--thanks for putting it together.

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georgios.baltos

Good overview and introduction in the terms of fraud, comprehensive slides

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braden.latour

Great course on the basics of professional skepticism, an invaluable trait to have as a member of any engagement team. Even after transitioning into an industry position, this remains an area of heightened importance and this course has reaffirmed my commitment to high integrity.

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debra.kene

Might be nice if there were more theory vs straight up calculations.

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angela.baez

Material not specific enough in terms of definitions and concepts.

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katherine.hart

Great way to ground myself in the basics and refresh/sharpen my skills.

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kristine.mendoza

Concise content and very helpful considering the global business environment and impact of digitalization driving the increase in fraud incidents.

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wes.nichols

I've used pivot tables for a long time and didn't realize that the calculated field and calculated item functions existed. Will be very beneficial going forward.

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n.campos

Appreciate the way it was very much helpful to me, thought me well.

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aciagne

Material and review/exam content was not crisp and clear. Review question & answers were not accurate. Exam questions and answers were confusing and subjective.

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richard.waid

Excellent discussion and presentation of ethics for organizations!

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emilie.mccutcheon

Helpful information about automating reports in Excel. Recommend.

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echesley

A good overall review of local governments. Very dated information though - from 2015 based on the slides.

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christiane.carroll

Jennifer speaks very clearly, which makes it easier to understand. This course covered a lot of ground.

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curtis.coachman

Great teacher! I like how he thoroughly explains each point/topic.

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lawrence.hirsch

Lynn, the generational divide is an important concept to understand when hiring. This class helps me to understand the challenges in how I must lead the different members on my Team. The biggest challenge is in group meetings and in Team building. This course is very helpful. Thank you, Larry

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william.seubert

Simple, concise, and easy-to-understand summary of segment reporting.

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daniel.mcelhaney

I'm not really in the mood to write a review right now, but if I must I guess I'll say the course was good. Was that 50 characters?

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olusegun.aluko

A good course and easy to understand, organizations should focus on continous improvement.

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sylvia.ratliff

Very interesting study. Clearly stated and kept my interest

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paula.flint1

Good course overall. The instructor is knowledgeable and interactive, but it was hard to follow and keep up at times because the instructor went a little too fast and used too many technical terms.

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oscar.young_1

If you want a good refresher or overview of ASC 606, this course provides that. If you wanted answers on how COVID impacts the application of ASC 606, this course is good at identifying questions to consider but leave many questions unanswered.

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radhesh.pradhan

Amazing explanation. Very clear articulation.

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ccastillojr

I enjoyed this course as it discusses the importance and use of data analytics as it is the future of auditing.

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michael.karkowsky

I think Mr. Cook is an excellent presenter. Why aren't there more written / graphic / notated materials included with the CPE? More expensive CPE products generally include a PowerPoint. More important would be a transcript which can be very valuable for busy note-takers. I'm surprised these are not made available.

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james.gately

This was a very confusing one. I finally passed when I answered one question which seemed again what the material and I understood. It was question six. I disagree that it should be answer A. A going concern is considered when a company has issues about going a year from the opinion letter date.

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yanan.wang10

This course is relatively political for accounting and finance professionals. Giving a few examples of politicians or politically linked business leaders isn't necessarily the best way to present ethical issues. Climate change also isn't necessarily an imminent concern for accounting and finance professionals.

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chad_michael

Great addition to illumeo. Really helps keep up with the Ethics requirement in a timely manner.

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steven.whitehead

This was a good refresher course on financial statement basics.

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claudia_jones

High level overview which is good, but I would appreciate accounting courses that were more detail. Illumeo appears to be lacking in government accounting courses.

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tedstiefel

Great content! I really learned a lot about how to apply Excel functions to financial planning & analysis.

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mike.spanton

This is one of the most useful courses I have ever taken. Thank you for the helpful fixes to so many of the common problems we face in managing our inboxes.

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dana.boyd

Good overview. Good coverage of topics on the asset and liability side.

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jennie.harris

Very clear, but basic overview. Hots on all the major topics needed to begin accounting for simple transactions.

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john.mcnabb

outdated with 2013 data - don't think FCPA enforcement has increased under Trump

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eric.cox

Recommended for anyone who needs a refresher on auditing or anyone who is about to go through an audit!

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eduardo.escobardelgado

The course overall is great! You even walk away with a few useful macros and definitely a better understanding of how to apply VBA to your everyday life.

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gregor_timothy.marcaida_1

An important aspect that companies forget to look at because cyber attacks are seldomly experienced by them. Great refresher on how to react to cyber attacks

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juri.firth

Would love to take deep-dive version of this course, if available.

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samuel.narotsky

Very useful as a practical guide and as a historical perspective (I was very involved with SOX work from the beginning until 2011, when my employer got bought by a European company).

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numeriano_.de_la_cruz_jr

The course is great for refreshing the skills in Pivot Tables. It is very informative and detailed. The presenter discusses the topic in a step-by-step procedure making it very clear and easy to understand.

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rhonda.unthank

Excellent course lead by an effective instructor. Great content.

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patrick.gowaty

Great Course I think we need more documentation.

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dung.luong

I like the examples given in this course, which are detailed, and very realistic.

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abilloo

Very well spoken and concise summary of the major updates

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perry.byrd

good review and ideas for any manager. Thanks for the ideas

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charles.elwis

After having been away from auditing for many years, this was an excellent refresher course.

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tara.landau

I thought the wording used on the exam questions was somewhat unclear.

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patty.schneider

The information was informative and gave a good overview of forensic accounting. Also, the instructor made it very easy to follow and understand the topics.

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linda.forde

The material is excellent but the instructor is monotone and simply reads the slides. The material is relevant and up to date but do what you have to so you can stay awake!

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justinesoares

Course was very helpful. Quiz questions were not as aligned to Payroll accounting as they could have been.

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jfilbert

Great refresh on statements of cash flows. Good to review for the differences between direct and indirect methods if you are used to use one more consistently.

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ldendrinos

I highly recommend this course to anyone working in accounting. The class material is filled with lots of examples. Great class.

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kim.weaver

While I appreciated the course content, the course itself was slow paced. I would prefer faster pace.

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mei.ren

great class, easy to use, material presented well, very organized, key points listed for every subject

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duy.nguyen

This was well detailed while providing very efficient timely lessons of the general topic.

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jeremy.sallie

What you would expect for a foundation level course. The questions proved to be a nice refresher.

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jonathan.hinkley

Very thoughtful and articulate presentation of usable insights. The summary of a very difficult subject was well developed and the handouts are very useful.

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lee.flick

Overall I liked this course. Im not involved with cash flow with my current job but it was a very informative course to take for someone like myself. I would recommend to anyone looking to gain a greater understanding of cash flow forecasting.

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hkovel

although some of the advice might seem too obvious, overall it's a great overview of best practices on how to prepare for the interview

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ara_toroyan

great overview. educational Bruce obviously speaks from experience.

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delliot35

GREAT synopsis for documenting internal controls. This course really refreshed some points that I am pursuing in my organization.

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thomas.hayes

Well-organized. Very helpful for anyone teaching financial accounting.

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ibrahim.khalil

This course is very helpfull and effective. I think it is a good start.

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nbtessers

The course was easy to read and understand which lead to passing the final exam.

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nebbster

This course is outdated, based on 2016 tax law. It is completely irrelevant in 2018/2019. It needs to be updated.

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kirit.kapadia

Good insight in personalities and leadership. Excellent explanations of human behavior

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bpiller

Ok program, doesn't fully address the fraud aspect from a practical standpoint.

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rhonda.woerner

I found this course to be very well presented with clear action items that I am excited to start implementing!

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cpoole

This was a good overview to understanding BI and offered basic tools to implement.

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michael.ware

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor

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antonio.crawford

The course is excellent, it adds a different perspective in the function of the CAE as part of the company.

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deugenio

There is no correct answer for question #3. Can you double check this?

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bpeterson

good overview, however was looking for specific examples with mathematical calculations

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gmendez_1

Thank you for the Study guide excel file it helped a lot-. Pace and articulation was awesome!

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darcie.saunders

This one and the predecessor were both great courses and will be put to use.

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wendy.vicks

This course covered various leadership style, with pros and cons for adopting/applying each style. However, adding to the slides the pictures of leaders ( who may or may not have demonstrated certain leadership style) was a distraction and minimized the course effectiveness. For example, was Princess Diana an inspiration leader? Perhaps not! Was Dr. King a non-authoritarian leader? Absolutely not!!! This course is about organizational leadership. Therefore, perhaps the author should use corporate leaders (past and present) and specific corporate examples to depict each leadership type AND to make the course stronger.

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melissa.gruner

There are no slides for this series that are needed for documentation purposes.

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shirley.bailey

Comprehensive overview with detailed steps to a good fraud mitigation program. Instructor laid out what was to be covered and then covered it.

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richard.walser_1

Great review. Covered a lot of points to remember and implement as needed.

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lori.sherrill

The instructor gives me much to think about. There is so much in here that I think many aren't willing to say even though we know it to be true. There are many politics involved in the workplace. It is unfortunate, but reality, and he helps you to work through this unfortunate reality.

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declanharte

If I could have given 6 stars, it mightn't have been enough. He provided a very practical roadway to finance excellence. Great enthusiastic and knowledgeable presenter.

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francis.enyame

Very informative and detailed. Highly recommended.

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robert.czerniak

Very well organized material presented in a very professional manner by a highly qualified instructor. Blend of humor along with the important information was a plus.

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joycelyne.ezekiel-zang

The instructor was very clear. The material taught is a great foundation in understanding acceptable/unacceptable ethical behavior in public accounting.

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erin.milroth

nothing to add good course on financial information that is useful in conversation

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torin.campbell

Very thorough and valuable information. I noticed after I was part way into the course that the copyright mark is 2015 so I wonder what's different in 2017? I'll have to look into it....

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frank.perillo

A useful and technical course topic which was presented in a clear and concise manner.

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cchamberlin

Acceptable for a general quick overview, but not useful to assist in implementation of any of the concepts.

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angelic.jones

It was a well though out. Well verse class. I am very familiar with the course material but it was still presented reasonably.

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renee.cardinali_1

A lot covered in a short period of time, which I like!

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nsaloum

Gives great examples

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wei_wei_.su

like this class a lot

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brucemiller

Very Complex. Should have shown how the present values were calculated

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jwilhelm

Hits on all the basics! Good refresher course.

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diane.gill

Great Course

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abubacker.syed_abdul

Some more error rectification technique may be included in this course.

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saba.kazi

Excellent course for finance professionals.

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kelley.gregg

very good

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tatiana.meshkova

ok

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simon.adell

A very interesting topic, another one they don't teach you in school.

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stephanie.pan

Instructor was easy to understand and provided good examples in the presentation. The handouts and materials were very helpful learning tools also.

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lindsey.henley1

Very informative

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ian.smith_3

Good information especially for someone new to accounting.

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jedevera

It's an interesting subject especially for young professionals. The exam was quite a challenge.

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friedel

Good overview of SEC Reporting

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bryan.baki

Good overview of 606.

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sabine_.d'amico

liked the convenience; it was good information

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susan.kim

The class delivery was efficient and effective.

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brian.krauss

Course was WAY more basic than anticipated.

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natasha.blackshear

I would like to know what I got right and wrong on the exam.

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michael.collins

Now I use the sub total function.

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todd.stanley

good review material

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angela.cavin

Great class will implement the information on subtotal tomorrow will look for more of these

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april.jenkins

interesting info

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julie.berkhouse

Interesting and a good introduction

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tracy.meehan

I really enjoyed course. I would like to be able to see the correct answer for exam questions wrong.

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don.macfayden

Concise and easy to watch

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adam.stagge

Very good course hoping to find a 2.0 version.

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robbinsj

I liked that I learned something

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jeffreyroberthales

Bud is simply an excellent teacher. Terrific content and he leads with a passion for what he is teaching.

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lou.mortillaro

Good finance intro

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ecapunitan

People Management

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daniel.miller_2

Enjoyed it.

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penny.lozano

Good description of the audit and report

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bill.grant

Test questions were not captured in the presentation materials.

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greg.vaughn

Good overview...

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connie.zhao

Very good course with detailed guidelines.

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fmanochio

Good course on Auditing Cycles and Audit Completion

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xueya_liu

Good point

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matt.rank

excellent refresher

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rudy

A bit of a rehash of Part 1 - but still a valuable rehash Got to love Excel for this one :)

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donna.driver

Enjoyed the examples used to emphasis points of discussion.

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alexissmith194

Bullet points - not the entire conversation or presentation - Please!!!!

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alana.crawford

Helpful information to efficiently manage emails.

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james.munch

Great instructor, great overview!

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pmcabee

Done

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keith.johnson

I really like Lynn's systematic explanations, as she explores every facet of every skill needed in today's internal auditor.

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nlm1on

As is true for his other sessions, this has a tremendous amount of material which can be somewhat overwhelming. Good stuff, though.

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barry.davis

Good overview of SOX 404. I found the information to be very useful.

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mhpradwin

l like learn about this course and subject We will follow full courses for an intense love thank you very much

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bstandifird

A quick refresher of excel tips that was definitely worth my time.

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rgushue3

This course is worth checking out. Like most Excel programs, it covers some items that should have been learned through regular use but is lso shows some new approaches.

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grace.fishback

This class explained clearly with many examples and different scenarios how to use and the benefits of Cost-Volume-Profit Analysis

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cyndin

Good amimated speaker.

Lesson Questions and Answers0 Questions

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Blair Cook
Partner
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INTRODUCTION AND OVERVIEW

Auditing Principles

CONCLUSION

Continuous Play

SUPPORTING MATERIALS

REVIEW & TEST