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)Helpful overview of the leasing process. Thank you for this course!
Excellent explanation of the Statement of Cash Flows. Highlights the important aspects of understanding Free Cash Flow. I found this very educational, good refresher!
Quality course from a quality instructor. Coverage was brief but satisfactory.
This was a good review of the Control Environment. It provided great explanations and examples.
This was an interesting introductory course into powerBI and its uses
great overview of the control environment, types and pros/cons
It was packed with detailed information with great structure!
Liked very much the topic to my next interviewer process. Thanks!
happy to pass the exam at one time, Great and thanks you.
Great information about useful tools. Didn't know there were so many plugins available
Very interesting course! ..................................................................
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.
I believe that there is some audio repetition about half way through. Great course, might just want to take a look at that.
Good refresher course on how to use pivot tables. I like having a workbook to test with along with the lesson.
Acquired knowledge. presented clearly and succintly. Would take subsequent courses if available.
This text based course was very detailed and provided good examples of real world application
The course is well organized and easy to understand!
A wonderful summary of key concepts of AI and machine-learning. Excellent material.
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.
Love Blair's webinars! Definitely wish there were more available on Illumeo. He is one of my facotire presenters!
This course was a good refresher. This course is ideal for people not as familiar with accounting. Thank you.
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.
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.
Great course - Well structured, interesting content and engaging instructor.
Concise review of journals, ledgers and GL. Good use of examples. The PDFs are extremely helpful as I listened to the recording.
Solid course for understanding frameworks for ethical decision making. Useful for all types of businesses.
Detailed and informative course with plenty of examples to illustrate application of laws into practice.
This course provides some great information. The topics covered are very helpful as well.
Thank you for providing an informative opportunity to complete my ethics cpe requirement.
Very comprehensive and helpful course I highly recommend it
This is a really good informative course--thanks for putting it together.
Good overview and introduction in the terms of fraud, comprehensive slides
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.
Might be nice if there were more theory vs straight up calculations.
Material not specific enough in terms of definitions and concepts.
Great way to ground myself in the basics and refresh/sharpen my skills.
Concise content and very helpful considering the global business environment and impact of digitalization driving the increase in fraud incidents.
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.
Appreciate the way it was very much helpful to me, thought me well.
Material and review/exam content was not crisp and clear. Review question & answers were not accurate. Exam questions and answers were confusing and subjective.
Excellent discussion and presentation of ethics for organizations!
Helpful information about automating reports in Excel. Recommend.
A good overall review of local governments. Very dated information though - from 2015 based on the slides.
Jennifer speaks very clearly, which makes it easier to understand. This course covered a lot of ground.
Great teacher! I like how he thoroughly explains each point/topic.
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
Simple, concise, and easy-to-understand summary of segment reporting.
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?
A good course and easy to understand, organizations should focus on continous improvement.
Very interesting study. Clearly stated and kept my interest
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.
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.
Amazing explanation. Very clear articulation.
I enjoyed this course as it discusses the importance and use of data analytics as it is the future of auditing.
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.
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.
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.
Great addition to illumeo. Really helps keep up with the Ethics requirement in a timely manner.
This was a good refresher course on financial statement basics.
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.
Great content! I really learned a lot about how to apply Excel functions to financial planning & analysis.
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.
Good overview. Good coverage of topics on the asset and liability side.
Very clear, but basic overview. Hots on all the major topics needed to begin accounting for simple transactions.
outdated with 2013 data - don't think FCPA enforcement has increased under Trump
Recommended for anyone who needs a refresher on auditing or anyone who is about to go through an audit!
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.
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
Would love to take deep-dive version of this course, if available.
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).
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.
Excellent course lead by an effective instructor. Great content.
Great Course I think we need more documentation.
I like the examples given in this course, which are detailed, and very realistic.
Very well spoken and concise summary of the major updates
good review and ideas for any manager. Thanks for the ideas
After having been away from auditing for many years, this was an excellent refresher course.
I thought the wording used on the exam questions was somewhat unclear.
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.
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!
Course was very helpful. Quiz questions were not as aligned to Payroll accounting as they could have been.
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.
I highly recommend this course to anyone working in accounting. The class material is filled with lots of examples. Great class.
While I appreciated the course content, the course itself was slow paced. I would prefer faster pace.
great class, easy to use, material presented well, very organized, key points listed for every subject
This was well detailed while providing very efficient timely lessons of the general topic.
What you would expect for a foundation level course. The questions proved to be a nice refresher.
Very thoughtful and articulate presentation of usable insights. The summary of a very difficult subject was well developed and the handouts are very useful.
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.
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
great overview. educational Bruce obviously speaks from experience.
GREAT synopsis for documenting internal controls. This course really refreshed some points that I am pursuing in my organization.
Well-organized. Very helpful for anyone teaching financial accounting.
This course is very helpfull and effective. I think it is a good start.
The course was easy to read and understand which lead to passing the final exam.
This course is outdated, based on 2016 tax law. It is completely irrelevant in 2018/2019. It needs to be updated.
Good insight in personalities and leadership. Excellent explanations of human behavior
Ok program, doesn't fully address the fraud aspect from a practical standpoint.
I found this course to be very well presented with clear action items that I am excited to start implementing!
This was a good overview to understanding BI and offered basic tools to implement.
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The course is excellent, it adds a different perspective in the function of the CAE as part of the company.
There is no correct answer for question #3. Can you double check this?
good overview, however was looking for specific examples with mathematical calculations
Thank you for the Study guide excel file it helped a lot-. Pace and articulation was awesome!
This one and the predecessor were both great courses and will be put to use.
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.
There are no slides for this series that are needed for documentation purposes.
Comprehensive overview with detailed steps to a good fraud mitigation program. Instructor laid out what was to be covered and then covered it.
Great review. Covered a lot of points to remember and implement as needed.
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.
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.
Very informative and detailed. Highly recommended.
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.
The instructor was very clear. The material taught is a great foundation in understanding acceptable/unacceptable ethical behavior in public accounting.
nothing to add good course on financial information that is useful in conversation
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....
A useful and technical course topic which was presented in a clear and concise manner.
Acceptable for a general quick overview, but not useful to assist in implementation of any of the concepts.
It was a well though out. Well verse class. I am very familiar with the course material but it was still presented reasonably.
A lot covered in a short period of time, which I like!
Gives great examples
like this class a lot
Very Complex. Should have shown how the present values were calculated
Hits on all the basics! Good refresher course.
Great Course
Some more error rectification technique may be included in this course.
Excellent course for finance professionals.
very good
ok
A very interesting topic, another one they don't teach you in school.
Instructor was easy to understand and provided good examples in the presentation. The handouts and materials were very helpful learning tools also.
Very informative
Good information especially for someone new to accounting.
It's an interesting subject especially for young professionals. The exam was quite a challenge.
Good overview of SEC Reporting
Good overview of 606.
liked the convenience; it was good information
The class delivery was efficient and effective.
Course was WAY more basic than anticipated.
I would like to know what I got right and wrong on the exam.
Now I use the sub total function.
good review material
Great class will implement the information on subtotal tomorrow will look for more of these
interesting info
Interesting and a good introduction
I really enjoyed course. I would like to be able to see the correct answer for exam questions wrong.
Concise and easy to watch
Very good course hoping to find a 2.0 version.
I liked that I learned something
Bud is simply an excellent teacher. Terrific content and he leads with a passion for what he is teaching.
Good finance intro
People Management
Enjoyed it.
Good description of the audit and report
Test questions were not captured in the presentation materials.
Good overview...
Very good course with detailed guidelines.
Good course on Auditing Cycles and Audit Completion
Good point
excellent refresher
A bit of a rehash of Part 1 - but still a valuable rehash Got to love Excel for this one :)
Enjoyed the examples used to emphasis points of discussion.
Bullet points - not the entire conversation or presentation - Please!!!!
Helpful information to efficiently manage emails.
Great instructor, great overview!
Done
I really like Lynn's systematic explanations, as she explores every facet of every skill needed in today's internal auditor.
As is true for his other sessions, this has a tremendous amount of material which can be somewhat overwhelming. Good stuff, though.
Good overview of SOX 404. I found the information to be very useful.
l like learn about this course and subject We will follow full courses for an intense love thank you very much
A quick refresher of excel tips that was definitely worth my time.
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.
This class explained clearly with many examples and different scenarios how to use and the benefits of Cost-Volume-Profit Analysis
Good amimated speaker.
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