Table of Contents:
00:00 - Introduction
00:00 - What is an Audit?
00:36 - Who Can Perform an Audit?
00:37 - Who Can Perform an Audit?
00:49 - Responsibilities
00:50 - Responsibilities
01:11 - Accounting vs. Auditing
01:13 - Accounting vs. Auditing
01:47 - A good audit report guarantees there are no material misstatements.
01:48 - A good audit report guarantees there are no material misstatements.
01:58 - If the auditors do finds mistakes, they will make the correcting journal entries to assure the financial statements are in accordance with GAAP.
02:00 - If the auditors do finds mistakes, they will make the correcting journal entries to assure the financial statements are in accordance with GAAP.
02:14 - The audit provides Reasonable Assurance, but not Absolute Assurance the financials are presented in accordance with GAAP.
02:15 - The audit provides Reasonable Assurance, but not Absolute Assurance the financials are presented in accordance with GAAP.
02:29 - Management’s responsibility for the fairness of the assertions in the financial statements carries with it privileges of determining which disclosures it considers necessary.
02:30 - Management’s responsibility for the fairness of the assertions in the financial statements carries with it privileges of determining which disclosures it considers necessary.
03:15 - The auditor will make suggestions for disclosure clarification. If management refuses, the auditor may issue either an adverse or qualified opinion, or withdraw from the engagement.
03:16 - The auditor will make suggestions for disclosure clarification. If management refuses, the auditor may issue either an adverse or qualified opinion, or withdraw from the engagement.
03:33 - Error vs. Fraud
03:35 - Error vs. Fraud
04:19 - Auditor Opinions
04:20 - Auditor Opinions
04:42 - Unqualified Opinion
04:43 - Unqualified Opinion
05:00 - Qualified Opinion
05:01 - Qualified Opinion
05:33 - Adverse Opinion
05:34 - Adverse Opinion
06:25 - Exceptions
06:26 - Exceptions
07:19 - Auditor Opinions
07:20 - Auditor Opinions
08:35 - Auditor Opinions
08:36 - Auditor Opinions
09:36 - FRAUD
09:38 - FRAUD
09:59 - Slide 0
10:00 - Slide 19
10:22 - Created by Katheryn Reynolds
10:23 - Created by Katheryn Reynolds
