Free audit guides, tools and templates for CPA firms.

19 tracks, 251 lessons

Each lesson teaches one topic from the standard, works an example, ends with self-check questions and lists its primary sources.

1. Track 1 · Foundation · 12 lessonsAudit foundationsWhat a GAAS audit is, who sets the rules, and how an engagement runs from acceptance to the report.Start: What a financial statement audit is and what it is not →
2. Track 2 · Core · 12 lessonsRisk assessment under SAS 145Understanding the entity, inherent risk factors, controls, IT and the risks of material misstatement under AU-C 315.Start: What SAS 145 changed and when it took effect →
3. Track 3 · Core · 12 lessonsMateriality and audit samplingSet materiality and performance materiality, then design, run and evaluate samples that support a conclusion.Start: Materiality concepts under AU-C 320 →
4. Track 4 · Core · 13 lessonsSubstantive procedures by accountCash, receivables, revenue, inventory, fixed assets, payables, debt, equity, payroll and estimates: what to test and why.Start: Designing substantive procedures: nature, timing, extent and interim rollforward →
5. Track 5 · Core · 13 lessonsCompletion and reportingSubsequent events, going concern, representations, misstatement evaluation and the auditor’s report.Start: Subsequent events: AU-C 560 procedures and ASC 855 recognition →
6. Track 6 · Core · 13 lessonsReview and compilation engagements (SSARS)Preparation, compilation and review engagements under the AR-C sections, from engagement letter to report.Start: How the SSARSs are organized and what AR-C 60 requires on every engagement →
7. Track 7 · Specialized · 13 lessonsSingle audit under the Uniform GuidanceThreshold, the SEFA, major program determination, compliance testing, findings and filing with the FAC.Start: Who needs a single audit: the $1,000,000 threshold and program-specific audits →
8. Track 8 · Specialized · 12 lessonsEmployee benefit plan auditsERISA plan audits under AU-C 703: scope, Form 5500, contributions, participant data, distributions and the report.Start: When an ERISA plan needs an audit: participant counts and the 80-120 rule →
9. Track 9 · Specialized · 13 lessonsQuality management (SQMS)Design and run a firm system of quality management under SQMS No. 1 and 2, and manage quality on each engagement.Start: From quality control to quality management: what changed and when →
10. Track 10 · Specialized · 14 lessonsUS GAAP essentials: revenue under ASC 606The five-step model, variable consideration, allocation, timing, principal versus agent, contract costs and how to audit revenue.Start: The ASC 606 five-step model and the core principle →
11. Track 11 · Specialized · 14 lessonsLeases under ASC 842 and credit losses under ASC 326Lease identification, classification and measurement for lessees and lessors, then the CECL model for receivables and debt securities.Start: ASC 842 and ASC 326: what changed and why auditors treat them together →
12. Track 12 · Specialized · 14 lessonsIncome taxes under ASC 740 for auditorsCurrent and deferred taxes, valuation allowances, uncertain tax positions, interim rates, disclosures and auditing the provision.Start: Current and deferred tax: the asset and liability method →
13. Track 13 · Specialized · 14 lessonsBusiness combinations and consolidations (ASC 805, 810, 323 and 350)The acquisition method, intangibles, earnouts, goodwill impairment, VIEs, consolidation, NCI, the equity method and auditing a deal.Start: The acquisition method: scope, the definition of a business and the four steps →
14. Track 14 · Specialized · 14 lessonsNot-for-profit accounting and audit (ASC 958 and Form 990)Net assets, contributions, contributed nonfinancial assets, functional expenses, endowments and tying Form 990 to the audited statements.Start: ASC 958 and the not-for-profit audit: what is different and what this track covers →
15. Track 15 · Specialized · 14 lessonsGovernmental accounting and GASBThe GASB reporting model, funds, modified accrual, fund balance, pensions and OPEB, leases, the ACFR and auditing a government.Start: Governmental accounting and the GASB reporting model: Statement 34 and Statement 103 →
16. Track 16 · Specialized · 14 lessonsIT general controls and SOC reports for auditorsRisks from IT, access and change controls, IPE, automated controls, SOC 1 and SOC 2 reports, CUECs, carve-outs and bridge letters.Start: IT general controls and SOC reports: what this track covers and why it matters →
17. Track 17 · Specialized · 14 lessonsInternal audit and SOX 404 basicsThe IIA Global Internal Audit Standards, risk-based audit plans, SOX 302 and 404, scoping, testing and evaluating deficiencies.Start: Internal audit and SOX 404: how the two programs fit together →
18. Track 18 · Career · 14 lessonsTax practice essentials for staffCircular 230, preparer status and PTINs, preparer penalties, Section 7216, due diligence on Form 8867, e-file rules and data security.Start: The rules that govern tax practice: a map for new tax staff →
19. Track 19 · Career · 12 lessonsCPA exam and licensureThe Core plus Discipline exam, scoring, the credit window, education, experience, ethics and keeping the license.Start: How the CPA Exam is built: three Core sections plus one Discipline →

Engagement and acceptance

Pick the right service, agree terms in writing and check independence before work starts.

Planning and risk assessment

Materiality, assertions, the audit risk model and the SAS 145 risk assessment, including fraud.

Evidence and audit procedures

Substantive tests, sampling, confirmations, inventory, cutoff, journal entries and the areas reviewers check first.

Working papers and documentation

How a file is built and reviewed: lead schedules, tick marks, adjustments and the AU-C 230 rules.

Completion and reporting

Going concern, subsequent events, uncorrected misstatements, the opinion and the letters that close the file.

US GAAP for private companies

The ASC topics that drive most private-company adjustments, with what auditors test.

Specialized engagements

Employee benefit plans, nonprofits and single audits, Yellow Book and quality of earnings.

Quality management and practice

SQMS 1 and 2, peer review, using outside help responsibly and AI in the audit.

Client close and bookkeeping

What clean books look like before fieldwork: reconciliations and a month-end close that holds up.

Internal controls and SOX

Workpapers for control testing, deficiency evaluation and IT general controls.

Tax and compliance for CPA firms

Individual and business tax rules, IRS procedure, preparer standards and the calculators and templates that go with them.

Government, single audit and nonprofits

Yellow Book, Uniform Guidance single audits, GASB, Form 990 and the compliance supplement.

SEC reporting and PCAOB audits

Registration statements, periodic reports, auditor independence and PCAOB standards for public company work.