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Track 1 of 19 · Foundation

Audit foundations

The ground rules of a private-company financial statement audit under AICPA GAAS: objectives, reasonable assurance, independence, acceptance, evidence and documentation. Start here before any other track.

12 lessonsAbout 49 minAU-C 200 · AU-C 210 · AU-C 220 · AU-C 230 · AU-C 500 · AICPA Code of Professional Conduct
0 of 12 complete
Syllabus

For: New staff, career changers and anyone who has not worked an audit file end to end.

  1. 01What a financial statement audit is and what it is notThe overall objectives in AU-C 200, what reasonable assurance means, and why inherent limitations mean an audit can never give absolute assurance.5 min · worked example · 4 self-check questions
  2. 02Who sets US auditing standards and how to read an AU-C sectionGAAS from the AICPA Auditing Standards Board, PCAOB standards for issuers, the Yellow Book overlay, and how to read requirements versus application material.4 min · worked example · 4 self-check questions
  3. 03Professional skepticism and professional judgment in practiceWhat AU-C 200 requires for professional skepticism and professional judgment, how to show both in workpapers, and the patterns that make reviewers doubt them.4 min · worked example · 4 self-check questions
  4. 04Independence under the AICPA Code and nonattest servicesHow the AICPA conceptual framework evaluates threats and safeguards, the nonattest services conditions, and what to document about management’s skills.4 min · worked example · 4 self-check questions
  5. 05Engagement acceptance, preconditions and the engagement letterHow AU-C 210 tests the preconditions for an audit, what an engagement letter must contain, and when you can agree to change the terms mid-engagement.4 min · worked example · 3 self-check questions
  6. 06Financial statement assertions and how auditors use themThe assertion categories in AU-C 315 for transactions and balances, how relevant assertions are identified, and how to pick a procedure that tests the right one.4 min · worked example · 4 self-check questions
  7. 07Sufficient appropriate audit evidence under AU-C 500How AU-C 500 (SAS 142) has you evaluate information as audit evidence: relevance, reliability, source, accuracy and completeness, and contrary evidence.4 min · worked example · 4 self-check questions
  8. 08Types of audit procedures and when each one worksInspection, observation, external confirmation, recalculation, reperformance, analytical procedures and inquiry: what each gives you and its limits.4 min · worked example · 4 self-check questions
  9. 09Planning the audit: overall strategy and audit plan (AU-C 300)What AU-C 300 requires in the overall audit strategy and the detailed audit plan, who must be involved, and how to keep both current through fieldwork.4 min · worked example · 3 self-check questions
  10. 10Audit documentation, file assembly and retention (AU-C 230)The experienced auditor test, what each workpaper must record, the 60-day assembly window, the five-year minimum retention, and rules for changes after release.4 min · worked example · 4 self-check questions
  11. 11First-year audits: predecessor communication and opening balancesHow AU-C 210 governs predecessor inquiries before acceptance, how AU-C 510 has you get evidence on opening balances, and what happens when you cannot.4 min · worked example · 4 self-check questions
  12. 12Laws and regulations in a financial statement audit (AU-C 250)The two categories of laws in AU-C 250, the procedures required for each, and how to respond when you identify or suspect noncompliance during the audit.4 min · worked example · 3 self-check questions
For US CPA firms

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CORAA AI drafts audit working papers from your client’s QuickBooks books and does the first pass: lead schedules, tie-out, memos, draft notes and letters. CORAA Network reviewers clear every finding. Your firm reviews and signs.

  • First audit free, so you can judge the quality on a real file
  • Flat fee by entity size; messy books included
  • We work only with CPA firms, never their clients
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