Audit cycles can be unique depending on the client, but most businesses follow similar ones.
Audit cycles can be unique depending on the client, but most businesses follow similar ones. The audit cycle has four parts: planning, performance, reporting, and follow-up. This goes beyond the typical financial audit. There are also many kinds of audits, most of which a business will use at some point. Audits can cover many things, such as a business segment’s performance, operation audits, benefit plan audits, or payroll records. Understanding the process and expectations is important to ensure auditors have what they need. So what do you need to know about audits?
In this Performing Auditing and Due Diligence course, you’ll be introduced to the different types of audits, best practices for information gathering and decision-making, and the expected standards for auditors to follow. Auditing standards are upheld in all parts of the audit cycle and all audit types. By the end of this course, you’ll be able to explain why companies choose to conduct certain financial audits and how they benefit companies.
Learning Objectives:
- Learn the audit cycle steps
- Discover different types of audits
- Understand information-gathering techniques
- Examine auditing standards
Skills you’ll gain
Audit ManagementAudit PlanningAuditingAuditing StandardsDue DiligenceFinancial AuditingWhat You'll Learn
- Identify the four parts of the audit cycle: planning, performance, reporting, and follow-up
- Distinguish the different types of audits, such as business segment performance, operation, benefit plan, and payroll audits
- Apply best practices for information gathering and decision-making during an audit
- Examine the auditing standards expected of auditors across all audit types and cycle stages
- Explain why companies choose to conduct certain financial audits and how those audits benefit them
Key Takeaways
- The audit cycle has four parts: planning, performance, reporting, and follow-up.
- Auditing goes beyond the typical financial audit and can cover areas such as a business segment's performance, operation audits, benefit plan audits, or payroll records.
- Auditing standards are upheld in all parts of the audit cycle and across all audit types.
- Understanding the audit process and expectations helps ensure auditors have what they need.
- Most businesses follow similar audit cycles even though audit cycles can be unique depending on the client.
Frequently Asked Questions
What will this course teach me?
This course introduces you to the different types of audits, best practices for information gathering and decision-making, and the expected standards for auditors to follow. It covers the audit cycle steps, different types of audits, information-gathering techniques, and auditing standards.
What are the four parts of the audit cycle covered in this course?
The audit cycle has four parts: planning, performance, reporting, and follow-up.
What skills will I gain from this course?
You will build skills in audit management, audit planning, auditing, auditing standards, due diligence, and financial auditing.
What lessons are included in this course?
The course includes the following lessons: Introduction, Audit Cycle, Audit Types and Approaches, Auditing Standards, and Test Your Knowledge.
What will I be able to do by the end of the course?
By the end of the course, you'll be able to explain why companies choose to conduct certain financial audits and how they benefit companies.
Transcript
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What are the different types of audits and approaches auditors can take? What should you do during an audit to ensure that auditors have the information they need? It is important to understand the auditing process and what is expected of each party. This course on performing auditing and due diligence will explore what to expect during the initial stages of an audit. This course will help you understand ongoing audit needs, processes and the overall audit cycle better handle audits through information gathering, processing and decision making based on different audit types and needs. and establish a set of auditing standards by knowing what is expected of each party during an audit. Find out how to better handle audits in performing auditing and due diligence.
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