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Mark E. Peecher, PhD, CPA
This course provides an intensive conceptual and applied introduction to auditing in society. It focuses on concepts and applications related to financial-statement auditors’ professional responsibilities as well as major facets of the audit process including risk assessment and audit reporting. In the U.S. financial-statement audits and related services generally are provided by Certified Public Accountants (CPAs). To succeed in this course, you should anticipate engaging in critical thinking and thoughtful communication about audit professionals' decision environments, decision processes, and deliverables. Additionally, you should understand the macro-level learning objectives in each of the course's weekly modules.
Register for this course and see more details by visiting:
OpenCourser.com/course/tpae8p/auditing
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What's inside
Syllabus
About the Course
In this module, you will become familiar with the course, your instructor and your classmates, and our learning environment. This orientation will also help you obtain the technical skills required to navigate and be successful in this course.
Read more
Syllabus
About the Course
In this module, you will become familiar with the course, your instructor and your classmates, and our learning environment. This orientation will also help you obtain the technical skills required to navigate and be successful in this course.
Read more
MODULE 1: Auditing is a Form of Assurance
MODULE 2: The Demand for High Quality Auditing
MODULE 3: Audit Risk and Materiality
MODULE 4: The Value of Audits
MODULE 5: Financial Statement Auditing
MODULE 6: Audit Assertions
MODULE 7: Auditor's Professional & Ethical Responsibilities
MODULE 8: Audit Quality
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Develops conceptual foundation and functional skills in auditing, which are important to professionals in this domain
Provides hands-on learning through a combination of concepts and applied examples
Explains the role of CPAs in financial statement audits and related services
Distills the process of risk assessment and audit reporting, which may be valuable to students aiming to work in risk management or related domains
Taught by a CPA with professional experience, which lends credibility to the instruction
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Reviews summary
Highly rated audit foundation course
Learners largely agree that the coursetitled 'Auditing I: Conceptual Foundations of Auditing' delivers a strong and comprehensive introduction to auditing. They praise the instructor, Professor Peecher, for his engaging and knowledgeable lectures, which effectively break down complex concepts. The course material is well-organized, with plenty of supporting documents and readings to deepen understanding. Students also appreciate the real-life examples and practical applications provided throughout the course. Overall, students highly recommend this course for anyone interested in accounting and auditing, even those with little to no prior experience.
Course focuses on practical applications and real-life examples.
"This course is greatly developed and nicely put together. It provides very useful information in plain language and also supporting documents and reading material, to expand the comprehension of the subject."
"Loved the professor's way of teaching which keeps you engaged. "
"A true foundational-experience, with numerous thanks to Dr. Mark for his passion, putting in together such a great learning-material and his effective induction."
Professor is an experienced auditor with deep knowledge.
"Great instructor that has the experiance as auditor and has the deep knowledge that he gained through his academic studies and academic researching."
"My experience with the course was excellent. The Lecturer (Prof. Mark Peecher) did fantastic work at breaking down the enitre course into littles pieces that aided understanding."
"This course is greatly developed and nicely put together. It provides very useful information in plain language and also supporting documents and reading material, to expand the comprehension of the subject. Loved the professor's way of teaching which keeps you engaged. "
Materials are organized with supporting documents and readings.
"This course is greatly developed and nicely put together. It provides very useful information in plain language and also supporting documents and reading material, to expand the comprehension of the subject."
"Loved the professor's way of teaching which keeps you engaged. "
"A true foundational-experience, with numerous thanks to Dr. Mark for his passion, putting in together such a great learning-material and his effective induction."
Concepts are explained clearly with practical examples.
"The instructor explains many concepts in auditing clearly with examples."
"This course was awesome! Mark is an incredible lecturer and makes the topics easy to understand."
"I had auditing course in school before but it was nowhere near this course. The overall quality and the explanation from the basic of why auditing exists to what value it proposes and to many more which could be applied in real life, i.e., I'm working as an auditor, haha."
Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in Auditing I: Conceptual Foundations of Auditing with these
activities:
Create a comprehensive course resource notebook
Show steps
Organize and consolidate course materials, including notes, assignments, and practice questions, for effective review and retention.
Show steps
-
Gather all relevant course materials, such as lecture notes, handouts, and assignments.
-
Review and summarize key concepts from each module.
-
Organize the materials into a logical structure, such as by topic or week.
Refresher on financial statement auditing
Show steps
Review financial statement auditing terms and concepts before class begins, providing a foundation for future learning.
Browse courses on
Auditing
Show steps
-
Re-read relevant sections of an introductory accounting textbook
-
Complete practice problems related to financial statement auditing.
-
Review any available course materials, such as the syllabus or an introductory lecture.
Review Auditing: A Practical Guide
Show steps
Supplement course materials with a comprehensive review of key concepts and practical applications in auditing.
Show steps
-
Read assigned chapters corresponding to the course modules.
-
Take notes and highlight important concepts.
-
Complete end-of-chapter questions or exercises.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Follow online tutorials on audit sampling
Show steps
Utilize online tutorials to reinforce understanding of audit sampling techniques and enhance practical application skills.
Show steps
-
Identify reputable online platforms or resources offering audit sampling tutorials.
-
Follow the tutorials step-by-step, taking notes and practicing the techniques.
-
Complete any interactive exercises or quizzes provided in the tutorials.
Practice audit risk assessment exercises
Show steps
Complete exercises to develop proficiency in assessing audit risk, a critical skill for auditors.
Show steps
-
Utilize online resources or textbooks to find practice problems.
-
Form study groups to discuss and solve problems together.
-
Attend any available workshops or seminars on audit risk assessment.
Engage in peer discussion on audit ethics
Show steps
Participate in peer discussions to explore ethical considerations and dilemmas faced by auditors, fostering critical thinking and ethical decision-making.
Show steps
-
Identify ethical scenarios or case studies related to auditing.
-
Form discussion groups with peers to analyze the scenarios.
-
Discuss various perspectives, legal implications, and professional responsibilities.
Develop an infographic on audit risk factors
Show steps
Create a visual representation of audit risk factors to enhance understanding and recall of this critical topic.
Show steps
-
Research and identify key audit risk factors.
-
Gather data and examples to support the risk factors.
-
Design the infographic using appropriate visuals and text.
-
Share the infographic with classmates or a professor for feedback.
Prepare an audit report mock-up
Show steps
Draft an audit report mock-up to apply knowledge of reporting standards and demonstrate understanding of audit findings.
Show steps
-
Review real-life audit reports to understand the format and content.
-
Identify a hypothetical company and conduct a mock audit based on provided financial statements.
-
Write an audit report based on the findings of the mock audit, ensuring it adheres to professional standards.
-
Present the mock-up report to classmates or a professor for feedback.
Create a comprehensive course resource notebook
Show steps
Organize and consolidate course materials, including notes, assignments, and practice questions, for effective review and retention.
Show steps
Show steps
Show steps
- Gather all relevant course materials, such as lecture notes, handouts, and assignments.
- Review and summarize key concepts from each module.
- Organize the materials into a logical structure, such as by topic or week.
Refresher on financial statement auditing
Show steps
Review financial statement auditing terms and concepts before class begins, providing a foundation for future learning.
Browse courses on
Auditing
Show steps
Show steps
Show steps
- Re-read relevant sections of an introductory accounting textbook
- Complete practice problems related to financial statement auditing.
- Review any available course materials, such as the syllabus or an introductory lecture.
Review Auditing: A Practical Guide
Show steps
Supplement course materials with a comprehensive review of key concepts and practical applications in auditing.
Show steps
Show steps
Show steps
- Read assigned chapters corresponding to the course modules.
- Take notes and highlight important concepts.
- Complete end-of-chapter questions or exercises.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Follow online tutorials on audit sampling
Show steps
Utilize online tutorials to reinforce understanding of audit sampling techniques and enhance practical application skills.
Show steps
Show steps
Show steps
- Identify reputable online platforms or resources offering audit sampling tutorials.
- Follow the tutorials step-by-step, taking notes and practicing the techniques.
- Complete any interactive exercises or quizzes provided in the tutorials.
Practice audit risk assessment exercises
Show steps
Complete exercises to develop proficiency in assessing audit risk, a critical skill for auditors.
Show steps
Show steps
Show steps
- Utilize online resources or textbooks to find practice problems.
- Form study groups to discuss and solve problems together.
- Attend any available workshops or seminars on audit risk assessment.
Engage in peer discussion on audit ethics
Show steps
Participate in peer discussions to explore ethical considerations and dilemmas faced by auditors, fostering critical thinking and ethical decision-making.
Show steps
Show steps
Show steps
- Identify ethical scenarios or case studies related to auditing.
- Form discussion groups with peers to analyze the scenarios.
- Discuss various perspectives, legal implications, and professional responsibilities.
Develop an infographic on audit risk factors
Show steps
Create a visual representation of audit risk factors to enhance understanding and recall of this critical topic.
Show steps
Show steps
Show steps
- Research and identify key audit risk factors.
- Gather data and examples to support the risk factors.
- Design the infographic using appropriate visuals and text.
- Share the infographic with classmates or a professor for feedback.
Prepare an audit report mock-up
Show steps
Draft an audit report mock-up to apply knowledge of reporting standards and demonstrate understanding of audit findings.
Show steps
Show steps
Show steps
- Review real-life audit reports to understand the format and content.
- Identify a hypothetical company and conduct a mock audit based on provided financial statements.
- Write an audit report based on the findings of the mock audit, ensuring it adheres to professional standards.
- Present the mock-up report to classmates or a professor for feedback.
Career center
Learners who complete Auditing I: Conceptual Foundations of Auditing will develop knowledge and skills
that may be useful to these careers:
Financial Auditor
Financial Auditor
A Financial Auditor examines the financial records of a company to ensure that they are accurate and compliant with regulations. This course, Auditing I: Conceptual Foundations of Auditing, provides a solid foundation in the principles and practices of financial statement auditing. It covers topics such as audit risk and materiality, financial statement auditing, and auditor's professional and ethical responsibilities. This knowledge is essential for success in a Financial Auditor role, as it helps auditors understand the key concepts of auditing and how to apply them in the field.
Forensic Accountant
Forensic Accountant
A Forensic Accountant investigates financial fraud and other financial crimes. This course, Auditing I: Conceptual Foundations of Auditing, provides a strong foundation in the principles and practices of auditing, which is essential for Forensic Accountants. The course covers topics such as audit risk and materiality, financial statement auditing, and auditor's professional and ethical responsibilities. This knowledge helps Forensic Accountants understand how to detect and investigate financial fraud.
Internal Auditor
Internal Auditor
An Internal Auditor evaluates the internal controls of a company to ensure that they are effective and efficient. This course, Auditing I: Conceptual Foundations of Auditing, provides a strong foundation in the principles and practices of auditing, which is essential for Internal Auditors. The course covers topics such as audit risk and materiality, financial statement auditing, and auditor's professional and ethical responsibilities. This knowledge helps Internal Auditors understand how to evaluate internal controls and make recommendations for improvement.
Auditor
Auditor
Auditors provide assurance that a company's financial statements are accurate and reliable. This course, Auditing I: Conceptual Foundations of Auditing, provides a strong foundation in the principles and practices of auditing, which is essential for Auditors. The course covers topics such as audit risk and materiality, financial statement auditing, and auditor's professional and ethical responsibilities. This knowledge helps Auditors understand how to conduct audits and provide assurance on financial statements.
Compliance Analyst
Compliance Analyst
A Compliance Analyst ensures that a company complies with all applicable laws and regulations. This course, Auditing I: Conceptual Foundations of Auditing, provides a foundation in the principles and practices of auditing, which is helpful for Compliance Analysts. The course covers topics such as audit risk and materiality, financial statement auditing, and auditor's professional and ethical responsibilities. This knowledge helps Compliance Analysts understand how to identify and mitigate compliance risks.
Risk Manager
Risk Manager
A Risk Manager identifies and manages risks to an organization. This course, Auditing I: Conceptual Foundations of Auditing, provides a foundation in the principles and practices of auditing, which is helpful for Risk Managers. The course covers topics such as audit risk and materiality, financial statement auditing, and auditor's professional and ethical responsibilities. This knowledge helps Risk Managers understand how to identify and manage risks to an organization.
Operations Manager
Operations Manager
An Operations Manager plans and manages the day-to-day operations of a company. This course, Auditing I: Conceptual Foundations of Auditing, may be useful for Operations Managers, as it provides a foundation in the principles and practices of auditing. The course covers topics such as audit risk and materiality, financial statement auditing, and auditor's professional and ethical responsibilities. This knowledge can help Operations Managers understand how to improve the efficiency and effectiveness of their operations.
Consultant
Consultant
A Consultant provides advice and guidance to companies on a variety of topics. This course, Auditing I: Conceptual Foundations of Auditing, may be useful for Consultants, as it provides a foundation in the principles and practices of auditing. The course covers topics such as audit risk and materiality, financial statement auditing, and auditor's professional and ethical responsibilities. This knowledge can help Consultants understand how to provide more effective advice to their clients.
Financial Analyst
Financial Analyst
A Financial Analyst analyzes financial data to make investment recommendations. This course, Auditing I: Conceptual Foundations of Auditing, may be useful for Financial Analysts, as it provides a foundation in the principles and practices of auditing. The course covers topics such as audit risk and materiality, financial statement auditing, and auditor's professional and ethical responsibilities. This knowledge can help Financial Analysts understand how to analyze financial data more effectively.
Actuary
Actuary
An Actuary uses mathematical and statistical techniques to assess risk and uncertainty. This course, Auditing I: Conceptual Foundations of Auditing, may be useful for Actuaries, as it provides a foundation in the principles and practices of auditing. The course covers topics such as audit risk and materiality, financial statement auditing, and auditor's professional and ethical responsibilities. This knowledge can help Actuaries understand how to assess risk and uncertainty more effectively.
Accountant
Accountant
An Accountant prepares and maintains financial records. This course, Auditing I: Conceptual Foundations of Auditing, may be useful for Accountants, as it provides a foundation in the principles and practices of auditing. The course covers topics such as audit risk and materiality, financial statement auditing, and auditor's professional and ethical responsibilities. This knowledge can help Accountants understand how to prepare and maintain financial records more effectively.
Tax Accountant
Tax Accountant
A Tax Accountant prepares and files tax returns. This course, Auditing I: Conceptual Foundations of Auditing, may be useful for Tax Accountants, as it provides a foundation in the principles and practices of auditing. The course covers topics such as audit risk and materiality, financial statement auditing, and auditor's professional and ethical responsibilities. This knowledge can help Tax Accountants understand how to prepare and file tax returns more effectively.
Bookkeeper
Bookkeeper
A Bookkeeper records financial transactions. This course, Auditing I: Conceptual Foundations of Auditing, may be useful for Bookkeepers, as it provides a foundation in the principles and practices of auditing. The course covers topics such as audit risk and materiality, financial statement auditing, and auditor's professional and ethical responsibilities. This knowledge can help Bookkeepers understand how to record financial transactions more effectively.
Data Analyst
Data Analyst
A Data Analyst collects and analyzes data to identify trends and patterns. This course, Auditing I: Conceptual Foundations of Auditing, may be useful for Data Analysts, as it provides a foundation in the principles and practices of auditing. The course covers topics such as audit risk and materiality, financial statement auditing, and auditor's professional and ethical responsibilities. This knowledge can help Data Analysts understand how to collect and analyze data more effectively.
Software Engineer
Software Engineer
A Software Engineer designs and develops software applications. This course, Auditing I: Conceptual Foundations of Auditing, is not directly related to Software Engineering. However, the course may be useful for Software Engineers who want to understand the principles and practices of auditing. The course covers topics such as audit risk and materiality, financial statement auditing, and auditor's professional and ethical responsibilities. This knowledge can help Software Engineers understand how to develop software applications that are more secure and reliable.
For more career information including salaries, visit:
OpenCourser.com/course/tpae8p/auditing
Reading list
We've selected 15 books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
Auditing I: Conceptual Foundations of Auditing.
This reference tool is an essential resource for auditors, providing authoritative guidance on Generally Accepted Auditing Standards (GAAS) and Generally Accepted Government Auditing Standards (GAGAS). It ensures that auditors stay up-to-date with the latest standards and best practices.
Save
This reference tool vital resource for auditors operating internationally. It provides a comprehensive collection of the International Standards on Auditing (ISAs), which are recognized and used worldwide, ensuring that audits are conducted consistently and effectively.
Provides a comprehensive overview of the auditing process, with a focus on the integrated approach to auditing. It valuable resource for students and professionals who want to gain a deeper understanding of the audit process.
Provides a solid background in the core concepts of auditing and assurance services, making it an excellent resource for developing a foundational understanding of the field.
Provides a risk-based approach to financial statement auditing. It valuable resource for students and professionals who want to learn how to assess and mitigate audit risks.
This textbook focuses on the auditing of information technology systems and controls. It provides auditors with the necessary knowledge and skills to evaluate the effectiveness of IT controls and ensure the reliability of information systems.
Provides a practical guide to using data analytics in auditing. It covers a wide range of topics, including data mining, statistical analysis, and data visualization. Auditors will learn how to use data analytics to improve the efficiency and effectiveness of their audits.
Explores the ethical challenges that auditors face. It covers a wide range of topics, including conflicts of interest, independence, and whistleblowing. Auditors will learn how to make ethical decisions and avoid conflicts of interest.
To enhance understanding of auditors' professional and ethical responsibilities, this publication provides the official AICPA professional standards for accountants.
Save
Provides guidance on the International Standards on Auditing (ISAs). It valuable resource for students and professionals who want to learn how to apply the ISAs in their audits.
This academic journal offers access to cutting-edge research and practical insights in the field of auditing, complementing the course's focus on contemporary issues and best practices.
Providing a practical guide to the audit process, this book complements the course's coverage of various phases of the audit, including planning, execution, and reporting.
Provides a comprehensive overview of financial accounting. It valuable resource for students and professionals who want to gain a deeper understanding of the accounting process.
As a valuable reference for understanding the financial reporting process, this book provides background knowledge on the underlying principles and concepts that auditors rely on.
Save
Provides a comprehensive overview of financial reporting and analysis. It valuable resource for students and professionals who want to gain a deeper understanding of the financial reporting process.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/tpae8p/auditing
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Level
Intermediate
Via
Coursera
Institution
University of Illinois at Urbana-Champaign
Instructor
Mark E. Peecher, PhD, CPA
Language
English
Transcripts
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Good to know
Develops conceptual foundation and functional skills in auditing, which are important to professionals in this domain
Provides hands-on learning through a combination of concepts and applied examples
Explains the role of CPAs in financial statement audits and related services
Distills the process of risk assessment and audit reporting, which may be valuable to students aiming to work in risk management or related domains
Taught by a CPA with professional experience, which lends credibility to the instruction
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