Lesson 6: The Audit Process

In today's lesson we'll discuss the audit process at a high level.
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[@bilbojumper]

I love that don't stop till you get to the top, don't stop when you are at the top.

[@kimmach2662]

Thank you very much for your video. I went through 5 weeks in the class, but just actually understand thru your video. The book is even more useless with all the fancy words. Thanks again!

[@clarknotkent5203]

In 2017 this video is still legendary! Thank you so much! I've learned more in your 15-minute video than a 3-hour class meeting. You literally know your stuff!

[@jenniferlozano9831]

Excellent video. I am studying for a final for my auditing course and I do not understand why the lecturers did not think having this process explained at the beginning of the course is not important. Thank you!

[@senatesv]

update about your exam and life

[@GalaxybearBoss]

Thx you so much!! Been really confused about the process as I only read the notes. Now I feel better!🙏🏼

[@sapnakhakh4609]

I really enjoyed listening to this video and refreshes all i read from book in a week in just 15 min......Thanks so very much.....

[@MrMarioMarcel]

This guy knows his shit

[@weiweisgp]

Great video! You help to build my foundation in auditing

[@AbsoluteKnives]

Im starting an audit internship in three days and after only taking two accounting classes thus far at school this series has really given me the extra information I needed to feel a little more confident walking into the office on my first day. I thank you sir!!

[@Financelearningacademy]

You're awesome, talented, and yes, you'll figure this out. It's not easy, but we thank you for the comment and glad we could help.

[@AbsoluteKnives]

Any chance you could give me an idea of what ill be doing as an intern? Specifically the work type? Should I be learning/studying something specific before?

[@Financelearningacademy]

A lot of testing. Sorry to tell you. It will be as boring as watching paint dry, but junior auditors do the grunt work of testing transactions. This means you will be looking to ensure that the transactions recorded in the accounts of clients are supported by adequate documentation. HOWEVER, the silver lining is that this experience will shape your professional skeptism and keen eye for detail for the rest of your career. Take it seriously and never be afraid to ask the "stupid" questions. That's the advice I got my first day as an auditor and 25 years later, I'm still asking a pile of "stupid" questions.

[@AbsoluteKnives]

Thanks for the reply! The common theme from everything ive read is dont be afraid to ask any question, I wont forget it.

[@Angie_suv]

This vid had brought me to a warm fuzzy happy place thank you so much, I finally get it, instant subscribe!

[@thehuongnguyen]

Excellent! Simple and concise, visionable and logic. Thanks so much Mr Blair

[@merc340sr]

Great presentation! very clear, very understandable.. better than my audit courses!

[@RB-jz3lj]

as an accountancy student i really enjoy your video's.

[@Nukemall305]

don't stop until you get to the top, when you get to the top, don't stop!!..

[@TheWealthBuildingJourney]

+Chester Nukem 15:55 When you do stop at the top, you won't get what you don't got!

[@sanathgamage7894]

Best learning material for all audit learners go through all 28 videos thanks

[@minjae0307]

Thank you so much! The explanation was impeccable!

[@heeseokkim3194]

Thank you for this video. Keep watching it more than 3 times :)

[@kimtran1774]

This is a very good presentation!! You explained it very clearly and it was easy to understand :)

[@jeanletendart6372]

Thank you very much for this great video. It helped a lot!

[@auroratan2126]

2018 still watching it and still much more understandable than the textbooks and professors...

[@aicewei]

Thank you so much, this is saving me for my exam, a lot easier to understand and much more interesting than the textbook

[@Financelearningacademy]

Feel free to adapt any diagrams I've presented, which I've otherwise adapted from various audit literature.

[@Jeansy1290]

Greetings from The Netherlands!.. Best Audit process explanation ever!!.. Thnx

[@dominicalvarado3333]

its very helpful. its my preboard exam tom,! thumbs up for this,! Dominic from Philippines

[@AbelKaludzu]

Wow! Amazing! Thanks Sir! *Dont Stop till you reach the top, when you reach the top dont stop* Amazing Stuff!

[@Rissa_Cayetano]

This is an amazing video. Good job Sir.

[@accountantintraining4752]

Thanks, the information is informational and satisfactory for me.

[@cameronhammett4588]

This helps a lot. Thank you!

[@peempeem8144]

2020 and still watching it,very useful 👍

[@parryk646]

Superb information... thanks

[@bagumajoshua5659]

this is awesome thank you

[@sangwoolee39]

Awesome!!!

[@naqashbutt7085]

this is really beautiful, bet you cant find better material than this

[@danieleovieira]

Thank you so much for this video. Really helpful.

[@Financelearningacademy]

I had to look up who was Pacioli, but now I know. Thanks. There are two video for lesson 5: 5A and 5B both having to do with the auditor's report. Hopefully you can track them down on here, but if you can't let me know or try on my website.

[@FaizanKhanFM]

very well its help me alot thank u soooo much

[@katdownunder]

i find your videooo really helpful! God bless you!

[@gnzeu4tpns91]

This is useful stuff thank you!

[@teeahtate]

Thanks for this!

[@user-xy5cp5rl7t]

This is really helpful for have a overall understanding of audit!

[@Carlos-dg5cc]

u are awesome

[@zamanyathifikile7022]

how can I download the past question paper's

[@abdulrahmanmahmoud2729]

Good Explanation

[@Kabeyeka]

Early and Youth! You cracked me up!

[@batmanga00]

Wow. You are the best thing to happen to accounting since Pacioli. Just a question, has video 5 on accounting been omitted?

[@siri5052]

Well said!

[@MuhammadAbboud]

Thanks so much :)

[@fahadc5961]

This was an amazing video, this has helped me so much¡!!!!!!!!!!!!

[@darsanemuralidharan9604]

thanks for this ...

[@AHMEDYAHIA77]

Thank You very much

[@MrFaisalShafi]

Good one video

[@olalekansamuel2340]

Great!

[@quaqmireful]

Valid and supportive - I kinda like the term used. However, I do think the students are more familiar with the 'true and fair' concept. Which is the same really, but is considered the term the examiner is looking for.

[@charliebell1826]

Blair Cook you are a legend

[@KTVTUAN]

Tks!

[@rebihmoumeun5582]

so good

[@amberhillman8877]

How do this audit get in the paper. Why

[@shimukumar514]

Audit Process !

[@zacharymogeni5741]

excellent

[@kashthkkr87]

funny abbreviation for EY

[@VaibhavMakkar]

Nice! Loved the procedures. Any more procedures you can give for determining existence and valuation for inventory? Inventory's company specific but lets take a hard example, a high end custom furniture manufacturer, uses all sorts of materials to create a finished product and has all sorts of manufacturing overhead. What are some procedures you would use to gather evidence for assertions, specifically valuation? Can't compare it to Ikea furniture, or other competitors. Its just so unique!

[@Financelearningacademy]

+Vaibhav Makkar Existence - observe the inventory count and do your test counts. Valuation is trickier because you will need to validate each o the components of cost - manufacturing overhead and its application - particularly in a job order type shop would be the trickiest. You will need to validate the occurance of costs by testing the costs incurred and there calssication. Then inspect the methodology used for allocating that cost to finished goods taking into consideration the capacity utilization. You will also need to look at the NRV and ensure the cost is lower.

[@VaibhavMakkar]

+Finance LearningAcademy thank you!

[@parryk646]

Thanks. Very informative. Would you be able to share the difference between Internal Audit and Sox. Thanks

[@teitgjini3053]

Thank you for a very professional presentation. Do you also have PowerPoint presentation for students?

[@Financelearningacademy]

No I don't sorry. My students are given access to these video and that's it. In class we discuss the application of audit principles. These videos were not created using Powerpoint. Good luck!

[@teitgjini3053]

thanks a lot. it is really very useful. I'm gone share it with my staff and my students.

[@mustefanura1318]

Thanks continuous B

[@leekenli8856]

15:54, what?

[@amberhillman8877]

Because,someone out to get the companies.

[@danwindows7]

I like the presentation but what is the point of the stock photo of the woman holding a credit card in front of the computer on a high level corporate office, with a window? It first appears at 10:19 and stays on for a little under 9 seconds. Otherwise a good explanation of the process.

[@Financelearningacademy]

+danwindows7 She's working hard! haha. Otherwise, I have no idea why I put that there.

[@JJ-ct4eu]

Great video, but imagine doing this as a career, booo--ooo-ring

[@amberhillman8877]

Their gonna sue arkansas audit state employer company .

[@user-ty1vp2gi7d]

Fhfxj London Liverpool Street store 👍❤❤❤❤

[@helenfcostello3069]

Hhhgt I don't

[@amberhillman8877]

Don't you have to have a degree are certificate to talk about audit on KZbin.

[@amberhillman8877]

Keep talking tiny men media audit, and organization employer company

[@zamanyathifikile7022]

how can I download the past question paper's