Auditing 101 | Part 1: Starting the Audit | Maxwell CPA Review

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This video dives into auditing procedures for common financial statement items like cash, receivables, inventory, investments, property, and liabilities. Learn how auditors sniff out fraud in cash accounts, confirm the validity of receivables, ensure proper inventory valuation, and verify the existence of liabilities. The video also explains different sampling techniques auditors use to efficiently test accounts and wraps up by explaining how to mitigate sampling risk.

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Video Chapters:
0:00 – Intro
1:08 – Auditing Cash
4:22 – Auditing Revenue and Accounts Receivable
5:54 – Auditing Inventory
7:18 – Auditing Investments
8:39 – Auditing Property
11:10 – Auditing Accounts Payable
12:31 – Auditing Notes Payable
14:07 – Auditing Equity
15:04 – Audit Sampling
18:22 – Auditing for Lawsuits

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𝗧𝗵𝗮𝗻𝗸𝘆𝗼𝘂 𝗳𝗼𝗿 𝘄𝗮𝘁𝗰𝗵𝗶𝗻𝗴: Auditing 101 | Part 3: Beyond the Basics | Essential Further Audit Procedures | Maxwell CPA Review

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𝗥𝗲𝗹𝗮𝘁𝗲𝗱 𝗦𝗲𝗮𝗿𝗰𝗵𝗲𝘀:
how to become an auditor
what to expect during an audit
fraud risk and audit procedures
how to perform inventory observation
auditing 101 | part 3
beyond the basics
essential further audit procedures
maxwell cpa review