Financial Statement (Substantive) Audit - From Start to Finish | CAREER
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- เผยแพร่เมื่อ 29 ก.ย. 2024
- Open for all the info!! 💗
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Trying my best to explain an external audit of financial statements in easy terms. Hoping it gave you a small idea of what public accountants do... realize I put a lot of emphasis on planning but it all flows together to the other steps. Anyways - hope it was even a tiny bit insightful!!
Jump around:
Getting the client 1:08
Planning an audit 2:42
Executing your plan 14:23
Reporting on the financial statements 15:52
Archiving your audit work 18:36
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---------------------------DISCLAIMER-----------------------------
All opinions are my own and are from my personal experiences/ observations. They do not reflect the opinion of any company I have ever worked for. Also - I don't audit Nordstrom, just used them as an example.
I'm just sharing to provide a different perspective. Base your opinions on what is true for yourself.
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GOAT...holding it down for fashionable accountants with friendly sisterly advice.
+Its.Chrissi 😘😘😘 you are the sweetest!
I know right! Totally breaking the mould!
This video was very helpful!!! I'm thinking about switching from tax to audit, so I've been trying to find whatever information I can. I am more on the introverted side - I don't mind working with clients one on one or working as part of a team with my coworkers. However, I HATE presentations. Have you personally had to give a lot of presentations or do a lot of teaching as an auditor? What about when you worked in the big 4? Is this something that just varies from staff to manager level? I would appreciate any insight you may have on this topic.
wish you had put this video out a month ago. I just finished my auditing class.
This was very helpful! It would be great if you did the video on different roles in an Audit.
They should fire Tim Gereaty and Peter Olinto from Becker and hire you as a Audit instructor :-)
+dangerrulz 😂😂😂 in all fairness, they helped me when I was prepping!!
Stephie // stephienese hahaha you are correct. not sure how I would have passed without them
In a practical sense, do management accountants generally provide the auditors with a trial balance to audit then once the figures are agreed and all the audit adjustments made, they map the balances to form the financial statements and then the auditors will look over that with regards to presentation and disclosures?
Typically the financial statements are being put together by management accountants while the audit is still going on. So there may be audit adjustments that come up that will have to be recorded in the TB and updated in F/S. Can be annoying to refresh a few times but it's what usually happens IRL.
Any chance you have videos or can do videos on what to know as far as MS Excel is concerned as a CPA/Auditor?
+Brian Nau I will definitely do some!
I'm a CPA, and this is really helpful ❤️ Thank you so much!
can you please do Tutorials on QuickBooks eg. what it is, how to use it and types of accounting software?
thanks.
Have you ever thought of becoming an accounting professor? You do a good job of explaining!
+Melissa Castanon awww thank you! I have but I enjoy sharing in the comfort of my home hehe.... I want to make more informational videos on specific topics though in the near future!
I've been thinking how I hoped you put a video up soon, and here it is! I love your videos, especially since I start school at the end of August. I've been wondering, if I get a BS in Business with a concentration in Accounting, will that hold the same weight as a specific Accounting degree? Thanks!
Kimberly Blair I'm in the same boat! Can't wait to hear her response
I graduated with a BBA in Accounting. It depends what you want to do after you graduate. If you want to do public accounting, you will need a specific amount of accounting hours in order to sit for the CPA exam. Usually an Accounting degree will give you the most accounting hours (Which is what you want, if you want to do public accounting.) In the state of Texas, you need at least 30 hours of upper level accounting, 24 hours of business, and 3 hours of ethics, to be eligible to take the CPA exam. It all depends what you want to do after you graduate. That can be either public accounting, industry, governmental, etc.
I think I'm going to go into industry, at least at first. I just checked Excelsior's degree requirements, and I will have 33 hours of business, 15 hours of accounting (of which 9 must be upper-level), and 3 hours of ethics. Mainly, I wanted to get into the field, and then use any remainder GI Bill to go for my CPA. Thanks, by the way!
The real piece of paper you need that holds weight in auditing is your CPA license. If you don't want to go into that, just industry, you should be ok. But don't expect to rise quickly in promotions.
It's sometimes easier to start in public and then switch to industry. Your state may also require you to work under a CPA (or in public) for a certain number of hours before you can be certified. You might want to check that out. I know in my state I have to work 200 hours under a CPA. Each state is different.
If Performance Materiality (ISAs give no specific model) is used in scoping out FS line items, isn't this a bit contradictory?
Say we select N600,000 PM and scope out all balances < N600,000. What of materiality in aggregate? These individual line items < N600,000 may well add up above N600,000. If they are all scoped out, there a significant risk that FS contain material misstatements.
How does this tie to Audit Risk model?
Also, how are we sure of completeness assertion? Are these scoped out balances even accurate and complete? What if they understated and that's why they are below PM?
This was amazing!! I am majoring in accounting and I am excited. Thank you so much for this!
Wow so the audit approach Is the same everywhere.i also work in an audit firm myself though a small one no where near big 4. Please do a video comparing thr pros and cons of working for the big 4 Vs smaller firms
I loved this video!!! Please do the video on what each member does. I love your videos! Thanks!!
+valeb410 will do!! ❤
Would you say that it's necessary for students/new graduates to get experience in bookkeeping and accounting (e.g. transaction entry in QuickBooks, preparation of financial statements, etc.) before entering the audit profession? Or is having a good understanding of the material from your Intermediate Accounting classes sufficient enough?
I just started my first busy season as an intern, and this was soooo helpful to clarify the audit process. Thank you 🙏
Interesting how this is related to my business statistics and quantitative management class I took.
you provide so much value in your career videos. I honestly can't find anything else like it on TH-cam. thank you 💜
Helpful....watching from Kenya
Your top/look here! Love it, it’s always so clean
Thanks for this videos. I normally do taxes, but working on my first audit. Not sure how to handle work papers and documentation. This is their first audit, so there is no historically data.
Sounds like you really want to find fraud lollll
I love your videos! This was really informative, thanks. I'm starting my first semester as an accounting major at a state university in California and I'm really anxious. The accounting major is notorious for being one of the hardest and intense non-science studies at our school. Lots of anxieties and worries about failing, sigh lol. But your videos help keep me inspired and motivated. ^^
Amy Lee is it a Bay Area school?
Amy Lee Good luck Amy. Accounting is a hard, but not too hard of a degree. Just practice practice and practice.
Amy Lee I just graduated from SFSU with a degree in Accounting business... and yes it was intense but duable practice as crazy more than reading theory (which you also need to comprehend) you will be fine and feel proud once you graduate
+Amy Lee keep pushing love!! You got this ;)
Love the pillow, Steph! And the information, obviously! :D
+radellafy thank you ❤
Thank you !! So helpful to get a feel in auditing.
"Hi y'all" I just love it! Thanks for the video.
random question but who pays for team lunches at the big 4? Do you pay for yourself or does the company pay for everybody?
+harman Depends on the engagement team and budget but normally when the manager or above is there, it's ran through on their corporate card. But usually that's a few times a week at most and the other days its per employee. Unless you are lucky and get on a client where all lunches are paid 😁
Aside from studying accounting and finance, what career or MBA, MSC, can I study to specialize myself in Financial Statement Audit?
Can a new grad be part of an audit team？Auditing is very comprehensive and needs a lot of professional judgement.If I can't find a job related to auditing but my ultimate goal is being an auditor.What kind of job would you recommend as the first job？
Very perfect vedio ..good work add more detailed vedio of how statutory audit being performed in big 4 firms
Hello! I have a question regarding something weighing heavily on my heart lately. So this aspect of accounting/audit is what REALLY interests me. It’s like...financial detective work and all of it is so interesting to me! However...a lot of my professors at school are telling me that financial reporting and general auditing are set to go fully AI within the foreseeable future.
In your professional opinion would you say this is true?
I love your video so much! This video is super helpful! Thank you very much for sharing your experience!!! I would be really really appreciated if you could continue talking more about audit, like the specific roles. Or what software do you use in audit? Or what skills are necessary in audit?
thank you so much! making another video about roles in the process would be AWESOME!
You were so clear and detailed. You really should think about teaching. i think u would be great. Loved your video!
ur explanation is very good, just i wish if u could make a tuto to make what u say more comprehensive
awesome
Yes yes
Thank you Stephie for this video, it's helped in more ways than you know. I'd love to see a video on the roles of each person in an audit team. Quite frankly, I think you're the only TH-camr with descriptive videos on technical accounting/audit matters. THANK YOU.
As an accountant do you have to deal with any kind of interest? Plz ans me as soon as possible.
Thank you!! I love your videos. I hope all is well with you and your very own personal planning that you shared with us not too long. i really want to hear about the jizz of individual roles.
Thanks heaps for the video! I start as a graduate auditor at BDO very soon and am now very excited! :D
Thank you so much for all the videos you make! After graduating with an engineering degree but not wanting to pursue a career in the engineering sector i found the accounting profession. Your videos have been such a help to understand what is involved in a typical accounting role and it's great to see how excited and passionate you are about accounting! I love it!
Thank you!
Too funny! i am taking my last part of the cpa exam monday morning and it is the audit section... i have failed audit 3 times by a point. I work in tax and the overall audit process from beginning to end just doesn't click for me; I get too caught up on the tiny conceptual details. I usually go on youtube to take a study break and came across this video! You explain everything so well and it has helped SO much. Thank you!! I have followed you for awhile and love your videos because you always provide great insight and advice on your career in public accounting and maintaining a work life balance! I have been working for a big 4 firm for a little over a year and its definitely hard. It's so nice to have someone to relate to!
How was your exam? I found out on 8/17 I passed Aud after 2 fails. I am done, officially CPA. I work in tax.
hi! What is your opinion about how robots will take over accountants and auditors? I am currently studying accounting, and this is making me worried. Thanks :)
+Stephanie Astrid I answer it in this video. Long story short - I'm not concerned. At least not in my career lifetime :) th-cam.com/video/tRtXMICCufk/w-d-xo.html
Hi Stephie, thanks for this. It helped me refresh my knowledge in audit. I am planning to make a comeback and be the best auditor. By the way, how are you related with Inspector Mills? lol.
🤣🤣🤣 no relation 🤪 glad it was helpful!
This video is the best video I’ve seen under accounting on youtube. It shows how much thought you put into your videos and how passionate you are about what you do. YES! Please continue to do more video like this one to give us future accountants more insight! Makes me fall in love with accounting even more. Amazing Stephie 👏🏼👏🏼👏🏼
+Natalia Angeleu Thank you babe - I'm glad you liked it and it made sense hehe
I love your videos. Keep them coming. All the best to you.
Thanks!its helpful- sorry to ask where did you get your top?its so cute :))
Glad this was helpful 😊 It's by MissGuided and I got it at ASOS a few years ago.
Extremely helpful for my audit exam tomorrow!
yes! can you show us examples
Thank you for your content, this is very helpful!
Love your accounting videos! Continue please!
YESSSSSS!!!! I am the 100th person who liked this video
+Ahasan Kabir hehe thank you for the like!
WOW. im hella early.
SALY is our best friend.
+jascharl hahaha 😂😂😂 yes she is! 🙌
BEST video yet xx
My mom's tiny business is going through an audit..it's taking the auditor and accountant almost 1 year so far.
it shouldn't take that long probably not an audit maybe more like a financial and accounting advisory type of service
Good
your hair is so long now! are you gonna bring back the bob?
+Nigel Hemfield I am not sure. I've been liking the extra length and throwing it up in a bun 😁
Are you going to do the controls video soon
+DJZeino yes! I'm filming it today
love all your vids/vlogs and ofc Juicy 😍
+Faye Ortiz awww thank you!
Stephie // stephienese you're welcome ☺️
stepppphhhhh!!!!!!
+Muringi Ndirangu 😘
You're very beautiful :)