IFRS and GAAP Audit Standards Course

Lesson 1 • Structure of Financial Statements

Compares required financial statement components and presentation formats under each framework. Builds recognition skills essential for audit planning.

Lesson 2 • Scope and Applicability of Each Framework

Defines which entities are required or permitted to apply each framework. Clarifies audit scope decisions based on entity type and jurisdiction.

Lesson 3 • Origins and Governance of Standards

Traces the historical development and standard-setting bodies behind IFRS and GAAP. Provides context for understanding why divergences exist between the two frameworks.

Lesson 1 • Responsibilities for Fraud and Error

Defines auditor obligations to detect and respond to fraud and material misstatement. Grounds risk assessment procedures introduced in later chapters.

Lesson 2 • Engagement Acceptance and Terms

Details criteria for accepting or continuing an audit engagement and formalizing engagement terms. Connects professional standards to practical client onboarding.

Lesson 3 • International Auditing Standards Overview

Surveys the structure and authority of international auditing standards applicable to IFRS engagements. Establishes the regulatory baseline for all subsequent audit procedures.

Lesson 4 • Auditor Independence and Ethics

Covers independence requirements, ethical codes, and threats to objectivity under both frameworks. Directly informs engagement acceptance and quality control decisions.

Lesson 1 • Risk Identification and Assessment

Applies the audit risk model to identify inherent, control, and detection risks at the assertion level. Links risk ratings to planned audit responses.

Lesson 2 • Audit Strategy and Planning Documentation

Guides preparation of the overall audit strategy and detailed audit plan. Ensures all risk responses are documented and communicated to the engagement team.

Lesson 3 • Internal Control Evaluation

Examines the design and operating effectiveness of internal controls relevant to financial reporting. Control reliance decisions determine the balance of substantive testing.

Lesson 4 • Understanding the Entity and Its Environment

Covers procedures for gaining knowledge of the client's business, industry, and internal environment. This knowledge drives identification of areas with elevated misstatement risk.

Lesson 1 • Audit Sampling Techniques

Covers statistical and non-statistical sampling methods and their application to substantive and control testing. Ensures sampling decisions are defensible and risk-aligned.

Lesson 2 • Nature and Sufficiency of Audit Evidence

Defines the attributes of sufficient and appropriate audit evidence and the factors affecting reliability. Guides auditors in evaluating evidence quality across different source types.

Lesson 3 • Using the Work of Others

Covers reliance on internal auditors, component auditors, and management specialists. Defines the extent of review and responsibility retained by the principal auditor.

Lesson 4 • Audit Documentation Standards

Establishes requirements for audit working paper content, organization, and retention. Proper documentation supports review, quality control, and regulatory inspection.

Lesson 1 • Revenue Recognition Principles Compared

Contrasts the five-step revenue model under each framework, highlighting key differences in application. Establishes the technical basis for revenue-related audit risk assessment.

Lesson 2 • Disclosure Adequacy for Revenue

Evaluates the sufficiency and accuracy of revenue-related disclosures required under each framework. Ensures audit conclusions address both recognition and presentation assertions.

Lesson 3 • Substantive Testing of Revenue

Designs and executes substantive procedures to test revenue recognition accuracy and completeness. Connects risk ratings to specific evidence-gathering techniques.

Lesson 1 • Classification and Measurement of Financial Instruments

Compares classification categories and measurement bases for financial assets and liabilities. Differences in classification drive distinct audit procedures for each framework.

Lesson 2 • Impairment of Financial Assets

Contrasts the expected credit loss model with the incurred loss model and their audit implications. Focuses on management estimate validation and model integrity testing.

Lesson 3 • Lease Accounting and Audit Approach

Compares lessee and lessor accounting models under each framework and identifies key audit risks. Focuses on right-of-use asset recognition, lease liability measurement, and disclosure.

Lesson 4 • Hedge Accounting Audit Procedures

Covers designation, documentation, and effectiveness testing requirements for hedge accounting. Auditors verify compliance with strict qualifying criteria under each framework.

Lesson 1 • Nature and Risk of Accounting Estimates

Defines accounting estimates and explains why they carry elevated inherent risk. Establishes the conceptual foundation for all estimate-related audit procedures.

Lesson 2 • Auditing Approaches for Estimates

Presents three audit approaches: testing the process, developing an independent estimate, and reviewing subsequent events. Auditors select approaches based on risk and complexity.

Lesson 3 • Contingent Liabilities and Assets

Covers disclosure and recognition thresholds for contingencies and evaluates legal counsel letters. Ensures completeness of contingency disclosures in the financial statements.

Lesson 1 • Forming the Audit Opinion

Guides the process of evaluating misstatements, assessing overall fairness, and selecting the appropriate opinion type. Connects accumulated evidence to the final audit conclusion.

Lesson 2 • Structure of the Auditor's Report

Explains required elements and ordering of the auditor's report under international and domestic standards. Ensures reports are compliant, clear, and informative to users.

Lesson 3 • Modified Opinions and Special Reports

Covers circumstances requiring qualified, adverse, or disclaimer opinions and their report language. Prepares auditors for complex reporting situations encountered in practice.

Lesson 4 • Communication with Governance Bodies

Defines required communications to audit committees and those charged with governance during and after the audit. Strengthens the auditor's role in corporate oversight.