Audit and Due Diligence Foundations

Audits are a critical part of finance, but they're not solely within the purview of CPAs. Audits and due diligence projects are supported by consultants, analysts, and finance professionals—and even by people who have little or no formal financial training. In this course, financial expert Jason Schenker helps to acquaint you with the fundamentals of audits and due diligence (DD) projects. Jason doesn't focus on the mathematical calculations that play a role in audits; instead, he provides a general overview of the processes involved. He explores the different kinds of audits—from internal and independent audits to the tax audits that are initiated by the government—and reviews key audit and DD processes. Plus, he shares best practices for auditing a company's financial data, business processes, and assets ethically and effectively.

Learning objectives
Identify scenarios in which due diligence projects may be necessary.
Describe the main goal of any audit or due diligence project.
Explore how the audit space will be impacted by technology.
Identify the best time to conduct an audit project.
Recognize the idea of independence and apply it in a scenario.
Recall the differences between tax audits and regular audits.
Identify how not-for-profit audits and government audits differ from regular audits.
Explore how to conduct a due diligence or audit project.
Recognize the difference between audit and due diligence projects.