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My CFE technical review process is the following: I would read the Knotia chapter readings alongside the CPA Competency Map. The competency map is used to guide the depth of my review. For example, since my CFE elective role is Finance, I only need to pay attention to the levels required for Core for the Assurance competency. However, for Assurance, I was able to find a lot more free materials online to aid my study. As a result, I can scan several chapters and refresh/learn the audit concept by watching the videos I am sharing in this post.
Before I begin with the free resources, I want to caution against relying on them completely. Also, as the quality of the material varies, it is important that you pay attention to that. When in doubt, my suggestion would be to consult with the appropriate CPA handbook available on Knotia.
Read all of my CPA CFE posts here
Audit and Assurance
As you go down this list, you will most likely realize that many of the videos are from the same three channels: Dr. Amanda White’s AmandaLovesToAudit, Michael McLaughlin’s Edspira and Charles Hall’s CPA Hall Talk. This is because all three educators create such easy-to-understand educational content. Therefore, these channels are definitely my personal go-tos. Instead of following the list, you can browse through their channels to see what interests you. However, my intention for this post is to organize the videos so they are grouped with the related Knotia chapters.
Chapter 3 – Client Acceptance
Edspira’s video on client acceptance or continuance
Chapter 5 – Materiality
AmandaLovesToAudit’s video on materiality & an extra one related to COVID that’s interesting
CPA Hall Talk’s video on materiality and performance materiality
Chapter 6 – Risk
AmandaLovesToAudit’s video on the audit risk model & an interesting video on significant risks
Edspira’s video on the audit risk model
Chapter 7 – Fraud
AmandaLovesToAudit’s video on auditor’s responsibility when it comes to fraud (note, this video is based on the Australian audit standard ASA240)
CPA Hall Talk’s video on auditor’s responsibility for fraud
HTK Academy’s write up on CAS 240
Chapter 8 – Going Concern
Edspira’s video on going concern opinion
AmandaLovesToAudit’s video on the effects of coronavirus on audit
Chapter 9 – Approach
brainyboi’s (an accountant based in Toronto, ON) video on audit planning memo (highly recommended as this video was created for Canadian CPA students)
AmandaLovesToAudit’s video on audit strategy
Chapter 10 – Analytical Procedures, Chapter 12 – Test of Controls & Chapter 15 – Substantive Procedures
AmandaLovesToAudit’s video on the different types of analytical procedures & this one on tests of controls vs substantive tests
Edspira’s video on risk assessment tests, tests of controls and substantive procedures
Chapter 13 – Assertions
AmandaLovesToAudit’s video on assertions and the application of assertions
Chapter 19 – Subsequent Events
HTK Academy’s write up on CAS 560
AmandaLovesToAudit’s video on how to answer questions related to subsequent events
Chapter 20 – Auditor Report
Edspira’s video on types of audit opinions
The Finance Storyteller’s video on auditor’s report
Chapter 21 – Compiliation and Review Engagements
CPA Hall Talk’s video on the differences between complication, review engagement and audit
