How to learn the auditing standards EASILY! 4 top tips!

Summary

In this educational video, Amanda, an experienced auditing lecturer, offers four top tips to demystify the auditing standards for students and professionals. She emphasizes understanding the structure of standards, focusing on objectives, definitions, and requirements, and utilizing explanatory material. Amanda also encourages leveraging existing resources, such as videos and professional guides, and practicing retrieval through note-taking and applying audit concepts to real-life scenarios. Additionally, she provides a template to aid in summarizing and understanding the complexities of audit standards.

Takeaways

• 📚 Amanda, an experienced auditing educator, introduces a video aimed at demystifying auditing standards for students and professionals.
• 🌐 The video is applicable globally, as it addresses auditing standards from various jurisdictions, including Australia, the US, and international standards (ISAs).
• 🔑 Amanda emphasizes the importance of understanding the structure of auditing standards, which typically include objectives, definitions, and requirements.
• 📖 The video suggests starting with the objective of a standard to grasp its purpose and then moving on to definitions for clarity on key terms.
• 📝 Requirements are the explicit rules auditors must follow, and Amanda advises not to skip the explanatory material that provides context and examples.
• 💡 Utilize existing resources like Amanda's videos, professional accounting firm materials, and public accounting association resources to aid understanding.
• 📈 Amanda recommends retrieval practice, which involves actively recalling information, as a study technique to reinforce learning and prepare for exams.
• 📊 Creating concept maps can help visualize connections between audit concepts, aiding in the understanding and application of auditing standards.
• 🔍 The video encourages applying audit concepts to everyday scenarios to practice and reinforce learning, fostering a deeper understanding of the material.
• 🎓 Amanda provides a bonus resource, a word document template, to help summarize and analyze auditing standards, focusing on key points and professional judgments.

Q & A

What is the main focus of Amanda's video?

The main focus of Amanda's video is to help audit students and professionals unlock the secrets to learning auditing standards easily, by providing tips and strategies to understand and navigate through the standards.

Why does Amanda prescribe auditing standards instead of a textbook in her course?

Amanda prescribes auditing standards instead of a textbook because they are the foundation of auditing and provide the most current and authoritative guidance for auditors, which is essential for students to understand and apply in practice.

What are the four top tips Amanda shares to understand auditing standards?

Amanda shares four top tips: 1) Unlocking the structure of the audit standards, 2) Understanding the importance of definitions, 3) Utilizing explanatory and application material, 4) Taking advantage of existing resources and practicing retrieval.

How does Amanda suggest students approach the 'requirements' section of the auditing standards?

Amanda suggests that students should read the requirements carefully, as they are the explicit rules auditors must follow. She also recommends looking at the explanatory and application material after the requirements for additional context and understanding.

What does Amanda mean by 'unlocking the structure of the audit standards'?

Amanda refers to understanding the standard layout which typically includes the objective, definitions, and requirements. By understanding this structure, students can more easily find what they need and read the information without getting overwhelmed.

Why are the definitions in auditing standards important according to Amanda?

Definitions are important because they provide clarity on key audit terms and concepts, which is crucial for students who are new to auditing or need a refresher on specific audit processes.

What role does explanatory and application material play in understanding auditing standards?

Explanatory and application material provides context and examples to the main standard, helping students understand how to apply the requirements in practice, which can be particularly helpful for those who find the requirements section challenging.

How does Amanda recommend leveraging existing resources to learn auditing standards?

Amanda suggests using resources such as her own videos, materials from public accounting firms, and professional associations to gain different perspectives and explanations of the auditing standards.

What is retrieval practice and why is it important for learning auditing standards?

Retrieval practice is the act of actively recalling information from memory, which is important for learning because it helps solidify understanding and prepares students for exams where they need to retrieve and apply knowledge.

What bonus resource does Amanda provide to help understand auditing standards?

Amanda provides a word document template in the video description to help summarize and analyze auditing standards, which includes fields for standard number, name, summary, key points, and areas where professional judgment is required.