- Understand assurance services and attest services.
- What is quality control and what are the elements of quality control?
- What is peer review? What are some types of peer review?
- What is SOX and what does it do?
- In terms of governing CPAs, what does the AICPA do? The State Boards of Accountancy? The PCAOB? The SEC?
- Why is independence necessary? Threats to auditors’ independence?
- What are the different types of audits?
- Know types of audit opinions? What are they and what do they mean?
- Know GAAS.
- Know the responsibilities of the auditor. What are the responsibilities of management vs the auditor?
- What are the Code Principles and Code Rules?
- What is professional skepticism?
- Have an understanding of what is contained in the standard audit report – both AICPA and PCAOB.
- Working papers are important because? Who owns them? Who can access them? Types of working papers?
- What does it mean to prepare financial statements according to GAAP?
- What are the types of audit procedures?
- What are the audit assertions? How do they each relate to transactions and account balances?
- What are the advantages and disadvantages to performing interim procedures? What impact does it have on risk?
- Know the difference between test of controls, test of transactions, and analytical procedures.
- Be able to do simple calculation with risk assessments.
- Why are analytical procedures so important and how are they utilized in an audit?
- Which types of transactions are harder to audit, and how do you audit them? Consider routine, non-routine, estimates, fair-value determinations, etc.
- Why is the auditor concerned about related party transactions and how can they be audited?
- What are the requirements for audit evidence, and which types are the strongest?
- What do we mean by reasonable assurance?
- Review the auditors’ planning process and procedures performed.
- What is materiality and how do you estimate it?
- How does fraud risk figure into the performance of an audit?
- What is the purpose of the auditor’s performing test of controls and how does it impact the audit procedures and risk assessment?
- Understand the importance of segregation of duties.
- What do tests of controls address?
- What are some monitoring activities?
- What are some of the procedures auditors use to understand the client’s internal control, and what objectives do each of the procedures meet?
- What information concerning the audit should the auditor communicate to the audit committee?
- Know the five components of internal control.
- Know the three functions of internal control.
- What are some of the limitations that even the best internal controls can’t address?
- PCAOB requires auditors follow a series of steps in regards to internal control – what are they?
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