Main Street Investor Survey

Topics: Audit, Internal control, Auditing Pages: 2 (314 words) Published: March 19, 2014
Advanced Auditing (7370) Exam 1 Review (Spring 2014)
Multiple Choice, True/False (50 MC and T/F Questions) and Short Essay (8 Questions)

There are 50 multiple choice and true/false questions worth 2.2 points each (110 points in total) and 8 short essay questions worth fifteen points each (120 points in total). This provides for a total potential maximum score of 230 points. The exam grade will be based on 200 points (200 points = 100%) – so there are 15% potential bonus points.

The below summarizes the primary subjects covered to date in the course. The exam will cover the materials related thereto. Information has been provided in documents and course lectures. The below list should not be viewed as all-encompassing.

1. Types of Auditor Reports – examination, review and agreed upon procedures & unqualified, qualified and adverse 2. Prohibited Auditor services
3. Financial Statement Assertions
4. Integrated audit Process AS No. 5
5. Types of and differences in audit risks – inherent, control & detection 6. Types of and differences in audit testing – inquiry, observation, inspection, confirmation, reperformance and recalculation 7. Differences in audit sampling (variables – numeric quantities and attributes – prescribed controls) and basis of methods 8. Required GAAS procedures

9. Fraud risks and related required audit procedures (AU C 240 / SAS 99) 10. Risk of Management Override and related audit testing/procedures 11. Differences between internal control reliance and substantive audit approaches and impact on testing of account balances 12. Definition and use of analytical procedures

13. Reporting treatment of material weaknesses and related definition * 14. COSO
15. Relationship of Entity Level vs. Transaction Level controls 16. General types/examples of Entity Level Controls *
17. Types of financial statement risks and related considerations 18. Types of transactions and related considerations ; routine, nonroutine and estimation 19....
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