What is an Audit?
Why is Auditing Important?
Auditing, Attestation, and Assurance
4 Types of Audit Opinions
Going Concern Opinion
Internal Audit vs External Audit
The Sarbanes Oxley Act of 2002
The Audit Committee
Auditing Standards
PCAOB vs. AICPA Auditing Standards
The Audit Process
Client Acceptance or Continuance
Independence in Fact vs. Independence in Appearance
The Engagement Letter
The 3 Types of Audit Tests
Fraud Triangle
The Audit Risk Model
9 Types of Audit Procedures
Vouching vs. Tracing
Management Assertions
Assertions about Classes of Transactions and Events
Assertions about Account Balances
The 5 Components of Internal Control
The Auditor’s Consideration of Internal Control
4 Types of Tests of Controls
Segregation of Duties
Types of Internal Control Deficiencies
Material Weakness vs. Significant Deficiency
4 Indicators of Material Weakness
Reporting a Material Weakness
Check Kiting
Lapping (fraud scheme)
Audit Sampling
Statistical vs Nonstatistical Sampling
Sampling Risk vs. Nonsampling Risk
Attributes Sampling
4 Sampling Approaches
Variables Sampling
Monetary Unit Sampling
Classical Variables Sampling
4 Factors that Affect Sample Size
How to calculate Sample Size (Classical Variables Sampling)
Difference Estimation (Variables Sampling)
Ratio Estimation (Variables Sampling)
Mean-per-unit Estimation (Variables Sampling)
Step 1: Understand the Company’s Revenue and Collection Cycle
Step 2: Identify Significant Accounts and Relevant Assertions
Step 3: Assess the Risk of Material Misstatement
Step 4: Evaluate the Design of Internal Controls
Step 5: Test the Effectiveness of Internal Controls
Step 6: Substantive Procedures for the Revenue and Collection Cycle
The 6 Steps of the Purchasing Process
Significant Accounts in the Purchasing Process
Inherent Risk and Control Risk for Purchasing
How to Evaluate Internal Controls for the Purchasing Process
Testing Internal Controls for the Purchasing Process
Substantive Procedures for the Purchasing Process
