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Auditing

Introduction

  • 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

Professional Standards

  • Auditing Standards

  • PCAOB vs. AICPA Auditing Standards

  • The Audit Process

  • Client Acceptance or Continuance

  • Independence in Fact vs. Independence in Appearance

  • The Engagement Letter

Audit Planning

  • The 3 Types of Audit Tests

Risk Assessment

  • Fraud Triangle

  • The Audit Risk Model

Audit Evidence

  • 9 Types of Audit Procedures

  • Vouching vs. Tracing

  • Management Assertions

  • Assertions about Classes of Transactions and Events

  • Assertions about Account Balances

Internal Control

  • 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

  • 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)

Auditing the Revenue Process

  • 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

Auditing the Purchase Process

  • 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

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