Jake

Jr. Core Auditing--Exam 1 Review Sheet

Questions may appear on the exam about topics not covered on this sheet. This sheet is to give a general direction of where to focus your study time, not to let you know everything that will be on the exam. All homework assignments, quizzes, cases and in class exercises should be considered when planning your study for the exam because techniques, main points, conclusions, and “take-aways” from assigned cases and exercises could be on the exam.

200 point exam – includes multiple choice, true/false, short answer, fill in the blank and essay questions. Time allotted for this exam is limited to three hours.

Major topics covered:

* Generally Accepted Auditing Standards

* General Standards:

* The auditor must have adequate technical training and proficiency to perform and audit.

* The auditor must maintain independence in mental attitude in all matters relating to the audit.

* The auditor must exercise due processional care in the performance of the audit and the preparation of the report.

* Standards of field work

* The auditor must adequately plan the work and must properly supervise any assistants

* The auditor msut obtain a sufficient understanding of the entity and its environment, including its iternal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to deign the nature, timing and extent of fyrther audit procedures.

* The auditor must obtain sufficient appropriate evidence by performing audit procedures to afford a reasonable basis for an opinion regarding the financial statements under audit.

* Standards of Reporting

* The auditor must state in the auditors report whearther the financial statements are presented in accordance with generally accepted accounting priciples.

* The auditor must identify in the auditors report those...