review sheet exam 1 - Spring 2009 Module 1 Review Sheet...

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Spring 2009 Module 1 Review Sheet Chapter 01 1.Define information risk and business risk and explain how auditing and assurance services play a role in reducing information risk and increasing the transparency of business risk. ( Slide 1-6) 2. Describe the agency relationship explanation for audited financial statements. (Slide 1-9) 3. Define Auditing. (Slide 1-4) 4. Describe and define the management assertions embodied in financial statements, and explain why auditors use them as a focal point of the audit. (Slides 1-10 through 1-22) Slides 1-23 through 1-34 are not on the test , but are there to help you understand various processes and will useful for Exam 1, Exam 2 and Final. 5. Explain some characteristics of professional skepticism. (Slides 35-37) Slides 1-38 through 1-43 are not on the test. 6. Understand the purpose of the Sarbanes Oxley 2002 Act. (Slide 1-44) 8. Understand Management Responsibilities (Slides 1-45 through 1-46) and Audit Committee Responsibilities legislated in the Sarbanes-Oxley 2002 Act. (Slide 1-47)
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This note was uploaded on 10/28/2009 for the course ACG 3141 taught by Professor Graybeal during the Spring '08 term at University of Central Florida.

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review sheet exam 1 - Spring 2009 Module 1 Review Sheet...

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