2009 A-1 Class Notes

2009 A-1 Class Notes - Becker CPA Review Auditing 1 Class...

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Becker CPA Review – Auditing 1 Class Notes 1 © 2009 DeVry/Becker Educational Development Corp. All rights reserved. AUDITING 1 CLASS NOTES Welcome to Auditing and Attestation . The Auditing and Attestation section covers knowledge of procedures, standards, and skills related to auditing and other attestation engagements. This is the longest section of the CPA exam, comprising 4.5 hours, and it tends to require a bit of memorization. Many students find flashcards helpful in this regard. The exam is comprised of both multiple choice questions (70%) and simulations (condensed case studies, 30%). The simulations will include a written communication component that will account for 10% of the total exam score (or one third of the simulation score). There will be three multiple choice testlets (typically 30 questions each) and two simulations on each exam. The AICPA Content Specification Outline for Auditing breaks the exam down as follows: 1. Planning (22%-28%) 2. Consideration of internal control (12%-18%) 3. Obtaining and documenting audit evidence (32%-38%) 4. Reviewing the engagement (8%-12%) 5. Reporting (12%-18%) Auditing 1 includes the following information: I. AUDITING AND AUDITING STANDARDS A. You must know the definition of an audit and that it is the independent auditor's responsibility to perform the audit. The audit provides crucial credibility to management's financial statements. 1. An auditor must perform the audit under the umbrella of a Professional Code of Conduct, adhering to GAAS (TIP PIE ACDO) and applying professional skepticism. a. There are different standards that have to be followed depending on the type of engagement being performed. These standards are also referred to explicitly in the appropriate reports. 2.
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This note was uploaded on 02/19/2011 for the course BMGT 360 taught by Professor Spina during the Spring '07 term at Maryland.

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2009 A-1 Class Notes - Becker CPA Review Auditing 1 Class...

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