Exam 2 Study Guide

Exam 2 Study Guide -...

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Exam 2 Overview, Topical Outlines and Possible Short Answer Questions Overview: The exam will consist of approx. 27 multiple choice questions and 5 6 short answer questions. Note: The following breakout should be deemed an approximation. The actual exam breakout may differ slightly : o Chapter 5 topics: 6 multiple choice questions; ?? short answer questions o Chapter 6 topics: 7 multiple choice questions; ?? short answer questions o Chapter 7 topics: 6 multiple choice questions; ?? short answer questions o Chapter 8 topics: 4 multiple choice questions o Chapter 18 topics: 4 multiple choice questions; ?? short answer questions You will have 75 minutes to complete the exam (e.g. a full class period) Topical Outlines: Here are the learning objectives for the corresponding chapters forming the basis for Exam 2 (note: these learning objectives are slightly modified from the textbook to more closely reflect the items emphasized during the lecture – also, some objectives I do not deem critical have been omitted): 1. Chapter Five: 1. Identify and explain the components of audit risk 2. Distinguish between the component(s) of audit risk that auditors collect evidence to assess versus the component(s) of audit risk that auditors collect evidence to restrict 3. Distinguish between the concepts of sufficient and appropriate as they relate to audit evidence 4. List and describe types of audit evidence 5. Describe the considerations involved in auditing subjective areas, such as certain financial statement items such as those involving management judgment/estimate 6. Discuss the four broad factors that affect the auditors’ judgment as to the selection of specific audit procedures and the scope (nature, timing and extent) of the procedures to be performed: i. Risk of material misstatement (includes inherent and control risk assessments) ii. Relevance to the underlying management assertions iii. Reliability of the evidence “produced” by the procedure
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This note was uploaded on 10/25/2011 for the course ACCY 131 taught by Professor Ekanayake,c during the Spring '08 term at CSU Sacramento.

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Exam 2 Study Guide -...

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