Final Exam Review

Final Exam Review - Agenda Agenda Announcements (5m)...

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Unformatted text preview: Agenda Agenda Announcements (5m) Collect M3 projects AIN Finale (20m) Grouptalk 9 (30m) Final Exam Review (15m) Course Evaluation Agenda Agenda Announcements (5m) Collect M3 projects AIN Finale (20m) Grouptalk 9 (30m) Final Exam Review (15m) Course Evaluation Agenda Agenda Announcements (5m) Collect M3 projects AIN Finale (20m) Grouptalk 9 (30m) Final Exam Review (15m) Course Evaluation Final Exam Review Final Accountancy 453 Jon Grenier Exam Format and Logistics Exam 8:00-10:00am Thursday (5/5) Bring a calculator and pencil 30% Comprehensive 70% Module III Lots of objective-format questions 1 Sampling Problem 2 pages of short Answer Questions Modules 1 and 2 Modules Refer back to previous midterm exam Refer review sessions and today’s grouptalk review The topics are essentially the same Module 1 and 2 readings will only be Module covered to the extent that they are discussed in the lecture notes. discussed Module 3 Topics Module Analytical Procedures (Day 1) Internal Controls (Day 2) Control Testing (Day 3) Test of Details (Day 3) Audit Sampling (Day 4) Completing the Audit Engagement (Day 5) Refer to lecture notes (and text as necessary) Practice exam posted Analytical Procedures Analytical How are APs used in audit planning / How final review? final How are APs used in substantive How testing? testing? Ratio analysis Regression Regression What information is used in analytical What procedures? procedures? Internal Controls Internal What are process controls? What are management controls? ICFR objectives Types of ICFR controls Verification Procedures Verification “Extreme” approaches to control’s Extreme” reliance reliance Impact of SOX Section 404 Types of Control Testing Procedures Types of Substantive Testing Procedures What assertions are they good at testing? Dual-purpose tests Audit Sampling Audit Compliance Testing What is it? When and why is it used? Monetary Units Sampling What is it? When and why is it used? Be able to work through a complete problem and Be interpret the results (Group Activity; Solution posted) interpret Stratification What is it? When and why is it used? Bring your calculators for the sampling Bring problem. problem. Completing the Audit Engagement Engagement Final evaluation of evidence What steps are performed? Analyzing and quantifying audit differences Relation to materiality Errors versus judgmental differences Types of other wrap-up procedures What are they? Why are they important? Information communicated to the audit Information committee committee Questions? Questions? 24 hour email response guarantee Agenda Agenda Announcements (5m) Collect M3 projects AIN Finale (20m) Grouptalk 9 (30m) Final Exam Review (15m) Course Evaluation ...
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