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Unformatted text preview: Define tolerable misstatement? Define audit risk, engagement risk, detection risk, sampling risk, nonsampling risk. What are qualitative factors for materiality judgments? Choose a situation that would heighten and auditors concern about the risk of intentional manipulation of financial statements. Know the audit procedures, when to use each of them, and what assertion the auditor is examining. Understand what the appropriateness of audit evidence is. What are the factors that influence the reliability of evidence? Understand the purpose of confirmations and the processes. Understand separation of duties and be able to identify weaknesses. How is revenue recognition important to the audit process. How has SOX changed the audit environment? Understand Arthur Andersens involvement in the Enron case....
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- Spring '11