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outline - THE OUTLINE Chapter 1 The Demand for Audit and...

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THE OUTLINE Chapter 1: The Demand for Audit and Assurance Services Objectives After studying this chapter, you should be able to: 1. Describe assurance services and distinguish audit services from other assurance and nonassurance services provided by CPAs. 2. Explain the importance of auditing in reducing information risk. 3. List the causes of information risk, and explain how this risk may be reduced. 4. Describe auditing. 5. Distinguish between auditing and accounting. 6. Differentiate the three main types of audits. 7. Identify the primary types of auditors. 8. Describe the requirements for becoming a CPA. Chapter 2: The CPA Profession Objectives After studying this chapter, you should be able to: 1. Describe the nature of CPA firms, what they do, and their structure. 2. Describe the key functions performed by the AICPA. 3. Use generally accepted auditing standards as a basis for further study. 4. Identify quality control standards and practices within the accounting profession. 5. Summarize the role of the Securities and Exchange Commission in accounting and auditing. Chapter 3: Audit Reports Objectives After studying this chapter, you should be able to:
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1. Describe the parts of the standard unqualified audit report. 2. Specify the conditions required to issue the standard unqualified audit report. 3. Describe the five circumstances when an unqualified report with an explanatory paragraph or modified wording is appropriate. 4. Identify the types of audit reports that can be issued when an unqualified opinion is not justified. 5. Explain how materiality affects audit reporting decisions. 6. Draft appropriately modified audit reports under a variety of circumstances. 7. Determine the appropriate audit report for a given audit situation. Chapter 4: Professional Ethics Objectives After studying this chapter, you should be able to: 1. Distinguish ethical from unethical behavior in personal and professional contexts. 2. Resolve ethical dilemmas using an ethical framework. 3. Explain the importance of ethical conduct for the accounting profession. 4. Describe the purpose and content of the AICPA Code of Professional Conduct. 5. Apply the AICPA Code rules and interpretations on independence and explain their importance. 6. Understand the requirements of other rules under the AICPA Code. 7. Describe the enforcement mechanisms for the rules of conduct. Chapter 5: Legal Liability Objectives After studying this chapter, you should be able to: 1. Understand the litigious environment in which CPAs practice. 2. Explain why the failure of financial statement users to differentiate among business failure, audit failure, and audit risk has resulted in lawsuits. 3. Use the primary legal concepts and terms concerning accountants' liability as a basis for studying legal liability of auditors.
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4. Describe accountants' liability to clients and related defenses.
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