ch6-11 test review

ch6-11 test review - • Relationship of materiality to...

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ACCT 411 summer 2010 Kubichan Chapter 6-11 Exam review Chapter 6 Managements Assertions for transactions, balances and presentation and disclosures Managements responsibility for internal controls Definition of reasonable assurance The auditor’s responsibilities for searching for errors and fraud The auditor’s responsibilities for looking for illegal acts Chapter 7 The competency or relevance of evidence Definitions of vouching and walk-thru When analytical procedures are required Definition of persuasiveness of evidence Analytical procedure requirements Documentation requirements Chapter 8 Engagement letter purpose and content Pre-engagement arrangements such as contacting the predecessor Approval of audit and other fees Definition of acceptable audit risk and inherent risk Getting an understanding of the business Chapter 9 Define materiality, preliminary judgment on materiality, and tolerable misstatement
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Unformatted text preview: • Relationship of materiality to evidence collection • Allocation of materiality to balance sheet • Define the risk model and how they relate to each other Chapter 10 • Define the COSO objectives and the 5 components of internal control • Separation of duties • SOX requirements of management on the issuance of a statement on the internal controls • Reporting of significant deficiencies and material weaknesses by the auditor • Assessment of control risk for private companies Chapter 11 • Definition of fraud, misappropriation of assets and fraudulent financial reporting • The auditors responsibilities for reporting fraud • The fraud triangle components • SAS 99 requirements for brainstorming and documenting fraud risks • Who commits the frauds...
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This note was uploaded on 04/09/2012 for the course ACC 411 taught by Professor Staff during the Spring '12 term at Old Dominion.

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ch6-11 test review - • Relationship of materiality to...

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