ACG 4632 Exam 1 Information Sheet.docx

Attestation vs audit management assertions

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Distinction between assurance vs. attestation vs. audit Management assertions Professional skepticism Sarbanes-Oxley Act Types of audits and auditors GAAS and fundamental principles, including principles of responsibilities, performance, and reporting Quality control Pre-engagement activities, including client acceptance/continuance, communication with predecessor auditor, compliance with independence & ethical requirements, and engagement letters Audit planning, including audit staffing, use of client’s internal audit department, use of specialists, and audit strategy memo Audit risk model, including: definitions of audit risk, inherent risk, control risk, risk of material misstatement, and detection risk; relationships among components of the audit risk model; and relationship between detection risk and substantive tests Risk assessment process Fraud, including types of fraud, conditions under which fraud occurs, and fraud risk factors Auditor’s responsibility with respect to fraud, errors, direct-effect and indirect-effect noncompliance Materiality Audit procedures Audit evidence Audit documentation
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