Professor Elam

11/22/2024

Acct 4311 Audit Fall 2024

Final Exam Preview

40 m/c questions, 200 points, 100 minutes

Statement on Audit Standards

Purpose of quality control standards

Element of quality control

PCAOB Inspection

Responsibility for statements

Types of organizations

Impair independence

Audit Independence – 2

Code of Ethics Internal Auditors

Priv Sec Litigation Reform Act 1995

Audit Legal Defense

Common Law Liability

Due Care

Rico Act case

Analytic Procedures – 3

Audit Analysis – interesting question

Confirmations

Engagement Letter – 2

Risk of Material Misstatement – 2

Audit objectives

Control Risk

Risk assessment

Internal Control – 3

CAMs

Accounting change

Types of opinions

Going Concern

Comparative fin statements

GAO Standards – 2

Types of audits

Yellow Book

CIA