A continuation of ACC 435A, this course focuses on sampling plan and techniques, gathering substantive evidence for cash and investment cycle, long-term debts and owners’ equity, and contingent liabilities. It also covers audit work papers, audit opinions, attestation services, compilation and reviews, and auditor’s legal liability associated with an audit engagement.
- Explain the use of sampling for gathering evidence regarding the effectiveness of internal control, sampling use in tests of control and evaluation of sampling errors.
- Prepare a sampling plan to conduct substantive tests of details and to gather evidence related to material misstatements in classes of transactions.
- Document relevant assertions for significant accounts in the cash and investment cycle and application of methods used to gather substantive evidence using tests of transactions, analytical procedures and substantive tests of balances.
- Document relevant assertions for significant accounts for long-term debt and owner’s equity, describing methods auditors use to gather substantive evidence using substantive tests of transactions and tests of balances.
- Describe the audit procedures for contingent liabilities, subsequent events, and related parties.
- Describe the review and documentation process for audit work papers and explain how auditors use audit evidence to determine whether the financial statements are materially misstated.
- Evaluate auditing standards for reporting and modifications to the opinion in the independent auditor’s report when a qualified opinion, a disclaimer of opinion, or an adverse opinion is appropriate.
- Assess the auditor’s responsibility when performing audits, attestation services, compilations and reviews.
- Evaluate the AICPA Professional Code of Conduct and the legal liability associated with an audit engagement.
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