University of Phoenix ACC 491 Contemporary Auditing I Study Guides and Answers

University of Phoenix ACC 491 Contemporary Auditing I Study Guides and Answers

University of Phoenix
ACC 491 Contemporary Auditing I Study Guides and Answers

This course is the first in a two-part series that deals with auditing a company’s financial reports, internal controls, and Electronic Data Processing (EDP) systems. Topics include auditing standards, evidence, audit planning and documentation, materiality and risk, internal control, statistical tools, and the overall audit plan and program.

Auditing and Assurance

Explain the nature and functions of auditing.
Identify the organizations that affect the public accounting profession.
Compare and contrast auditing, attestation, and assurance service standards.
Describe the elements of Generally Accepted Auditing Standards.
Explain the Sarbanes-Oxley Act and its application to audits.
Materiality, Audit Risk, and Evidence

Explain the application of materiality, audit risk, and evidence to an audit.
Explain how an auditor assesses an entity’s business risks.
Analyze the types and reliability of audit evidence.
Prepare an engagement letter.
Formulate audit objectives based on financial statements and management assertions.
Audit Planning and Internal Controls

Use the auditing analytical procedures.
Identify the components of internal control.
Assess control risk.
Analyze tests of controls.
Statistical Tools for Auditing

Explain the importance of sampling techniques in an audit.
Perform sampling tests.
Evaluate the results of an audit conducted through the use of statistical sampling.
Justify the use of statistical and non-statistical sampling when conducting an audit.
Internal Controls and Information Technology

Explain the effect of IT on internal controls.
Identify computer-assisted audit techniques.