+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)


Wiley CPAexcel Exam Review 2018 Focus Notes. Auditing and Attestation

  • ID: 4450664
  • Book
  • April 2018
  • Region: Global
  • 288 Pages
  • John Wiley and Sons Ltd
1 of 3

Reinforce key concepts for the Auditing and Attestation section of the CPA Exam with these easy–to–read and carry spiral–bound focus notes. Learn acronyms and mnemonic devices to help you remember accounting rules, checklists and more. 

Let Wiley CPAexcel Focus Notes help you memorize formulas, concepts, acronyms and more.

  • Drill yourself on key steps in performing needed financial calculations or tasks.
  • Learn important strategies for taking the exam more quickly and accurately.
  • Solve exam questions and reinforce material being studied with a simplified, focused approach.
  • Memorize a variety of rules and checklists with our acronyms and mnemonics.

Covering the entire gamut of required subjects and skills, these handy supplements provide critical knowledge in an easy–to–understand and easy–to–remember format.

Note: Product cover images may vary from those shown
2 of 3

Preface xi

Professional Responsibilities 1

Financial Statements, an Audit, and Audited Financial Statements 1

Code of Professional Conduct 5

Conceptual Frameworks 8

Independence Rule 11

Integrity and Objectivity Members in Business 19

Responsibilities to Clients 20

Other Responsibilities and Practices 21

Quality Control 22

Tax Preparer 23

Standards for Consulting Services 24

GAO GAGAS Ethical Principles 25

Department of Labor Independence Requirements for Employee Benefit Plans 26

Assessing Risk and Developing a Planned Response 27

Financial Statement Assertions 27

Audit Risk (AR) 28

Materiality 32

Evaluation of Misstatements 34

Consideration of Fraud in a Financial Statement Audit 35

Fraud Risk Factors Overall 37

Assessing Risk of Fraud 43

Effects of Fraud Assessment 44

Laws and Regulations Responsibility to Detect and Report Illegal Acts 45

Fraud–Related Documentation 47

Actions Resulting from Evidence of Fraud 48

Summary of Assurance Provided by Auditor 49

Audit Planning: Communication with Predecessor Auditor 50

Audit Planning: Engagement Letter 51

Planning Considerations 53

Communication of Certain Information to Those Charged with Governance 58

Understanding Internal Control and Assessing Control Risk 60

Consideration of Internal Control 60

Components of Internal Control 61

Obtaining an Understanding of Internal Control during Risk Assessment 67

Relationship of Control Risk to Tests of Controls, Detection Risk, and Substantive Procedures 75

Further Reducing the Assessed Level of Control Risk 76

Documentation of Internal Control 77

Accounting Cycles 79

Other Considerations 88

Performing Further Procedures and Obtaining Evidence 93

Sufficient Appropriate Audit Evidence 93

Basic Types of Audit Procedures 97

Issues Related to Substantive Testing 105

Audit Documentation 119

Auditing Specific Accounts 123

Using Management Assertions to Develop Audit Programs 123

Test of Balances Approach versus Test of Transactions Approach 124

Auditing Accounts 127

Audit Sampling 150

Sampling Risk 150

Types of Statistical Sampling 154

Attribute Sampling 155

Variables Sampling 159

Probability Proportional to Size (PPS) Sampling 162

Auditing with Technology 166

Responsibilities in an Information Technology Environment 166

Controls in an IT Environment 167

Auditing through the Computer 168

Testing General Control Activities 169

Testing Application Control Activities 170

Auditing with the Computer 173

Audit Reports 174

Audit Reports 174

Standard Report 175

Group Financial Statement Audit Reports 178

Unmodified Opinion with Emphasis–of–Matter Paragraphs 183

Unmodified Opinions with Other–Matter Paragraphs 193

Modified Opinions Two circumstances 201

Other Audit Reports 207

Reviews of Quarterly (Interim) Information 217

Other Types of Reports 218

Reports on Application of Framework Requirements 218

Financial statements with special purpose frameworks 219

Audits of Single Financial Statements and Specific Elements, Accounts, or Items 221

Reporting on Compliance 222

Service Organization Control (SOC) Reports 223

Governmental Auditing and Compliance Audits 226

Accounting and Review Services 236

Financial Statement Preparation 237

Compilations 240

Reviews 244

Other Compilation and Review Considerations 252

Other Professional Services 256

PCAOB Reporting on Whether Material Weaknesses Still Exist 256

Attestation Engagements General 257

Attestation Standards 258

Financial Forecasts and Projections 260

Pro Forma Financial Information 263

Management Discussion and Analysis 263

Compliance Attestation Engagements 264

Index 265

Note: Product cover images may vary from those shown
3 of 3


4 of 3
Note: Product cover images may vary from those shown