Reference no: EM131226477

Auditing

Each topic needs to have decent answer not to long nor to short.

Here are some topics that your study should emphasize.

• Examples of off-balance-sheet items.
• Examples of "earnings management".
• Audit inquiries pertaining to estimates.
• Which balance assertion is most important in long-term liabilities.
• What are compensating controls.
• Purposes of obtaining written representations.
• Why perform an engagement quality review of the audit documentation and financial statements.
• Who has the responsibility to record adjustments to the financial statements.
• What is included in the attorney letter.
• Disclosure of related party transactions.
• What is included in the the opinion paragraph of the audit report.
• When use an explanatory paragraph in an audit report.
• What does the auditor do if there are scope limitations.
• Impact on the audit when the client uses computerized processing.
• Controls in systems development life cycle.
• Objectives of preventive, detective and damage-limiting computer controls
• Which assertions are primarily associated with general computer general controls.
• Common input controls.
• Processing controls.
• Auditor's responsibility for the subsequent discovery of facts existing at the date of the auditor's report.
• When would you use Qualified opinion, Adverse opinion or Disclaimer.
• What analytical procedures would you use for interest expense related to interest bearing liabilities.
• Recommended method to determine fair value of transactions.