Chapter 21: Audit of the Capital Acquisition and Repayment Cycle
Objectives
After studying this chapter, you should be able to:
- Identify the accounts and the unique characteristics of the capital acquisition and repayment cycle.
- Design and perform audit tests of notes payable and related accounts and transactions.
- Identify the primary concerns in the audit of owners' equity transactions.
- Design and perform tests of controls, substantive tests of transactions, and tests of details of balances for capital stock and retained earnings.
Chapter 22: Audit of Cash Balances
Objectives
After studying this chapter, you should be able to:
- Show the relationship of cash in the bank to the various transaction cycles.
- Identify the major types of cash accounts maintained by business entities.
- Design and perform audit tests of the general cash account.
- Recognize when to extend audit tests of the general cash account to test further for material fraud.
- Design and perform audit tests of the imprest payroll bank account.
- Design and perform audit tests of imprest petty cash.
Chapter 23: Completing the Audit
Objectives
After studying this chapter, you should be able to:
- Conduct a review for contingent liabilities and commitments.
- Obtain and evaluate letters from the client's attorneys.
- Conduct a post-balance-sheet review for subsequent events.
- Design and perform the final steps in the evidence-accumulation segment of the audit.
- Integrate the audit evidence gathered, and evaluate the overall audit results.
- Communicate effectively with the audit committee and management.
- Identify the auditor's responsibilities when facts affecting the audit report are discovered after its issuance.
Chapter 24: Other Audit, Attestation Services, and Compilation Engagements
Objectives
After studying this chapter, you should be able to:
- Understand the level of assurance and evidence requirements for review and compilation services.
- Describe special engagements to review interim financial information for public companies.
- Describe other audit and limited assurance engagements related to historical financial statements.
- Distinguish AICPA attestation standards from auditing standards, and know the type of engagements to which they apply.
- Describe special engagements to attest to prospective financial statements.
- Understand special engagements to attest to internal control, including controls over electronic commerce.
- Describe agreed-upon procedures engagements.
Chapter 25: Internal and Governmental Financial Auditing and Operational Auditing
Objectives
After studying this chapter, you should be able to:
- Explain the role of internal auditors in financial auditing.
- Describe the auditing and reporting requirements under Government Auditing Standards and the Single Audit Act.
- Distinguish operational auditing from financial auditing.
- Provide an overview of operational audits.
- Plan and perform an operational audit.