CPA AUD Study Guide

Professional Responsibilities and Ethics

AICPA Code of Professional Conduct, independence requirements, and ethical obligations essential for all audit engagements.

Audit Planning and Risk Assessment

Engagement acceptance, understanding the entity, materiality determination, and identifying risks of material misstatement.

Internal Control Concepts and Evaluation

COSO framework components, evaluating design and implementation, and identifying control deficiencies in financial reporting.

Audit Evidence and Documentation

Sufficient appropriate evidence, audit documentation requirements, assertions, and evidence evaluation procedures for CPA exam success.

Audit Sampling Techniques

Statistical and nonstatistical sampling, attribute and variables sampling, and evaluating sample results for substantive testing.

Substantive Procedures by Transaction Cycle

Testing revenue, expenditures, inventory, payroll, and financing cycles using substantive analytical and tests of details.

Audit of Accounting Estimates and Fair Value

Evaluating management estimates, fair value measurements, and related disclosures under heightened professional skepticism requirements.

Completing the Audit and Subsequent Events

Final analytical procedures, subsequent events evaluation, management representations, and going concern assessment procedures.

Audit Reports and Modifications

Unmodified opinions, qualified, adverse, disclaimer opinions, emphasis-of-matter paragraphs, and key audit matters communications.

Integrated Audits and PCAOB Standards

PCAOB requirements for issuer audits, integrated audits of internal control, and differences from AICPA standards.

Other Attestation and Assurance Engagements

Reviews, compilations, agreed-upon procedures, SOC engagements, and attestation standards for non-audit services.

Quality Management and Peer Review

SQMS standards, engagement quality reviews, firm quality control requirements, and peer review processes for practitioners.