What is an Audit? Why Auditing is Important Auditing, Attestation, and Assurance The 4 Types of Audit Opinions Going Concern Opinion Internal Audit vs External Audit The Sarbanes Oxley Act of 2002 The Audit Committee Auditing Standards PCAOB vs. AICPA Auditing Standards The Audit Process Client acceptance or continuance Independence in Fact vs. independence in Appearance The Engagement Letter The 3 Types of Audit Tests The Fraud Triangle The Audit Risk Model 9 Types of Audit Procedures and Evidence Vouching vs. Tracing Management Assertions (Auditing) Assertions about Classes of Transactions and Events (Auditing) Assertions about Account Balances (Auditing) The 5 Components of Internal Control The Auditor's Consideration of Internal Control 4 Types of Tests of Controls Segregation of Duties Types of Internal Control Deficiencies Material Weakness vs. Significant Deficiency 4 Indicators of a Material Weakness Reporting a Material Weakness Check Kiting (fraud scheme) Lapping (fraud scheme) Audit Sampling Statistical vs Nonstatistical Sampling Sampling Risk vs. Nonsampling Risk Attributes Sampling 4 Sampling Approaches Variables Sampling Monetary Unit Sampling Classical Variables Sampling 4 Factors That Affect Sample Size How to Calculate Sample Size (Classical Variables Sampling) Difference Estimation (Variables Sampling) Ratio Estimation (Variables Sampling) Mean-per-unit Estimation (Variables Sampling) Understanding the Revenue and Collection Cycle Revenue Accounts and Management Assertions How to Assess Inherent Risk and Control Risk for Revenue Internal Control | Revenue Cycle How to Test Internal Controls | Revenue and Collection Cycle What is an Audit? Why Auditing is Important Auditing, Attestation, and Assurance The 4 Types of Audit Opinions Going Concern Opinion Internal Audit vs External Audit The Sarbanes Oxley Act of 2002 The Audit Committee Auditing Standards PCAOB vs. AICPA Auditing Standards The Audit Process Client acceptance or continuance Independence in Fact vs. independence in Appearance The Engagement Letter