Free CPA AUD Exam Prep

AICPA Code of Professional Conduct, conceptual framework, independence rules (AICPA, SEC, PCAOB, DOL/ERISA, GAO Yellow Book), nature and scope of audit/attest engagements, AU-C terms of engagement, professional skepticism, professional judgment, SQMS No. 1 (firm quality management), SQMS No. 2 (engagement quality review), SAS 146 (engagement quality management).

Audit risk model (AR = IR x CR x DR), materiality and performance materiality, risk assessment per SAS 145 (revised AU-C 315), understanding the entity and its environment including IT, COSO 2013 internal control framework, fraud risk under AU-C 240 (fraud triangle, presumption of revenue recognition fraud), planning, group audits (AU-C 600 revised), use of specialists and internal auditors.

Tests of controls, substantive procedures, AU-C 500 audit evidence, AU-C 530 audit sampling (attribute and variables, MUS/PPS), AU-C 540 accounting estimates and fair value, AU-C 505 external confirmations, AU-C 501 inventory observation and litigation, analytical procedures, related parties, going concern evidence, subsequent events, written representations, audit documentation (AU-C 230).

Audit reports under AU-C 700/705/706 (unmodified, qualified, adverse, disclaimer), Key Audit Matters (KAMs) and Critical Audit Matters (PCAOB AS 3101), going concern reporting (AU-C 570), emphasis-of-matter and other-matter paragraphs, SSARS engagements (AR-C 60/70/80/90 — preparation, compilation, review), SSAE attestation engagements (examinations, reviews, agreed-upon procedures), SOC 1/SOC 2 reports, comparative statements, supplementary information.