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The Auditing and Attestation
module, which contains questions and answers regarding evidence
and procedures and other important topics, is just one of the four
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The flashcards related to evidence and procedures will cover these
topics:
- Characteristics of Evidence
- Collection and evaluation of evidential matter, sufficiency
of evidential matter, competency of evidential matter, sources
of evidence, examples of evidential matter, substantive tests,
omitted and invalid transactions, tests of transactions and balances,
omission of required substantive procedure, estimation of misstatement,
substantive tests prior to balance sheet date, substantive tests
at interim date, procedures between interim date and balance sheet
date, primary means of obtaining litigation evidence, procedures
prior to contacting client's lawyer, limitations on scope of lawyer's
response, management's vs. auditor's responsibility pertaining
to legal matters, two forms of confirmations, negative confirmations,
evaluation of confirmation responses, alternate procedures when
confirmations are unanswered.
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- Sampling Methods
- Audit sampling, statistical vs. nonstatistical sampling, probability
of not discovering a material misstatement, attribute vs. variable
sampling, common steps in attribute and variable sampling, two
types of sampling risks considered during substantive and compliance
tests, beneficial characteristics of a sample, three types of
sampling plans, acceptance sampling, discovery sampling, estimation
sampling, measures of central tendency, measures of dispersion,
documentation requirements for sampling, systematic/unsystematic
random number sampling, block/stratum/pps sampling.
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- Applying Procedures
- Physical inventory observation, audit procedures for cash, accounts
receivable, inventory, fixed assets, investments, accounts payable,
long-term liabilities, payroll, stockholders equity, general ledger,
confirmation of accounts receivable, impairment of investments,
equity method for investments, audit procedures and auditor's
responsibilities for going concern, events indicating a potential
going concern, assessment of plans and ability to mitigate a going
concern, steps an auditor should take if plans and ability to
mitigate a going concern are inadequate.
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- Other Items
- Circumstances supporting use of a specialist, using the findings
of a specialist, professional skepticism, auditing procedures
vs. standards, relationship between audit objectives and procedures,
items included in management representation letter, obtaining
a management representation letter, management's refusal to furnish
a representation letter, contents of a management representation
letter, evaluating reasonableness of accounting estimates, evaluating
the development of accounting estimates.
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