55505 – Audit Evidence And Documentation

Explain the function of audit evidence, describe management assertions about transactions, account balances and disclosures, list procedures to obtain audit evidence and describe reliability of audit procedures.

55405 Audit Risk Assessment

Audit risk assessment includes, analyzing what audit risk is, audit risk assessment process, analysis of how to act on audit risk results, & documentation of audit risk assessment.

55305-Audit Planning Stage

Audit planning stage – list steps involved int the preliminary engagement, explain information included in and engagement letter, explain the steps in planning an audit, describe immateriality & it’s importance.

55205 – Audit Environment

Audit environment – Types of auditory, list attest and assurance services, describe the organizational structure of an accounting firm, and explain the need for audit standards.

2500.4 – Managerial Decisions, Relevant Cost, Sunk Cost, Opportunity Cost

Managerial accounting situation designed to highlight common problems in managerial decisions and formal process to make decisions. Included discussion of relevant costs and benefits. Scenarios include accepting additional business or a special offer, decision to make or buy, decision to scrap or rework, decision to sell or process further, decision about sales mix, and decision to eliminate a segment.