ACC 521 Study Guide - Midterm Guide: Audit Risk, Contingent Liability, Risk Assessment
24 Jan 2015
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Will not ask to recreate this document on the exam. Determine rise to information risk, - reduce information risk. Mcq - identify correct auditors report - qualified scope - gaap etc gaap departure, scope limitation, rise to unmodified opinion, what is unmodified opinion. 5 specific points to distinguish those 5 categories. Correct type of opinion - mcq or step 1-6, 2 percentages. Critique independent auditors report - requested to correct that opinion. Communication is essential part of this curse- unmoidifed opinion. Asked to critique in point form and apply your qualified opinion classifc kind of question. Day of the auditors report - emphasis of the madors paragraph - contingent liability gives rise to Point form - discuss flaws - wrong date, directed to wrong people, incorrect boarding on the opinion - should be able to identify the errors in the report. Have to know independent auditors report - it is heavily tested question.
