Study Questions: Risk Analysis And Management Exercises

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Fall 2014 Suggested Study Topics--Exam 2 Practice exercises from the text are shown below. Solutions are available in a separate file. Homework problems are also a good source for review. If no practice exercises are shown, use the class slides as a guide to study the topic. Chapter 4 Risk Assessment Role of risk assessment in the audit 4-16, 4-18 Types of misstatements 4-9 Engagement Risk 4-1 Audit Risk Model 4-2, 4-16, 4-25 Fraud Risk Assessment (Fraud Triangle) 4-18, 4-22 Chapter 5 Evidence and Documentation Management Assertions 5-2, 5-30, 5-31 Sufficiency and Appropriateness of Audit Evidence 5-19 Reliability of Audit Evidence 5-21, 5-22, 5-34 Relationship of Audit Procedures to Assertions 5-8. 5-18 Audit Documentation 5-13, 5-28, 5-37a Analytical Procedures 5-25, 5-38, 5-39 Chapter 6 Internal Control Auditors Assessment of Internal Control 6-1, 6-6, 6-12, 6-13, 6-14 COSO Components of Internal Control (know what they all are and what they mean) 6-15, 6-32 Documenting Internal Controls 6-23 Substantive vs. Reliance Strategy Limitations of Internal Control Chapter 7Auditing ICFR Process of Auditing ICFR 7-1, 7-8 Control Deficiencies, Significant Deficiencies, and Material Weaknesses 7-2, 7-30, 7-35 Communication of Deficiencies 6-22, 7-31 Opinions on Internal Control 7-27, 7-28, 7-39a,c,d,f Chapter 8 Audit Sampling for Tests of Controls Sampling Risk 9-14 Statistical vs. Non-statistical Sample 8-11, 8-24 Sample Selection 8-8 Statistical Sampling for Attributes Determining Sample Size 8-17, 8-14, 8-25 Plans for Tests of Controls 8-24a Evaluation of Sampling Results 8-13, 8-17, 8-19, 8-26, 8-31 Chapter 9 Audit Sampling for Substantive Tests Non-statistical Sampling 9-8, 9-24 Classical Variables Sampling Determining Sample Size 9-3, 9-7, 9-12 Evaluation of Sampling Results 9-9, 9-11, 9-19, 9-26 NOTE The attached sheet of tables and formulas will be attached to the exam. You should know what they are for and how to use them. MGMT 506 Auditing Exam 2 Tables and Formulas INCLUDEPICTURE http// MERGEFORMATINET INCLUDEPICTURE http// MERGEFORMATINET INCLUDEPICTURE http// MERGEFORMATINET INCLUDEPICTURE http// MERGEFORMATINET / c8 _clAWoweeakKW4wttA pjf4 / c8 _clAWoweeakKW4wttA pjf4 IXgw7HYjOat2FZn O d y

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