ATG 457 – Final Exam Review – Fall 2000
ATG 457 – Final Exam Review – Spring 2001
Audit Wrap – 22 points
• What are the accounting requirements for FASB 5? What procedures does the auditor use to identify contingencies?
• Describe asserted and unasserted claims. What procedures does the auditor use to identify these?
• What are the two types of lawyer’s letters? Does the lawyer have to disclose asserted and unasserted claims to the auditor?
• How does the auditor identify subsequent events? Given a description of a subsequent event, indicate what adjustments or disclosures are needed.
• What is a management representation letter? Why is it obtained? What are the typical representations included in the letter? You will not have to write it out.
• What purposes are accomplished by working paper reviews?
• How should the auditor deal with adjustments uncovered during the course of the audit, but not posted by the client?
• What disclosures must be made to the audit committee?
• How does the auditor communicate control weaknesses to the client?
Analytical Procedures: 20 – 25%
• Define analytical procedures.
• Describe the 5 ways that auditors develop expectations. Evaluate accounts’ suitability for audit with analytical procedures.
• What are the requirements for using analytical procedures during planning, substantive testing, and audit wrap-up phases?
• Under what circumstances will analytical procedures be most effective?
• How should the auditor investigate differences between recorded amounts and expectations?
• Given some financial and nonfinancial data, identify account balances that require further investigation.
Auditing with the Computer – Chapter 8 – 25%
• Describe the 5 major types of computer audit techniques. Be able to compare these techniques. For example, which test the operation of the system rather than the data? Which require modification of the client’s system?
• What other types of software are typically used by the auditor? How are these applications used in an audit?
• How does the client’s use of a computer service organization affect an audit?
• Given a record layout for an accounts payable file, identify the basic audit procedures and describe how a generalized audit software might help the auditor perform such auditing procedures.
Internal and Operational Auditing – Chapter 23 – 22 points
• According to the latest definition, what type of work do internal auditors typically do?
• Indicate how internal auditors achieve the following that are important to their successful operation:
o Organizational status
o Objectivity
o Supervision
o Continuing education
o Planning the audit
o Communication of results
o Annual planning
o Relationships with external auditors
• Familiarize yourself with the content of the human resources’ operational audit program. Consider how operational audits are similar to / different from financial audits.
Finally, 2 take-home essay questions @ 10 points each.
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