USA: +1(669)289-8683 
Sign in
Generated by Clearspace on 2013-01-29-07:00
1
AUO1 Additional Study Questions
Competency: Nature and Purpose
The student understands the nature and purpose of information systems.
¿ What is the difference between transaction processing systems, management information
systems, and decision support systems?
¿ How is a flowchart used?
¿ How is the accounting information system documented?
¿ What are effective coding systems used in AIS?
¿ How do accounting information software packages differ by business size?
¿ Do enterprise resource planning systems add productivity to a business enterprise?
¿ What are the roles of accounting information systems in e-commerce?
Competency: Internal Control Systems
The student understands the need for and uses of internal control systems.
¿ How could unethical behavior related to the use of information systems impact a business?
¿ How can a business secure its electronic financial data?
¿ What are some vulnerabilities and threats in information systems?
¿ How would input controls, processing controls, and output controls be used?
¿ What are parts of an information security system?
¿ How do disaster risk management practices benefit a company?
Competency: Information System Auditing
The student understands information system auditing.
¿ What are the techniques used for analyzing internal control systems?
¿ How do internal auditing and external auditing of information systems differ?
¿ What are information system audits?
¿ What potential risks must be evaluated during an information system audit?
¿ What control procedures should be used to minimize risks in an information system?
Competency: Public Accountants
The student understands the roles, responsibilities, and professional standards of the public
accountant.
¿ Why is a financial statement audit required?
¿ What are the auditor’s responsibilities in performing an audit engagement?
¿ What are the generally accepted auditing standards?
¿ How are generally accepted auditing standards used?
¿ What analytical procedures are used during an audit?
¿ How is an audit engagement planned?
AUO1 Additional Study Questions
Generated by Clearspace on 2013-01-29-07:00
2
¿ What are some types of accounting engagements?
¿ What is included in an audit engagement letter?
¿ What is the relationship between audit risk and materiality?
¿ What risks are present that affect the procedures to be used during an audit?
Competency: Code of Professional Conduct
The student understands the Code of Professional Conduct for public accountants.
¿ How do the ethical standards set by the American Institute of Certified Public Accountants (AICPA), Securities
Exchange Commission (SEC), and Government Accounting Office (GAO) differ?
¿ What are the 10 generally accepted auditing standards (GAAS) set forth by the AICPA?
¿ How do rules of independence impact the CPA and the client?
¿ What is prohibited by the code of professional conduct?
¿ How did the Sarbanes-Oxley Act change the audit process?
Competency: Internal Control Structure
The student understands Internal Control Structure.
¿ What elements should be included in an internal control
structure?
¿ What is business risk, inherent risk, audit risk, and control risk?
¿ How does the auditor address fraud risk?
¿ How would an auditor test the relationship between control risk and the internal control
structure?
Competency: Auditing Financial Statements
The student understands how to audit financial statements.
¿ What is materiality?
¿ How does risk of material misstatements affect the nature, timing, and extent of audit procedures?
¿ What audit sampling techniques are used by the auditor?
¿ What is evidential matter?
¿ How is evidential matter used?
Competency: Audit Documentation
The student understands what information to include in each form of audit documentation.
¿ What should a CPA include in a standard management representation letter?
¿ When is the management representation letter prepared?
¿ Who prepares the management representation letter?
¿ What information should the entity’s internal control structure report include?
¿ Who prepares the internal control structure report? When is this report prepared?
¿ What types of audit opinions can the auditor give?
¿ What information is included in the standard audit report?
¿ What information is included for each type of audit opinion in the audit report?
AUO1 Additional Study Questions
Generated by Clearspace on 2013-01-29-07:00
3
¿ What information is included in an audit exit interview?
¿ What can the CPA learn from the attorney representation (legal letter)?
¿ When is the attorney representation or legal letter prepared in the audit process?
¿ Who prepares the legal letter?
Competency: Assurance Services
The student is knowledgeable about assurance services unrelated to auditing but provided by
auditors.
¿ What other services can CPA firms provide?
¿ What is an attestation engagement?
¿ What is an agreed-upon procedure?
¿ How do governmental auditing standards and financial auditing standards differ?
¿ Do governmental regulations have an effect on financial statement audits? How or why?
