Auditing
& Attestation
Simulation Ver.3
Final Review Notes
BECKER
C PA R E V I E W
Becker Professional Review CPA Course Development Team
Timothy F. Gearty, CPA, MBA, JD ............ Editor in Chief, FARE National Editor, Regulation (Tax) Editor
Lisa M. Thayer, CPA ................................................. Business Environment & Concepts National Editor
Tom Cox, CPA, CMA, CHFP .......................................................... FARE (GASB & NFP) National Editor
Steve Levin, BA, JD .............................................................................. Regulation (Law) National Editor
Peter Olinto, JD, CPA ........................................................................... Regulation (Law) National Editor
Cindy Lawrence, CPA, MBA .................................................................................... Audit National Editor
Richard A. Sykes ................................................................................. Director of Education Technology
Anson Miyashiro .................................................................................... Multimedia Production Manager
Al Glodan ............................................................................................ Audio / Video Production Manager
Jay Garrett ................................................................................................................ Publishing Manager
Pete Console ................................................................................................... System Support Manager
Contributing Editors
Eric J. Brunner, PhD
Robert A. DeFilippis, CPA, MBA
Mike Farrell, JD
Dennis J.Green, CPA,MBA
Liliana Hickman-Riggs, CPA, CITP, CMA, CIA, DABFA, MS
Edward McTague, CPA, MBA
Michael Meriwether, CPA, MBA
Mike Potenza, JD
Ray Rigoli, CPA, MBA
Karen Tarbet, CPA, JD
Jennifer B. Deutsch, CPA, MS
Chris Cocozza, CPA, JD, LLM
Angeline S.Brown, CPA, MAC
Permissions
Material from Uniform CPA Examination Questions and Unofficial Answers, 1989, 1990, 1991, 1992,
1993, 1994, 1995, 1996, 1997, 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007 and 2008
copyright © by American Institute of Certified Public Accountants, Inc. is reprinted (or adapted) with
permission.
Copyright © 2009 by DeVry/Becker Educational Development Corp. All rights reserved.
Printed in the United States.
Reproduction or translation of any part of this work beyond that permitted by Sections 107 and 108 of
the United States Copyright Act without the permission of the copyright owner is unlawful. Request for
permission or further information should be addressed to the Permissions Department, DeVry/Becker
Educational Development Corp.
DeVry/Becker Educational Development Corp. grants to you the one-time right to use the Becker CPA
Review materials as the original user. This license is granted only to you as a first-time user and is nontransferable to anyone else.
Becker CPA Review
Auditing
AUDITING TABLE OF CONTENTS
厳選 Simulations（講義
解説付き）
1.
Financial statements audits のまとめ .............................................................................................
1
2.
Simulation 1 (2005 AICPA Release) ..............................................................................................
3
3.
Simulation 2 (2006 AICPA Release)
.............................................................................................
11
4.
Simulation 3 (2007 AICPA Release)
.............................................................................................
23
5.
Simulation 4 (2008 AICPA Release) ................................................................................................
37
TOPIC 1: BEFORE THE FIELDWORK
1.
Purpose of an Audit ........................................................................................................................
1-3
2.
The Audit Process ..........................................................................................................................
1-3
3.
Management Assertions .................................................................................................................
1-4
4.
Ten Generally Accepted Auditing Standards ..................................................................................
1-5
5.
Planning the Audit ..........................................................................................................................
1-6
6.
Supervision ....................................................................................................................................
1-8
7.
Audit Documentation ......................................................................................................................
1-8
8.
Related Party Transaction ..............................................................................................................
1-8
9.
Multiple Choice ...............................................................................................................................
1-9
10. Multiple Choice (Solutions) .............................................................................................................. 1-11
TOPIC 2: PLANNING
1.
Planning for Risk ...........................................................................................................................
2-3
2.
Internal Control ...............................................................................................................................
2-5
3.
Auditor's Risk Assessment .............................................................................................................
2-7
4.
Responding to Assessed Risk ........................................................................................................
2-8
5.
Multiple Choice ...............................................................................................................................
2-11
6.
Simulation
2-13
7.
Multiple Choice (Solutions) ............................................................................................................ 2-29
.....................................................................................................................................
TOPIC 3: TRANSACTION CYCLES
1.
Summary of Key Transaction Cycles .............................................................................................
© 2009 DeVry/Becker Educational Development Corp. All rights reserved.
3-3
iii
Auditing
Becker CPA Review
2.
Expenditure Cycle ..........................................................................................................................
3-3
3.
Payroll and Personnel Cycle ..........................................................................................................
3-4
4.
Revenue Cycle ...............................................................................................................................
3-5
5.
Multiple Choice ...............................................................................................................................
3-11
6.
Simulation
3-13
7.
Multiple Choice (Solutions) .............................................................................................................. 3-33
.....................................................................................................................................
TOPIC 4: EVIDENCE AND COMMUNICATION
1.
Audit Evidence
..............................................................................................................................
4-3
2.
Substantive Tests ...........................................................................................................................
4-3
3.
Auditing Receivables ......................................................................................................................
4-4
4.
Auditing Cash .................................................................................................................................
4-5
5.
Auditing Inventory ..........................................................................................................................
4-5
6.
Required Auditor Communications .................................................................................................
4-6
7.
Multiple Choice ...............................................................................................................................
4-11
8.
Simulation ......................................................................................................................................
4-13
9.
Multiple Choice (Solutions) .............................................................................................................. 4-27
TOPIC 5: EFFECT OF IT ON THE AUDIT
1.
The Effect of Information Technology (IT) on the Audit ..................................................................
5-3
2.
Quality Control Standards ..............................................................................................................
5-5
3.
Ratio Analysis – Analytical Procedures ..........................................................................................
5-5
4.
Multiple Choice ...............................................................................................................................
5-7
5.
Multiple Choice (Solutions) ..............................................................................................................
5-9
TOPIC 6: STATISTICAL SAMPLING
1.
Audit Sampling ...............................................................................................................................
6-3
2.
Statistical Sampling ........................................................................................................................
6-3
3.
Sampling Risk ................................................................................................................................
6-3
4.
Attribute Sampling ...........................................................................................................................
6-3
5.
Variables Sampling ........................................................................................................................
6-4
6.
PPS Sampling ................................................................................................................................
6-6
iv
© 2009 DeVry/Becker Educational Development Corp. All rights reserved.
Becker CPA Review
Auditing
7.
Dual Purpose Samples ...................................................................................................................
6-7
8.
Multiple Choice ...............................................................................................................................
6-9
9.
Multiple Choice (Solutions) .............................................................................................................. 6-11
TOPIC 7: OPINIONS
1.
Opinion Types ................................................................................................................................
7-4
2.
Standard Unqualified Opinion ........................................................................................................
7-4
3.
Modified Unqualified Opinion .........................................................................................................
7-5
4.
Qualified Opinion ............................................................................................................................
7-6
5.
Adverse Opinion .............................................................................................................................
7-7
6.
Disclaimer of Opinion .....................................................................................................................
7-7
7.
Comparative Financial Statements ................................................................................................
7-7
8.
Subsequent Events ........................................................................................................................
7-8
9.
Subsequent Discovery of Facts ......................................................................................................
7-9
10. Omitted Audit Procedures ..............................................................................................................
7-9
11. Multiple Choice ...............................................................................................................................
7-11
12. Simulation
7-13
.....................................................................................................................................
13. Multiple Choice (Solutions) .............................................................................................................. 7-27
TOPIC 8: OTHER REPORTS & SERVICES
1.
Special Reports ..............................................................................................................................
8-3
2.
SSARS ...........................................................................................................................................
8-3
3.
Review of Interim Financial Statements .........................................................................................
8-5
4.
Attestation Engagements ...............................................................................................................
8-6
5.
Assurance Services ........................................................................................................................
8-8
6.
Multiple Choice ...............................................................................................................................
8-9
7.
Multiple Choice (Solutions) .............................................................................................................. 8-11
TOPIC 9: GOVERNMENT AUDITING
1.
Government Auditing Standards ....................................................................................................
9-3
2.
Auditor Responsibilities ..................................................................................................................
9-3
3.
Reporting Requirements ................................................................................................................
9-4
© 2009 DeVry/Becker Educational Development Corp. All rights reserved.
v
Auditing
Becker CPA Review
4.
Sarbanes-Oxley Act .......................................................................................................................
9-6
5.
Multiple Choice ...............................................................................................................................
9-9
6.
Multiple Choice (Solutions) .............................................................................................................. 9-11
TOPIC 10: ADDITIONAL TOPICS
1.
Professional Standards ..................................................................................................................
10-3
2.
Service Organizations ....................................................................................................................
10-3
3.
Fair Values .....................................................................................................................................
10-3
4.
Reports on the Application of Accounting Principles ...................................................................... 10-3
5.
Reporting on Financials for Use in Other Countries ....................................................................... 10-3
6.
Long-Term Investments .................................................................................................................
10-4
7.
Condensed Financial Statements ..................................................................................................
10-4
8.
Selected Financial Data .................................................................................................................
10-4
9.
Information Accompanying the Basic Financials ............................................................................ 10-4
10. Required Supplementary Information .............................................................................................
10-4
11. Segment Information ......................................................................................................................
10-4
12. Auditor-Submitted Documents .......................................................................................................
10-4
13. Additional Examples of Fraud Risk Factors .................................................................................... 10-5
14. Additional Tests of Controls in the Expenditure Cycle ....................................................................
10-6
15. Auditing Other Areas ......................................................................................................................
10-8
16. Comparisons of SSARS and SAS Engagements ........................................................................... 10-9
17. Prospective Financial Statement Summary .................................................................................... 10-10
TOPIC 11: AUDIT COMMUNICATIONS
1.
vi
Examples of Audit Communications
„
Internal Control Communication .............................................................................................. 11-3
„
Letter of Audit Inquiry ..............................................................................................................
„
Management Representation Letter ........................................................................................ 11-5
„
Standard Unqualified Auditor Report ....................................................................................... 11-7
„
Standard Combined Audit Report : Issuers ............................................................................. 11-8
„
Auditor's Report that Refers to Another Auditor's Work .......................................................... 11-10
11-4
© 2009 DeVry/Becker Educational Development Corp. All rights reserved.
Becker CPA Review
Auditing
„
Going Concern Paragraph ...................................................................................................... 11-11
„
Qualified Opinion: GAAP Problem .......................................................................................... 11-12
„
Qualified Opinion: GAAS Problem .......................................................................................... 11-13
„
Adverse Opinion ...................................................................................................................... 11-14
„
Disclaimer of Opinion .............................................................................................................. 11-15
„
Comparative Financial Statements: Change in Opinion .......................................................... 11-16
„
Comparative Financial Statements: Different Opinions ........................................................... 11-17
„
Special Report – OCBOA ........................................................................................................ 11-18
„
SSARS Review Report ........................................................................................................... 11-19
„
SSARS Compilation Report .................................................................................................... 11-20
„
Review of Interim Financial Statements .................................................................................. 11-21
„
Attestation Report on Internal Control ..................................................................................... 11-22
„
Compilation of Financial Forecast ........................................................................................... 11-23
„
Examination of Financial Forecast .......................................................................................... 11-24
© 2009 DeVry/Becker Educational Development Corp. All rights reserved.
vii
Auditing
viii
Becker CPA Review
© 2009 DeVry/Becker Educational Development Corp. All rights reserved.