Revenue and Payroll Cycles

• Evaluate the types of transactions, documents, and key internal controls for the revenue and payroll cycles.
• Evaluate test of controls, substantive tests of transactions, analytical procedures, and tests of account balances for revenue and payroll related accounts.

Purchasing and Inventory Cycles

• Evaluate the types of transactions, documents, and key internal controls for the purchasing and inventory cycles.
• Develop audit procedures that include substantive tests of transactions and tests of account balances for the inventory cycle.

Substantive Testing of Current and Long-Term Assets, Long-Term Liabilities, and Equity

• Evaluate key internal controls for current assets, long-term assets, long-term liabilities and equity.
• Develop audit procedures that include substantive tests of transactions and tests of account balances for current and long-term assets, long-term liabilities, and equity.
• Analyze the results of test of controls, substantive tests, analytical procedure results, and tests of account balances.

Issuing the Audit Report

• Identify types and purposes of audit reporting.
• Explain the reasons why an auditor would express an opinion other than unqualified on the financial statements.
• Identify the final steps in the completion of an audit.

Auditor's Professional Ethics and Legal Liability

• Explore the role of the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct.
• Examine the auditor’s legal liability.