ACC 5400 Study Guide - Comprehensive Final Exam Guide - Financial Statement, Audit, Accounting
20 Nov 2018
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Class agenda: about prof. ray, review syllabus/ expectations, overview of financial stmts, and audit process, key concepts. 3 exams: first midterm, second midterm, final exam, worth more than midterms, homework cpa questions. Auditors responsibilities b/c: sec/ pcaob, inspect, investigate, enforce, attorney general"s go after fraudsters, aicpa/state board investigate/ enforce, society & trust, ethical behavior is a must. Types of auditing: internal auditing, governmental auditing, government accountability office, internal rev service, state auditors general, independent audits of f/s, internal control over financial reporting, independent attestation on info other than f/s. Financial statement audit process overview: financial acc/reporting, activity involves, accumulating, classifying, summarizing, presenting entity"s financial position, conformity w/ financial reporting framework, examples are, gaap, ifrs. Audit of financial stmts: performing procedures, gather, evaluate evidence, to determine and report on whether, subject matter was prepared and presented according to est. criteria and is fairly presented.
