AC 432 Study Guide - Final Guide: Going Concern, Revenue Recognition, Financial Statement
22 Jun 2016
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Document Summary
Be sure you understand appropriate key terms and can answer the review questions and multiple choice questions at the end of each chapter. Remember we have also learned some new material when working on projects. You may want to reflect on what you have learned. Transactions and financial statements affected by the revenue process. Transactions and financial statements affected by the purchases and expense process. Subsequent events and their effects on audits and reports. Importance of final analytical procedures (think about golden big burgers here) Standard unqualified/unmodified reports contents and the meaning of the contents. Modifications of reports: work of other auditor, going concern, consistency, additional emphasis. Opinions other than unqualified: reasons why, types of opinions, and when issued, effects of materiality on opinions. Comparative financial statements: different reports on different years, changes in prior period reports, reports by predecessor auditor.
