Wiley CPAexcel Exam Review January 2017 Focus Notes: Auditing and Attestation - A Comprehensive and Concise Summary of All the Topics and Skills You Need to Know
Wiley CPAexcel Exam Review January 2017 Focus Notes: Auditing and Attestation book pdf
If you are preparing for the CPA exam, you know how challenging it can be to master all the topics and skills that are tested on each section. You need a comprehensive and concise study guide that can help you review and reinforce your knowledge in an efficient way. That's why you need Wiley CPAexcel Exam Review January 2017 Focus Notes: Auditing and Attestation, a spiral-bound book that summarizes all the essential concepts and tips for the auditing and attestation (AUD) section of the CPA exam.
Wiley CPAexcel Exam Review January 2017 Focus Notes: Auditing and Attestation book pdf
In this article, we will tell you what this book is about, who it is for, why you need it, what you will learn from it, and how to use it effectively. By the end of this article, you will have a clear idea of how this book can help you ace the AUD section of the CPA exam.
Why you need this book to ace the CPA exam
How the book covers all the topics and skills tested on the exam
The AUD section of the CPA exam tests your ability to perform audits of financial statements, attestation engagements, and other assurance services in accordance with generally accepted auditing standards (GAAS) and other applicable standards. It also tests your understanding of ethics and professional responsibilities for CPAs.
The AUD section consists of four testlets: two multiple-choice question (MCQ) testlets with 36 questions each, and two task-based simulation (TBS) testlets with eight simulations in total. The MCQs account for 50% of your score, while the TBSs account for the other 50%.
The Wiley CPAexcel Exam Review January 2017 Focus Notes: Auditing and Attestation book covers all the topics and skills that are tested on the AUD section, based on the AICPA blueprint. The book is divided into five chapters, each corresponding to one of the five content areas of the AUD section:
Area I: Ethics, Professional Responsibilities, and General Principles (15-25% of your score)
Area II: Assessing Risk and Developing a Planned Response (20-30% of your score)
Area III: Performing Further Procedures and Obtaining Evidence (30-40% of your score)
Area IV: Forming Conclusions and Reporting (15-25% of your score)
Area V: Accounting and Review Services Engagements (5-15% of your score)
The book summarizes the key concepts, rules, standards, and procedures for each content area in a clear and concise way. It also highlights the most important and frequently tested topics that you need to focus on.
How the book uses acronyms, mnemonics, and other memory aids to help you remember key concepts
One of the biggest challenges of studying for the CPA exam is memorizing all the information that you need to know. There are so many terms, definitions, formulas, criteria, exceptions, and exceptions to the exceptions that you need to keep in your mind.
That's why the Wiley CPAexcel Exam Review January 2017 Focus Notes: Auditing and Attestation book uses acronyms, mnemonics, and other memory aids to help you remember key concepts. For example, the book uses the acronym RAMP to help you remember the four elements of audit risk: Risk of material misstatement, Audit risk, Materiality, and Performance materiality. The book also uses the mnemonic CARE to help you remember the four types of audit opinions: Clean (unmodified), Adverse, Revised (modified), and Except for (qualified).
The book also provides tables, charts, diagrams, and examples to help you visualize and understand key concepts. For example, the book provides a table that compares the differences between auditing standards for public companies (PCAOB) and nonpublic companies (AICPA). The book also provides a diagram that illustrates the audit planning and risk assessment process.
How the book provides tips, examples, and practice questions to reinforce your learning
The Wiley CPAexcel Exam Review January 2017 Focus Notes: Auditing and Attestation book is not only a summary of key concepts, but also a guide to help you apply what you learn to the exam questions. The book provides tips, examples, and practice questions throughout each chapter to help you reinforce your learning.
The book provides tips on how to approach different types of questions, such as MCQs and TBSs. The book also provides tips on how to avoid common mistakes and traps that can cost you points on the exam. For example, the book warns you about the difference between "must" and "should" in auditing standards, and how to use professional skepticism when evaluating audit evidence.
The book also provides examples of how key concepts are tested on the exam. The book shows you how to apply your knowledge to different scenarios and situations that you may encounter on the exam. For example, the book shows you how to evaluate internal control deficiencies, how to perform analytical procedures, and how to draft audit reports.
The book also provides practice questions at the end of each chapter to help you test your understanding of the material. The practice questions are similar to the ones that you will see on the exam in terms of format, difficulty, and content. The book provides detailed explanations for each answer choice, so you can learn from your mistakes and improve your performance.
What you will learn from this book
The auditing and attestation standards and procedures
The first thing that you will learn from this book is the auditing and attestation standards and procedures that apply to different types of engagements. You will learn about the generally accepted auditing standards (GAAS), which are issued by the AICPA for nonpublic companies. You will also learn about the auditing standards of the Public Company Accounting Oversight Board (PCAOB), which are applicable to public companies. You will learn about the differences and similarities between these two sets of standards.
You will also learn about other standards that are relevant to auditing and attestation engagements, such as:
The Statements on Standards for Attestation Engagements (SSAEs), which provide guidance for attestation engagements other than audits or reviews of financial statements.
The Statements on Standards for Accounting and Review Services (SSARS), which provide guidance for compilation and review engagements of financial statements.
The International Standards on Auditing (ISAs), which are issued by the International Auditing and Assurance Standards Board (IAASB) for international engagements.
The audit planning and risk assessment process
The second thing that you will learn from this book is the audit planning and risk assessment process, which is the foundation of any audit engagement. You will learn how to perform the following steps:
Accepting or continuing an audit engagement, and establishing an understanding with the client.
Obtaining an understanding of the entity and its environment, including its internal control.
Assessing the risks of material misstatement at the financial statement level and the assertion level.
Designing and implementing responses to the assessed risks, including tests of controls and substantive procedures.
Evaluating the results of the audit procedures and forming an overall conclusion.
You will learn how to apply professional judgment and skepticism throughout the audit planning and risk assessment process. You will also learn how to use audit tools and techniques, such as audit programs, audit documentation, analytical procedures, sampling methods, and computer-assisted audit techniques (CAATs).
The audit evidence and documentation requirements
The third thing that you will learn from this book is the audit evidence and documentation requirements, which are essential for supporting your audit opinion. You will learn about the following concepts:
The nature, timing, and extent of audit procedures, and how they are affected by the risk assessment and materiality.
The sufficiency and appropriateness of audit evidence, and how to evaluate its quality and reliability.
The types and sources of audit evidence, such as inspection, observation, inquiry, confirmation, recalculation, reperformance, analytical procedures, and external information.
The audit documentation standards and objectives, and how to prepare clear, complete, and relevant working papers.
The retention and ownership of audit documentation, and how to deal with requests for access or disclosure.
You will learn how to apply professional standards and ethical principles when obtaining and documenting audit evidence. You will also learn how to identify and resolve audit issues and findings, such as misstatements, errors, fraud, noncompliance, or deficiencies.
The audit reports and opinions
The fourth thing that you will learn from this book is the audit reports and opinions, which are the final products of your audit engagement. You will learn how to prepare different types of audit reports and opinions, depending on the nature and scope of the engagement, the financial reporting framework used by the client, and the results of your audit procedures. You will learn about the following types of reports and opinions:
Unmodified (clean) opinion: This is the standard report that expresses an opinion that the financial statements are presented fairly in all material respects in accordance with the applicable financial reporting framework.
Modified (revised) opinion: This is a report that modifies or revises the standard report in some way. There are three types of modified opinions: qualified opinion, adverse opinion, and disclaimer of opinion.
Qualified opinion: This is a report that expresses an opinion that except for a certain matter or matters, the financial statements are presented fairly in all material respects in accordance with the applicable financial reporting framework.
Adverse opinion: This is a report that expresses an opinion that the financial statements are not presented fairly in all material respects in accordance with the applicable financial reporting framework.
Disclaimer of opinion: This is a report that states that no opinion can be expressed on the financial statements due to a scope limitation or a lack of independence.
The ethics and professional responsibilities for CPAs
The fifth thing that you will learn from this book is the ethics and professional responsibilities for CPAs, which are the foundation of your credibility and integrity as an auditor. You will learn about the following topics:
The AICPA Code of Professional Conduct, which sets forth the principles, rules, interpretations, and enforcement provisions for CPAs.
The PCAOB Ethics and Independence Rules, which apply to auditors of public companies and broker-dealers.
The International Ethics Standards Board for Accountants (IESBA) Code of Ethics for Professional Accountants, which applies to auditors of international engagements.
The ethical decision-making framework, which helps you identify and resolve ethical dilemmas in your professional practice.
The independence requirements, which ensure that you are free from any conflicts of interest or undue influence that may impair your objectivity and professional skepticism.
The quality control standards, which ensure that your firm has policies and procedures to provide reasonable assurance that your engagements are performed in accordance with professional standards and regulatory requirements.
You will learn how to apply ethical principles and rules to various situations and scenarios that you may encounter in your audit engagements. You will also learn how to identify and report any breaches or violations of ethics or independence rules.
How to use this book effectively
How to integrate the book with the Wiley CPAexcel online course and test bank
The Wiley CPAexcel Exam Review January 2017 Focus Notes: Auditing and Attestation book is designed to complement the Wiley CPAexcel online course and test bank, which are comprehensive and interactive tools that help you prepare for the CPA exam. The online course provides video lectures, study guides, flashcards, simulations, and progress tracking. The test bank provides thousands of practice questions with detailed explanations and diagnostics.
You can use the book along with the online course and test bank to enhance your learning experience. Here are some tips on how to integrate the book with the online course and test bank:
Before watching a video lecture or reading a study guide on a topic, review the corresponding chapter or section in the book to get an overview of the key concepts and tips.
After watching a video lecture or reading a study guide on a topic, review the corresponding chapter or section in the book again to reinforce your understanding and memory of the key concepts and tips.
Before taking a practice quiz or exam on a topic, review the corresponding chapter or section in the book to refresh your knowledge and confidence.
After taking a practice quiz or exam on a topic, review the corresponding chapter or section in the book again to identify any gaps or weaknesses in your knowledge and skills.
By using the book along with the online course and test bank, you can maximize your retention and comprehension of the material. You can also save time and effort by focusing on the most important and relevant topics for the exam.
How to review the book before each exam section
The Wiley CPAexcel Exam Review January 2017 Focus Notes: Auditing and Attestation book is also a great tool for reviewing the material before each exam section. The book provides a concise summary of all the topics that you need to know for the AUD section, so you can quickly refresh your memory and recall key concepts and tips.
Here are some tips on how to review the book before each exam section:
Review the book at least one week before your scheduled exam date. This will give you enough time to go over all the chapters and sections in the book without rushing or cramming.
Review one chapter or section per day. This will help you avoid information overload and retain more information. You can also review more than one chapter or section per day if you feel comfortable with the material.
Review each chapter or section in order. This will help you follow a logical sequence of topics and avoid confusion or gaps in your knowledge.
How to use the book as a quick reference during your study sessions
The Wiley CPAexcel Exam Review January 2017 Focus Notes: Auditing and Attestation book is also a handy tool for using as a quick reference during your study sessions. The book provides a convenient and portable way to access key concepts and tips whenever you need them. The book is spiral-bound, so you can easily flip through the pages and find what you are looking for.
Here are some tips on how to use the book as a quick reference during your study sessions:
Use the book as a supplement to your main study materials, such as the online course and test bank. The book is not meant to replace or substitute your main study materials, but rather to enhance and complement them.
Use the book as a reminder of key concepts and tips that you have already learned from your main study materials. The book is not meant to teach you new concepts or tips that you have not learned before, but rather to reinforce and refresh your existing knowledge.
Use the book as a guide to focus on the most important and relevant topics for the exam. The book is not meant to cover every detail or nuance of the material, but rather to highlight and summarize the main points and benefits.
Use the book as a tool to test yourself on key concepts and tips. The book provides practice questions at the end of each chapter that you can use to check your understanding and recall of the material. You can also use the acronyms, mnemonics, and other memory aids in the book to quiz yourself on key concepts.
By using the book as a quick reference during your study sessions, you can save time and effort by accessing key concepts and tips in a convenient and efficient way. You can also improve your confidence and performance by reviewing and testing yourself on key concepts and tips.
Conclusion
The Wiley CPAexcel Exam Review January 2017 Focus Notes: Auditing and Attestation book is a valuable resource for anyone who is preparing for the AUD section of the CPA exam. The book provides a comprehensive and concise summary of all the topics and skills that are tested on the exam, as well as acronyms, mnemonics, tips, examples, and practice questions to help you remember, understand, apply, and reinforce your knowledge. The book also provides guidance on how to integrate the book with the online course and test bank, how to review the book before each exam section, and how to use the book as a quick reference during your study sessions.
If you want to ace the AUD section of the CPA exam, you need this book. It will help you master all the concepts and tips that you need to know for the exam in an efficient and effective way. It will also help you save time and effort by focusing on the most important and relevant topics for the exam. It will also help you improve your confidence and performance by reviewing and testing yourself on key concepts and tips.
Don't wait any longer. Order your copy of Wiley CPAexcel Exam Review January 2017 Focus Notes: Auditing and Attestation today and get ready to pass the AUD section of the CPA exam with flying colors!
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