CPA Auditing and Attestation (AUD) Practice Tests

Practice Tests

Topics

• Audit Reports

  • Audit Opinions

  • Professional Standards

  • Audit Engagements-Evidence

  • Audit Engagements-Auditors

• Quality Control, Engagement Acceptance, Planning, & Internal Control

  • The Audit Process - Documentation

  • The Audit Process - Setting Terms for the Engagement

  • The Audit Process - Planning

  • The Audit Process - Risk Assessment

  • The Audit Process - Quality Control

• Audit Risk Evidence

  • The Fraud Triangle

  • Fraud Incentives

  • Fraud vs Error

• Audit Sampling

  • IT Controls 

  • Materiality

  • Sampling 

• Cash Cycle, Revenue Cycle, and Expenditure Cycle

  • Revenue Cycle

  • Expenditure Cycle

  • Cash Cycle

• Performing Further Procedures

  • Inventory Cycle

  • Investment Cycle

  • Communication with Management

• Integrated Audits & Attestation Engagements

  • Types of Engagements - SSARS

  • Types of Engagements - SSAE

• Compliance, & Government Audits

  • Types of Engagements - Agreed Upon Procedures

  • Types of Engagements - Integrated Audits

  • Types of Engagements - Government Audits

• Accounting & Review Service Engagements & Interim Reviews

  • Preparation vs Compilation vs Review Engagements

  • Letters for Underwriters

• Ethics & Professional Responsibility

  • Ethics - AICPA

  • Ethics - SEC & PCAOB

  • Ethics - GAO and DOL

• Corporate Governance

  • COSO Framework

  • ERM Framework

  • Principle of Internal Control

• Financial Risk Management

  • Financial Ratios

  • Financial Risk Types

  • SOX (Sarbanes Oxley) 2002

• Financial Management Formulas

  • Weighted Average Cost of Capital Formula

  • CAPM Formula

  • Calculate Discounts on Accounts Payable

  • Discounted Cash Flow Formula

• Financial Management Process

  • Periodic vs Perpetual Inventory Systems

  • Supply Chain/Reorder Point

  • Return on Assets, Equity, & Investments

  • Cash Conversion Cycle

• Operations Management: Cost Accounting

  • Cost Accounting Variance Formulas

  • Job Costing

  • Activity Based Costing

  • Absorption Costing

• Operations Management: Performance Management

  • LIFO, FIFO, & Weighted Average Inventory Methods

  • Direct Costs, Indirect Costs, & Manufacturing Overhead

  • Variable vs Fixed Costs

• Operations Management: Budgeting

  • Budgeting

  • Make or Buy Analysis

  • Cost Volume Profit Analysis

  • Breakeven Formula

• Operations Management: Planning Techniques

  • Balance Scorecard and Benchmarking

  • Learning Curve

  • Risk Management

• Economic Markets

  • Supply and Demand

  • Market Equilibrium

  • Market Structure

• Economic Concepts & Analysis

  • Money, Banking Fiscal Policy

  • Consumer Price Index

  • Globalization

• Technology Process Management

  • Total Quality Management

  • IT Governance

  • Process Management

• Information Technology

  • Hot Sites/Cold Sites

  • Risk and Controls

  • Emerging Technologies

  • COBIT Model

• Financial Accounting and Reporting

  • Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements

  • Financial Statement Accounts: Recognition, Measurement, Valuation, Calculation, Presentation, and Disclosures

• Regulation

  • Business Law

  • Federal Taxation of Property Transactions

  • Federal Taxation of Individuals

  • Federal Taxation of Entities