Audit.

1 What are subsequent events? Give 4 examples. What work is required to be performed by the auditor on these events? Differentiate between Type 1 and Type 2 events? What work is required for each type?

2. What two criteria must be met for the financial statements to be adjusted for a subsequent event?

3. List and describe 6 procedures that the auditor can use to search for loss contingencies and unasserted claims?

4. What is a representation letter? Who signs it? Why is this report important? What is the date of this letter?

5. What are gain contingencies? How can these claims be addressed in the financial statements?

6. What is dual dating of an audit report? Why would an auditor dual date the report?

7. What is the auditors responsibility after the end of field work but before the financial statements have been issued?

8. What is the auditors responsibility if a material misstatement is discovered after the financial statements have been issued?

9. What types of opinions are issued by the auditor for financial statements? For internal controls?

10. What are the items contained in a standard unqualified audit report of a non public company?

11. What are the components contained in a standard unqualified audit report of a public company?

12. What is an integrated audit and what are the components in an integrated audit report of a public company?

13. What reports are filed with the SEC by public companies? Under what circumstances are they filed? What are the 3 components in the Fraud Triangle?

14. What is the Balanced Scorecard? List and describe its 4 perspectives.