PCAOB (Subgroup of SEC Created by SOX Act) and the difference in PCAOB v. AICPA governing responsibilities

Roles & responsibilities of the auditor, management, and the audit committee as documented in an engagement letter

Concepts of risk & materiality

What is meant by an unqualified audit opinion

Audit planning activities Meeting with predecessor auditor, risk assessments, evaluating internal audit, etc.

Auditor independence & covered members

Prohibited nonaudit services v. allowed nonaudit services

Client confidentiality rules Due professional care & professional skepticism

Audit Risk Model Be able to define and discuss the 4 components, know which components make up the Risk of Material Misstatement, and understand which components are client-driven v. auditor-driven

Fraud Triangle

Types of audit evidence Understand what types of tests provide evidence for which assertions, and what types are more persuasive than others

Definition of sufficiency and appropriateness of audit evidence

Purpose of analytical procedures