Auditing- Welcome to Auditing and Attestation
- About the Author
- Updates to Course Material
- AUD Simulated CPA Exam
- Simulations
I. Financial Statement Audits- Accounting vs. Auditing
- GAAS
- Overview of Audit Process
- Auditor's Report
- Different Types of Engagement
II. Planning Activities- Basic Planning Responsibilities
- Audit Risk and Materiality
- Analytical Procedures
- Detecting Fraud
- Detecting Illegal Acts
- Miscellaneous Planning Topics
III. Basic Internal Control- Study and Evaluation of Internal Control
- Basic Responsibilities of the Auditor
- Required Communications
- Implications of an Internal Audit Function
IV. Controls Specific to Transaction Cycles- Specific Transaction Cycles
- Revenue/Receipts Sales
- Revenue/Receipts Cash
- Expenditures Disbursements
- Payroll Cycle
- Miscellaneous Cycles
V. Audit Evidence- Overview of Substantive Procedures
- Nature of Evidence
- Audit Documentation
- Confirmation
- Accounting Estimates
- Fair Value Measurements/Disclosures
- Lawyer's Letters
- Management Representation Letters
- Generic Procedures for Assertions
VI. Evidence -- Specific Audit Areas- Related Parties
- Subsequent Events
- Going Concern Issues
- General Comments for Every Audit Area
- Cash
- Accounts Receivable
- Inventory
- Investments
- Fixed Assets
- Current Liabilities
- Long-Term Liabilities
- Stockholders' Equity
- Payroll
VII. Audit Sampling- General Comments
- Attributes Sampling
- Variables Sampling
- Example Problems
- Attributes Sampling Problem
- Attributes Sampling Solution
- Difference Estimation Problem
- Difference Estimation Solution
- Ratio Estimation Problem
- Ratio Estimation Solution
- MPU Estimation Problem
- MPU Estimation Solution
- PPS Sampling Problem
- PPS Sampling Solution
- Statistical Tables
- Sample Size Calculations for Variables
- Attribute Estimation Sample Size
- Attribute Estimation Evaluation
VIII. EDP Auditing- Study and Evaluation of Computer-Related Controls
- Evidence Gathering Procedures
- Other EDP Considerations
IX. Audit Reports- Standards of Reporting
- Standard Unqualified Report
- Unqualified but Modified Report
- Qualified and Adverse Opinions
- Disclaimer of Opinion
- Other Technical Topics
- Review Report on Interim Financial Statements
- Sample Auditor's Reports
- Standard Unqualified Report
- Standard Unqualified Report (Sentences)
- Limited Reporting Engagement
- Division of Responsibility
- Qualified for Inadequate Disclosure
- Qualified for Omission of Cash Flows
- Qualified for Accounting Principles
- Qualified for Scope Limitation
- Adverse Opinion
- Disclaimer of Opinion
- Prior Year Unqualified, Current Year Qualified
- Prior Year Disclaimer, Current Year Unqualified
- Different Opinion than Previously Expressed
- Predecessor's Prior Year Report Not Presented
X. Other Types of Reports- Reports on Application of Accounting Principles
- Special Reports
- Service Organizations
- Comfort Letters
- Governmental Audits
- Reviews and Compilations for Non-Public Entities
- Sample Reports
- Financial Statements Prepared on the Cash Basis
- Profit Participation
- Compliance for Governmental Entities
- Sample Review Report for Non-Public Company
- Sample Compilation Report for Non-Public Company
XI. Other Professional Services- Attestation Standards
- Financial Forecasts and Projections
- Pro Forma Financial Information
- Compliance Attestation
- Entity Internal Control
- Management Discussion and Analysis
- Assurance Services
- Sample Reports
- Examination of Forecast
- AUP of Forecast
- Compilation of Forecast
- Examination of Pro Forma
- Review of Pro Forma
- Examination for Compliance
- AUP for Compliance
- Examination of IC
- Examination of IC (Sentences)
- AUP of IC
- Examination of MD&A
- Review of MD&A
XII. Sarbanes-Oxley Act of 2002 and the PCAOB- PCAOB responsibilities
- Auditing Standard No. 1
- Auditing Standard No. 3
- Auditing Standard No. 4
- Auditing Standard No. 5
- Auditing Standard No. 6
- Final Thoughts
XIII. Supplemental Outlines of Professional Standards- Professional Standards
- AU110 (SAS 1) Responsibilities of Independent Auditor
- AU120 (SAS 102) - Defining Professional Requirements
- AU150 (SAS 95, as Amended) GAAS
- AU161 (SAS 25) - GAAS and Quality Control
- AU201 (SAS 1) Nature of General Standards
- AU210 (SAS 1) Training and Proficiency
- AU220 (SAS 1) Independence
- AU230 (SAS 1) Due Care
- AU310 (SAS 83) Appointment of the Independent Auditor
- AU311 (SAS 108) - Planning and Supervision
- AU312 (SAS 107) - Audit Risk and Materiality
- AU313 (SAS 45) - Tests Prior to Balance Sheet
- AU314 (SAS 109) - Understanding the Entity and Assessing Risks
- AU315 (SAS 84) - Predecessor Successor Communications
- AU316 (SAS 99) - Consideration of Fraud
- AU317 (SAS 54) - Illegal Acts
- AU318 (SAS 110) - Performing Audit Procedures in Response to Assessed Risks
- AU322 (SAS 65) - Internal Audit Function
- AU324 (SAS 70) - Transactions by Service Organizations
- AU325 (SAS 115) - Internal Control
- AU326 (SAS 106) - Audit Evidence
- AU328 (SAS 101) - Auditing Fair Value Measurements and Disclosures
- AU329 (SAS 56) - Analytical Procedures
- AU330 (SAS 67) - Confirmation Process
- AU331 (SAS 1) Inventories
- AU332 (SAS 92) - Auditing Investments
- AU333 (SAS 85) - Management Representations
- AU334 (SAS 45) - Related Parties
- AU336 (SAS 73) - Work of Specialist
- AU337 (SAS 12) - Inquiry of Client Lawyer
- AU339 (SAS 103) - Audit Documentation
- AU341 (SAS 59) - Going Concerns
- AU342 (SAS 57) - Accounting Estimates
- AU350 (SAS 39) - Audit Sampling
- AU380 (SAS 114) - The Auditor’s Communication
- AU390 (SAS 46) - Omitted Procedures
- AU410 (SAS 1) Adherence to GAAP
- AU411 (SAS 69) - Present Fairly in Conformity
- AU420 (SAS 1) Consistent Application of GAAP
- AU431 (SAS 32) - Adequacy of Disclosure
- AU435 (SAS 21) - Segment Information
- AU504 (SAS 26) - Association with Financial Statements
- AU508 (SAS 58) - Reports on Financial Statements
- AU530 (SAS 1) Dating of Report
- AU532 (SAS 87) - Restricting the Use of an Auditor's Report
- AU534 (SAS 51) - Reports for Other Countries
- AU543 (SAS 1) Other Independent Auditors
- AU544 (SAS 1) Lack of Conformity with GAAP
- AU550 (SAS 8) - Other Information in Documents
- AU551 (SAS 29) - Information Accompanying Documents
- AU552 (SAS 42) - Selected Financial Data
- AU558 (SAS 52) - Required Supplementary Information
- AU560 (SAS 1) Subsequent Events
- AU561 (SAS 1) Subsequent Discovery
- AU623 (SAS 62) - Special Reports
- AU625 (SAS 50) Application of Accounting Principles
- AU634 (SAS 86) Letters for Underwriters
- AU711 (SAS 37) - Federal Security Statutes
- AU722 (SAS 116) - Interim Financial Information
- AU801 (SAS 74) - Governmental Entities
- AU901 (SAS 1) Public Warehouses
- SSARS
- AR20 - Defining Professional Requirements
- AR50 - Standards for Accounting and Review Services
- AR100 - Compilation and Review of Financial Statements
- AR110 - Compilation of Specified Elements
- AR200 - Reporting on Comparative Financial Statements
- AR300 - Compilation Reports in Prescribed Forms
- AR400 - Predecessor Successor Communications
- AR600 - Personal Financial Statements
- SSAE
- AT20 (SSAE 13) - Defining Professional Requirements
- AT50 (SSAE 14) - SSAE Hierarchy
- AT101 (SSAE 10) - Attestation Standards
- AT201 (SSAE 10) - Agreed-Upon Procedures
- AT301 (SSAE 10) - Financial Forecasts/Projections
- AT401 (SSAE 10) Pro Forma Financial Information
- AT501 (SSAE 15) - Entity Internal Control
- AT601 (SSAE 10) - Compliance Attestation
- AT701 (SSAE 10) - Management Discussion and Analysis
- SQCS
- QC10 - A Firm’s System of Quality Control
- QC20 - System of Quality Control
- QC30 - Monitoring
- QC40 - Personnel Management
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Business Environment
and Concepts
- Welcome
- About the Authors
- Updates to Course Material
- BEC Simulated CPA Exam
I. Business Structure- Introduction
- Sole Proprietorships & General and Limited Partnerships
- Introduction to Partnerships
- Rights and Liabilities
- Partnership Property
- Limited Partnerships
- Rights of Partners
- Duties of Partners
- Dissolution and Termination
- LLC, LLP & Joint Ventures
- Limited Liability Partnerships
- Limited Liability Companies
- Corporations
- Formation of the Corporation
- Recognition of the Corporate Entity
- Financial Structure & Distributions
- Shareholders and Corporate Management
- Mergers, Consolidations, and Dissolution
- Board and Officers
- Various Forms - Compared
II. Economic Concepts- Introduction
- Microeconomics
- Introduction & Free-Market Model
- Demand
- Supply
- Equilibrium
- Elasticity
- Consumer Demand & Utility Theory
- Inputs and the Cost of Production
- Market Structure
- Introduction
- Perfect Competition
- Perfect Monopoly
- Monopolistic Competition
- Oligopoly
- Summary
- Macroeconomics
- Introduction and Gross Measures
- Aggregate Demand
- Aggregate Supply
- Aggregate (Economy) Equilibrium
- Business Cycles
- Price Levels & Inflation/Deflation
- Money, Banking & Monetary Policy
- International Economics
- International Economic Activity
- Issues at National Level
- Issues at Entity Level
- Exchange Rate Issue
- Transfer Price Issue
III. Financial Management- Introduction to Financial Management
- Concepts and Tools
- Cost Concepts
- Time Value of Money Tools
- Interest Rate Concepts & Calculations
- Capital Budgeting
- Introduction and Project Risk
- Evaluation Techniques
- Introduction to Evaluation Techniques
- Payback Period Approach
- Discounted Payback Period Approach
- Accounting Rate of Return Approach
- Net Present Value Approach
- Internal Rate of Return Approach
- Profitability Index and Ranking
- Capital Project Ranking Decisions
- Financing Options
- Introduction and Financial/Capital Structure
- Short-term (Working Capital) Financing
- Introduction to Short-term Financing
- Payables
- Stand-by, Credit & Commercial Paper
- Receivables & Inventory
- Long-Term (Capital) Financing
- Introduction to Long-Term Financing
- Long-term Notes & Financial Leases
- Bonds
- Preferred Stock
- Common Stock
- Cost of Capital & Financing Strategies
- Working Capital Management
- Introduction
- Cash Management
- Short-term Securities Management
- Accounts Receivable Management
- Inventory Management
- Current Liabilities Management
- Ratio Analysis for Financial Management
- Introduction
- Liquidity Measures
- Operational Activity Measures
- Profitability Measures
- Equity/Investment Leverage Measures
- Risk Concepts - Summary
IV. Information Technology (IT)- Information Systems and Processes
- Purposes and Types of IT Systems
- E-Business and E-Commerce
- System Development & Implementation
- Transaction Processing in a Computerized Environment
- IT Fundamentals
- Computer Data and Hardware
- Computer Software
- Databases
- Computer Networks 1
- Computer Networks 2
- IT Risks and Controls
- Risks and Controls in Computer-based Accounting Information Systems
- Controls Related to People
- Control over IT Facilities
- Control over Data
- Control over Applications
- Control over Technology
- Control over End-User Computing and Small Business Environments
- Information Technology Glossary
V. Planning and Measurement- Cost Measurement and Assignment
- Introduction
- Manufacturing Costs
- Cost Behavior Patterns
- Activity-based Costing
- Absorption & Direct Costing
- Job Order & Process Costing
- Joint & By-Product Costing
- Service Cost Allocation
- Planning and Control
- Introduction
- Budgeting
- Forecasting Techniques
- Breakeven Analysis
- Sales & Direct Cost Variance Analysis
- Overhead Variance Analysis
- Decision Making
- Relevant Costs, Part 1
- Relevant Costs, Part 2
- Transfer Pricing
- Performance Measures & Management Techniques
- Responsibility Accounting
- Total Quality Management
- Inventory Management
- Balanced Scorecard and Benchmarking
- Strategic Management
- Competitive Analysis
- Ratio Analysis
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Financial Accounting
and Reporting
- Welcome
- About the Authors
- Updates to Course Material
- FAR Simulated CPA Exam
- Simulations
I. Intermediate Accounting- Financial Accounting Concepts, Statements and Analysis
- Environment of Financial Accounting
- Financial Accounting
- FASB's Conceptual Framework 1
- FASB's Conceptual Framework 2
- Financial Statements
- The Balance Sheet and Disclosures
- Related Party and Subsequent Events
- Income Statement
- Discontinued Operations
- Extraordinary Items
- Comprehensive Income
- Earnings Per Share 1
- Earnings Per Share 2
- Statement of Cash Flows 1
- Statement of Cash Flows 2
- Statement of Cash Flows 3
- Financial Statement Analysis
- Ratio Analysis
- Changing Prices and Financial Reporting
Typical Items- Cash
- Receivables
- Accounts Receivable Valuation
- Uncollectible Accts. Receivable
- Notes Receivable
- Receivables as Cash Sources
- Loan Impairment
- Inventories
- Inventory Basics
- Periodic Inventory System and Cost Flow Assumption
- Perpetual Inventory System and Cost Flow Assumption
- Evaluation of FIFO and LIFO
- Dollar Value LIFO
- Lower of Cost or Market
- Gross Margin and Relative Sales Value Method
- Retail Inventory Method
- Dollar Value LIFO Retail
- Inventory Errors
- Losses on Purchase Commitments
- Property, Plant, and Equipment
- Introduction
- Plant Assets 1
- Plant Assets 2
- Interest Capitalization 1
- Interest Capitalization 2
- Post-Acquisition Expenditures
- Depreciation
- Impairment of Assets
- Nonmonetary Exchanges 1
- Nonmonetary Exchanges 2
- Natural Resources
- Asset Retirement Obligations
- Intangibles and Other Assets
- Intangible Assets
- Research and Development Costs
- Computer Software Costs
- Goodwill
- Current Liabilities
- Current Liabilities
- Refinancing ST Obligations
- Contingent Liabilities
- Noncurrent Liabilities
- Bonds Payable
- Detachable Stock Warrants
- Convertible Bonds
- Extinguishment of Debt
- Troubled Debt Restructure
- Equity Accounts
- Basic Concepts (OE)
- Dividend Allocation
- Issuance of Capital Stock
- Treasury Stock
- Preferred Stock
- Types of Dividends
- Additional OE Issues
- Stock Options 1
- Stock Options 2
- Revenues Recognition
- Revenue Recognition
- Construction Contract Revenue
Specific Transactions and Events- Accounting Changes 1
- Accounting Changes 2
- Interim Reporting
- Segmental Disclosures
Income Taxes- Accounting for Income Tax 1
- Accounting for Income Tax 2
- Accounting for Income Tax 3
Employee Benefits- Pensions 1
- Pensions 2
- Pensions 3
- Postretirement Benefits
Leases- Leases 1
- Leases 2
- Leases 3
- Sale-Leaseback Transaction
II. Advanced Accounting
III. Governmental and Not-For-Profit Organizations- Intro. Government/Not-for-Profit
- Govermental Entities
- Govermental Accounting Fundamentals
- Governmental Accounting Concepts
- Fund Structure
- Budgetary Processes
- Budgetary Accounting
- Encumbrance Accounting
- Example: Basic Budgetary Entries
- Measurement Focus and Basis of Accounting
- Modified Accrual Basis
- GASB #33 - Nonexchange Transactions
- Account Terminology and Classifications
- Fund Types and Typical Transactions
- Governmental Funds
- General Fund
- Special Revenue Funds
- Debt Service Funds
- Capital Projects Funds
- Permanent Funds
- Proprietary Funds
- Internal Service Funds & Enterprise Funds
- Fiduciary Funds
- Agency Funds
- Investment Trust Funds
- Pension Trust Funds
- Private Purpose Trust Funds
- Special Items
- Interfund Transactions
- Long-term Liabilities Other Than Bonded Debt
- Entries: Construction Projects
- Governmental Financial Statements
- Determining the Financial Reporting Entity
- CAFR
- GASB #34 Financial Reporting
- Recent Developments
- Not-For-Profit Organizations
- Not-for-profit Environment
- Revenue Recognition (Stmt. #116 & #136)
- Financial Reporting (Stmt. #117)
- Specific Types of Transactions and Entities
- Special Issues
- Hospitals
- Colleges and Universities
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Regulation
- Welcome
- About the Authors
- Updates to Course Material
- REG Simulated CPA Exam
- Simulations
I. Ethics and Legal Responsibilities- Code of Professional Conduct
- Proficiency, Independence, and Due Care
- Independence (Rule 101)
- Integrity and Objectivity (Rule 102)
- General Standards and Accounting Principles
- Compliance with Standards
- Accounting Principles and Interpretations (Rule 203)
- Responsibilities To Clients
- Rule 501. Acts Discreditable
- Rule 502. Advertising
- Rule 503. Commissions and Referral Fees
- Rule 505. Name
- Examples: Past Ethics Rulings
- Responsibilities in Consulting Services
- Ethics and Responsibilities in Tax Practice
- SSTS No. 1 - Tax Return Positions
- SSTS No. 2 - Answers to Questions on Return
- SSTS No. 3 - Procedural Aspects
- SSTS No. 4 - Use of Estimates
- SSTS No. 5 - Departure From a Position
- SSTS No. 6 - Knowledge of Error
- SSTS No. 7 - Form and Content of Advice to Client
- Summary of Tax Accountant Duties
- Disciplinary Systems
- Legal Responsibilities and Liabilities
- Common Law Liability to Clients and Third Parties
- Breach of Contract
- Negligence: Liability to Clients
- Fraud Liability
- Negligence Liability: Third Parties
- Federal Statutory Liability
- Foreign Corrupt Practices Act (FCPA)
- Internal Revenue Code
- Racketeer Influenced Corrupt Organizations Act (RICO)
- Mail and Wire Fraud
- Sarbanes-Oxley Act of 2002
II. Business Law- Agency
- Introduction and Definitions
- Formation and Termination
- Duties of Agent and Principal
- Liabilities and Authority of Agents and Principals
- Contract Liabilities
- Tort Liabilities
- Contracts
- Introduction and Classification
- Formation
- Offer and Acceptance
- Consideration
- Capacity and Legal Purpose
- Statute of Frauds and Interpretation
- Genuineness of Assent
- Third Party Rights
- Remedies for Breach and Discharge of Contracts
- Contracts Review Question
- Debtor-Creditor Relationships
- Rights, Duties, and Liabilities of Debtors and Creditors
- Secured Parties/Lien Holders and Other Collection Methods
- Guarantees and Strict Suretyship
- Definitions, Rights, Duties and Liabilities of Creditors and Guarantors
- Defenses of the Guarantor
- Bankruptcy
- Introduction to Bankruptcies and Commencement
- Duties of the Debtor, the Trustee and Automatic Stay
- Debtor's Estate and Exemptions
- Creditors' Meetings, Trustees' Powers, and Debtor's Avoidance
- Claims, Leases, and Distribution of Estate
- Discharge, Reaffirmations, and Summary Questions
- Chapter 11, 12, and 13 Bankruptcies
- Government Regulation of Business
- Federal Securities Acts
- Defining a `Security`
- The Registration Process
- Exempt from Registration Process
- Registration Exempt Offerings
- Blue Sky Laws
- Purposes of the 1934 Act
- Disclosure Requirements
- Liability Provisions: 1933 Act
- Civil Liability Provisions
- Criminal Liability
- Private Securities Litigation Reform Act
- Public Company Accounting Oversight Board (PCAOB)
- Auditor Independence
- Other Government Regulation
- Title VII Civil Rights Acts
- ADEA
- ADA
- Federal Social Security Act
- FICA
- Payroll Tax Liability
- Self-Employment Contributions Act
- FUTA
- FLSA
- ERISA
- Pension and Retirement Plan Liability
- COBRA
- FMLA
- Workers' Compensation Act
- OSHA
- Union and Employee Relations
- Antitrust Law
- Uniform Commercial Code
- Negotiable Instruments and Letters of Credit
- Introduction and Creation
- Transfer of Instruments and Holders in Due Course
- Defenses and Liabilities of Parties
- Discharge
- Letters of Credit
- Sales
- Introduction and Contract Formation
- General Rules
- Products Liability
- Performance and Perfect Tender Rules
- Nonperformance
- Buyer's Performance and Buyer's Rights
- Remedies
- Documents of Title
- Definitions, Forms, Negotiation and Transfer, Limitations-rights
- Secured Transactions
- Importance, Application, Terminology, and Security
- Perfection
- How Good is Perfection?
- Perfection by Filing and Secured Party and Debtor Rights
- Debtor's Default
- Real Property, Including Insurance
- Real Property Interests
- Concurrent Ownership and Deeds
- Landlord-Tenant, Assignment and Subleasing
- Termination and Sale of Realty
- Insurance and Limitation of CPA Exam
III. Federal Taxation- Introduction
- Introduction to Tax Review
- Property Transactions
- Classification of Assets
- Nonrecognition Transactions
- Income
- Income - Basic Principles
- Nonrecognition - Double Tax
- Nonrecognition - Subsidies
- Deductions
- Individual Deductions - For AGI
- Itemized Deductions
- Business Deductions
- Limitations on Business Deductions
- Individual Income Taxation
- Personal and Dependency Exemptions
- Filing Status
- Additional Taxes
- Other Income Tax Issues
- Personal and Business Tax Credits
- Taxpayer Responsibilities
- Taxation of Corporations
- Formation of a Corporation
- Corporate Income Computation
- Corporate Alternative Minimum Tax
- Penalty Taxes - Corporations
- Distributions from a Corporation
- Corporate Redemptions and Liquidations
- Taxation of Related Corporations
- Corporate Reorganizations
- Taxation of S Corporations
- S Corporations - Introduction
- S Corporations - Income and Basis
- Taxation of Partnerships
- Partnerships - Introduction
- Formation of a Partnership
- Taxation of Partners
- Partnership Sales and Liquidations
- Estate and Gift Taxation
- Introduction to Transfer Taxes
- Federal Gift Tax
- Federal Estate Tax
- Fiduciaries
- Income Taxation of Fiduciaries
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