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ESSAYS (Use as many pages as you find necessary).


a. What is an audit? Why is it important?

b. What role does auditing play in society?

c. What is an audit committee and why is it important?

d. What are Working Papers and why are they important?


Generally Accepted Auditing Standards (GAAS) are 10 general guidelines to aid auditors in fulfilling their professional responsibilities. Briefly list and describe the 10 GAAS.


Define the following terms and give an example of each.

  • Fraud.
  • Materiality.
  • Integrity.


a. List and describe 4 similarities and 4 differences between the Standard Unqualified Audit Report of a Nonpublic Company and a Standard Unqualified Audit Opinion for Public Companies.

b. Special unqualified audit reports may be issued. List and describe 3 circumstances under which a special report may be issued.

c. Besides an unqualified report, list the 3 other types of reports that may be issued by an auditor. Describe the circumstances under which each report may be issued.

5. SOX

The Sarbanes-Oxley Act of 2002 made significant reforms for public companies and their auditors.
a. Describe the events that led up to the passage of the Act.
b. Describe 5 of the major reforms made by the Act.


a. Materially is an important concept in auditing. Define the term materiality.

b. Give an example of a situation that can be considered material. Explain why you consider it to be material.

c. How does materiality affect the audit of financial statements and reporting decisions?


a. What are assertions?

b. Who makes these assertions?

c. What is the auditor’s responsibility regarding the financial statements?

d. List and describe 7 assertions regarding the financial statements.


a. What is Ethics? List and describe 3 Theories of Ethical Behavior.

b. Why is it important for an Auditor to behave ethically?

c. Summarize the auditor’s professional responsibilities.

d. What is independence? An auditor may be independent of mind but not of appearance. Explain the difference between the two. Why are both important?

e. The auditor’s independence rules also apply to covered members. Who are covered members? List and describe 4 covered members.


a. Explain the difference between common law and statutory law.

b. Under common law, describe the auditor’s liability;

c. List and describe the categories of parties that may be involved? What must be proven by the parties; what are the auditor’s possible defenses?

d. List and describe the SEC Act of 1933 and 1934.Who are the parties that the auditor may be liable to under these Acts? What must be proven by them against auditors? What are the auditor’s possible defenses?

e. List and describe 5 steps that an auditor should take in order to prevent litigation.


You are an experienced CPA and have been assigned to be the in-charge auditor to audit the financial statements of Montclair Company, a publicly held company for the first time. If you accept the engagement, you will supervise 3 assistants on the engagement and will be required to communicate with the predecessor auditor.

  • List the steps that you would take before accepting a new client.
  • List and describe the steps that you should take immediately after accepting a new audit client.
  • List and describe the items that should be included in the engagement letter. Describe the benefits derived from the engagement letter.
  • List and describe the steps involved in a financial statement audit.


In response from the outcry from the public, several countries have enacted a new Auditing Standard. The U.S. has also enacted a new audit reporting standard.

  • What type of companies does the new U.S. Audit Reporting Standard apply to?
  • When does the Standard become effective?
  • What are the major components of the new U.S. Standard?
  • What impact will the new Standard have on the following parties:
    • The Financial Statement Users.
    • The Auditors.
    • The Companies’ Management.
    • The Standard setters and regulators.

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