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CPA AUD — Auditing & Attestation flashcards

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Independence and ethics, acceptance, the audit risk model and materiality, internal control, assertions, evidence and sampling, going concern, subsequent events, audit report types, SSARS engagements and SOC reports for the AUD section.

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Learn deck · part of CPA Exam (core) · written against: AICPA CPA Exam Blueprints under CPA Evolution (2024 core: FAR, AUD, REG); no year-indexed tax figures. Updated 2026-10-10.

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  1. Under the AICPA Code's conceptual framework approach, what does a member do after identifying a threat to independence?
    Evaluate whether the threat is at an acceptable level; if not, apply safeguards to eliminate it or reduce it to an acceptable level. If no safeguards work, decline or end the engagement.
    Ethics & Independence
  2. What preconditions for an audit must the auditor establish before accepting an engagement?
    That management uses an acceptable financial reporting framework and acknowledges its responsibility for preparing the statements, internal control, and providing access to information and people.
    Engagement Acceptance
  3. What are the five components of internal control under the COSO framework?
    Control environment, risk assessment, control activities, information and communication, and monitoring.

    Mnemonic: CRIME
    Internal Control
  4. An auditor selects shipping documents and traces them into the sales journal. Which assertion is tested?
    Completeness — tracing from source documents to the records checks that transactions that happened were recorded.

    Watch out: vouching from recorded entries back to documents tests occurrence or existence.
    Assertions
  5. Rank the reliability of these: a bank confirmation received directly by the auditor, a client-prepared invoice copy, and an oral explanation from the controller.
    Bank confirmation (external, obtained directly) > client invoice copy (internal documentary) > oral explanation. External, direct, documentary and original evidence beats internal, indirect, oral or copied evidence.
    Audit Evidence
  6. Under AICPA standards, when may an auditor skip confirming accounts receivable?
    When receivables are immaterial, confirmation would be ineffective, or assessed risk is low and other substantive procedures address it — and if the balance is material, the auditor must document why.
    Specific Audit Areas
  7. An auditor concludes substantial doubt about going concern exists and disclosure is adequate. How is the AICPA report affected?
    The opinion stays unmodified, with a separate section headed substantial doubt about the entity's ability to continue as a going concern.

    Watch out: inadequate disclosure leads to a qualified or adverse opinion.
    Going Concern & Related Parties
  8. As of what date is the management representation letter dated, and who signs it?
    It is dated as of the date of the auditor's report and is usually signed by the CEO and CFO, covering all periods in the report.
    Representations & Subsequent Events
  9. What level of assurance does a SSARS review provide, and which procedures support it?
    Limited assurance, based mainly on inquiry and analytical procedures; the accountant must be independent.
    Reviews & Compilations
  10. What is the difference between a SOC 1 and a SOC 2 report?
    A SOC 1 covers a service organization's controls relevant to user entities' internal control over financial reporting; a SOC 2 covers controls relevant to the trust services criteria — security, availability, processing integrity, confidentiality and privacy.
    Attestation & SOC Reports

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About these cards

Review status: Second-reader reviewed, with corrections applied.

Checked against:

  • Checked against the AICPA CPA Exam AUD blueprint (topic list only; no text copied).
  • Checked against the structure of the AICPA Code of Professional Conduct, clarified SASs (AU-C), SSARS (AR-C) and SSAEs (AT-C), PCAOB AS 3101, SEC independence rules and the COSO 2013 framework; reference only, no standards text copied.

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