1.Explain audit risk and auditor's responsibility to handle the risk?

2.What is PCAOB interpretation of Federal Securities Law on definition of materiality?

3.What are the general audit procedures for identification of Fraud risk?

4.How do the auditors respond to fraud risks?

5.Specify at least 4 audit objectives related to asset.

6.Define COSO's internal control and 4 major objectives of it.

7.Define and give two examples for each of preventive, detective, and corrective controls.

8.Differentiate between complementary and compensating control and give an example for each.

9.Define the elements of COSO's integrated internal control framework and give two examples (subcomponents) for each.

10.Know the symbols for dataflow charting/ you may be given a scenario to draw.

11.Define Network, Internet, Intranet, Extranet, LAN, and WAN.

12.Define generalized audit software and give two examples.

13.Define audit sampling, sampling risk and non-sampling risk.

14.Describe three approaches to select a random sample.

15.Describe the two sampling risks for test of controls and substantive tests.

16.Describe auditor's objective for Cash and substantive tests to be performed to achieve those objective.

17.Describe auditor's objective for financial Investments and substantive tests to be performed to achieve those objective.