Posted: August 16th, 2022

Ethics, Professional Responsibilities, and General Principles

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Area I: Ethics, Professional Responsibilities, and General Principles
Nature and scope
Ethics, independence, and professional conduct
Terms of engagement
Requirements for engagement documentation
Communication with management and those charged with governance
Communication with component auditors and parties other than management and those charged with governance
A firm’s system of quality control, including quality control at the engagement level
Area II: Assessing Risk and Developing a Planned Response
Planning an engagement
Understanding an entity’s internal control
Debtor-creditor relationships
Assessing risk due to fraud, including a discussion among the engagement team about the risk of material misstatement due to fraud or error
Identifying and assessing the risk of material misstatement, whether due to error or fraud and planning further procedures responsive to identified risk
Materiality
Planning for and using the work of others, including group audits, the internal audit function and the work of a specialist
Specific areas of engagement risk
Area III: Performing Further Procedures and Obtaining Evidence
Acquisition and disposition of assets
Sampling techniques
Performing specific procedures to obtain evidence
Specific matters that require special consideration
Misstatements and internal control deficiencies
Written representation
Subsequent events and subsequently discovered facts
Area IV: Forming Conclusions and Reporting
Reports on auditing engagements
Reports on attestation engagements
Accounting and review service engagements
Reporting on compliance
Other reporting considerations
Instructions
Using these areas as guidelines, you will prepare a review paper on a current topic in the literature from this area. . This is not a research paper. No title page is required, no literature review or other “research requirements” are necessary. Simply discuss what you have read, and bring your own insights to the topic. Discuss especially how the emerging issue may impact your career in accounting.

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