Explain the relationship between audit risk, audit evidence, and financial statement assertions.
Identify and explain the components of audit risk.
Distinguish between the concepts of sufficient and appropriate as they apply to audit evidence.
List and describe types of audit evidence.
Describe the considerations involved in auditing subjective areas, such as certain financial statement items valued at fair value.
Describe the purposes of audit documentation.
Discuss the factors that affect the auditors' judgment as to the nature and extent of audit documentation.
Identify matters that must be included in audit working papers.
Describe the types of working papers and the way they are organized.