| LO 1-1 | Define information risk and explain how the financial statement auditing process helps to reduce this risk, thereby reducing the cost of capital for a company. |
| LO 1-2 | Define and contrast financial statement auditing, attestation, and assurance services. |
| LO 1-3 | Describe and define the assertions that management makes about the recognition, measurement, presentation, and disclosure of the financial statements and explain why auditors use them as the focal point of the audit. |
| LO 1-4 | Define professional skepticism and explain its key characteristics. |
| LO 1-5 | Describe the organization of public accounting firms and identify the various services that they offer. |
| LO 1-6 | Describe the audits and auditors in governmental, internal, and operational auditing. |
| LO 1-7 | List and explain the requirements for becoming a certified public accountant (CPA) and other certifications available to an accounting professional. |
