| LO 2-1 | Understand the development and source of generally accepted auditing standards. |
| LO 2-2 | Describe the fundamental principle of responsibilities and how this principle relates to the characteristics and qualifications of auditors. |
| LO 2-3 | Describe the fundamental principle of performance and identify the major activities performed in an audit. |
| LO 2-4 | Understand the fundamental principle of reporting and identify the basic contents of the auditors' report. |
| LO 2-5 | Understand the role of a system of quality control and monitoring efforts in enabling public accounting firms to meet appropriate levels of professional quality. |
