Auditing, Financial Reporting, and Exam Readiness

This unit develops applied skills in audit engagements, evidence evaluation, internal control, and reporting while reinforcing core accounting for inventory, receivables, fixed assets, and not‑for‑profit entities. It also builds taxation and regulatory awareness and prepares students with CPA exam content knowledge, grading insight, and test‑taking procedures to improve readiness for the capstone unit.

Learning Objectives

• Analyze audit and engagement processes by evaluating audit evidence, internal controls, engagement planning, contracts, and reporting requirements to support appropriate audit conclusions and professional responsibilities.
• Apply accounting techniques to prepare and interpret financial statements and analyses, including multi-step income statements, inventory and receivable turnover calculations, fixed asset accounting, financial ratios, and not-for-profit reporting considerations.
• Demonstrate taxation and regulatory knowledge by distinguishing types of taxation, preparing basic Form 1040 format elements, and explaining employment regulation and debtor-creditor implications for financial reporting.
• Evaluate CPA exam readiness by reviewing exam topic areas, understanding grading criteria, and implementing test-center procedures and time-management strategies to create a targeted study and performance plan.