Describe the major steps in the audit process.
Identify the factors that auditors consider in accepting new clients.
Explain the auditors' responsibilities when planning an audit.
Describe the nature of the risk assessment procedures that auditors use to obtain an understanding of the client and its environment.
Describe the manner in which an audit is affected by the auditors' assessment of audit risk and materiality.
Describe how the auditors address fraud risk.
Discuss how the auditors design further audit procedures in response to the assessed risks of material misstatement.
Distinguish between the systems and the substantive procedures portions of the audit program.