Lesson: Professional Standards in Audit & Non-audit Engagements Summary

Instructor: Nick Palazzolo

In this lesson, viewers will learn about the key concepts of professional skepticism and professional judgment, both crucial elements throughout the CPA exam. Additionally, the lesson delves into the professional requirements of an auditor, outlining what is needed to fulfill their role and covering relevant charts and graphics. Finally, the importance of professional standards, including authoritative literature for the audit exam, will be explained, along with tips on navigating and interpreting essential wording, such as "should," "may," and "must." With this foundational knowledge, viewers will be prepared to tackle practice questions and simulations in subsequent lessons.

Updated: June 22, 2023 Create an account

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Recommended Lessons

Professional Standards in Audit & Non-audit Engagements Overview

Professional Standards in Audit & Non-audit Engagements Objectives

Introduction to Professional Standards in Audit and Non-Audit Engagements

Terminology in Professional Standards

Requirements of an Auditor

Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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Pretty straightforward lesson here, nothing too wild. Just make sure you're familiar with all these topics, memorize, understand, and let's dive into our summary. First off, we want to understand the concepts of professional skepticism and professional judgment. Those are gonna reverberate throughout the entire exam. Make sure you are familiar with them. We also want to be familiar with the professional requirements of an auditor. To be an auditor, what do you need to have? What do you need to do? We talked about all those requirements, all those wonderful charts and graphics. And lastly, be able to explain the importance of professional standards, which is the authoritative literature for the audit exam. It's what you're gonna be going through when you're answering authoritative literature questions. The important wording, like should do this, may do this, must do this, and how to navigate all of this properly. With those tools and everything you need to know, I think you are properly ready to dive into the next lesson, get some multiple choice questions done, get some SIMs done, get all that practice, practice, practice. That being said, thank you all for joining, and I'll see you in the next one.

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Terms of an Engagement

Module: 3 Concepts, 34 Lessons

Professional Standards in Audit & Non-audit Engagements Overview

0:46

Professional Standards in Audit & Non-audit Engagements Objectives

2:00

Introduction to Professional Standards in Audit and Non-Audit Engagements

1:00

Terminology in Professional Standards