CPA AUD study plan
CPA AUD · Give each week a clear focus.
8 weeks · About 7 hours per week
Assessing Risk and Developing a Planned Response
Map the risk assessment process end-to-end (acceptance/continuance, understanding the entity, assessing RMM, linking risks to procedures)
Explain the audit risk model and apply it to three short fact patterns
Distinguish inherent, control, and detection risk and identify which the auditor controls
Identify the components of internal control and classify given controls by component
Your checkpoint
One-page audit risk model diagram plus written answers to three mini fact patterns scored against a self-made rubric
Assessing Risk and Developing a Planned Response
Determine when and how to use analytical procedures in planning versus substantive testing
Compute and interpret basic ratios and trend analyses from a provided data set
Design further audit procedures that respond to identified risks at the assertion level
Assess the effect of materiality and performance materiality on the nature, timing, and extent of procedures
Your checkpoint
A risk-response matrix matching five identified risks to assertions, procedures, and evidence sources
Performing Further Procedures and Obtaining Evidence
Select the appropriate sampling approach (statistical vs. nonstatistical, attribute vs. variables) for a stated objective
Compute sample size inputs and evaluate sample results for deviations and misstatements
Distinguish tests of controls from substantive procedures and state the evidence each provides
Identify the assertions each common audit procedure addresses
Your checkpoint
Worked sampling problem set (sample size, projection of misstatement, conclusion) with a written evaluation of results
Performing Further Procedures and Obtaining Evidence
Evaluate external confirmations, observation, inspection, and inquiry for reliability and sufficiency
Apply the audit evidence hierarchy to rank competing evidence sources
Identify conditions that require follow-up or modification of planned procedures
Document conclusions for a set of evidence scenarios
Your checkpoint
Evidence evaluation worksheet ranking eight evidence items by reliability with justification for each
Forming Conclusions and Reporting
Draft each major opinion type (unmodified, qualified, adverse, disclaimer) from a fact pattern
Determine when going concern, scope limitations, or departures from GAAP change the report
Identify required report elements and the effect of an emphasis-of-matter or other-matter paragraph
Apply the report modification decision tree to five scenarios
Your checkpoint
Five drafted opinion paragraphs with a decision-tree trace showing why each opinion was selected
Ethics, Professional Responsibilities and General Principles
Apply the AICPA Code of Professional Conduct conceptual framework to independence threats
Identify and evaluate self-interest, self-review, advocacy, familiarity, and intimidation threats
Distinguish independence requirements for attest versus nonattest engagements
State the auditor's responsibilities for fraud, illegal acts, and subsequent events
Your checkpoint
Independence threat analysis for six scenarios with safeguards or conclusions for each
Ethics, Professional Responsibilities and General Principles & Forming Conclusions and Reporting
Distinguish the auditor's responsibilities under GAAS from management's responsibilities
Identify documentation requirements for engagement files and the assembly/review timeline
Apply quality management and peer review concepts to short scenarios
Integrate ethics and reporting rules in a combined scenario
Your checkpoint
Timed 30-question mixed set on ethics and reporting, with a written review of every missed item
Assessing Risk and Developing a Planned Response & Performing Further Procedures and Obtaining Evidence & Forming Conclusions and Reporting
Complete a full-length timed practice exam under test-day conditions
Categorize every missed question by domain and root cause
Re-drill the two weakest subdomains with targeted review
Build a one-page formula and decision-rule sheet for final review
Your checkpoint
Practice exam score report with a remediation log and a one-page final review sheet
Milestones
Week 2: Can explain the audit risk model and link three risks to assertion-level procedures without notes
Week 4: Scores at least 70% on a self-graded evidence and sampling set; can justify each evidence ranking
Week 6: Selects the correct opinion type in at least 4 of 5 fact patterns and states the governing rule
Week 8: Practice exam score at or above target with all missed items logged and remediated