Commonly Tested Topics in AICPA Practice Exam Audit
 Ethics, Professional Responsibilities, and General Principles
AICPA Code of Professional Conduct
The AICPA Code of Professional Conduct sets ethical guidelines for auditors. Candidates must understand principles such as integrity, objectivity, and independence. Common exam questions test knowledge on:
•    Independence rules for auditors
•    Ethical dilemmas and resolutions
•    Confidentiality and professional behavior
Generally Accepted Auditing Standards (GAAS)
GAAS provides a framework for conducting audits. Candidates must be familiar with:
•    The ten standards of auditing (General, Fieldwork, and Reporting)
•    The role of the Public Company Accounting Oversight Board (PCAOB)
•    Differences between GAAS and International Standards on Auditing (ISA)
 Assessing Risk and Developing a Planned Response
Risk Assessment and Materiality
Auditors must evaluate risk and determine materiality in financial statements. Key areas include:
•    Inherent risk, control risk, and detection risk
•    Materiality thresholds and how they impact audit procedures
•    Fraud risk factors and fraud detection techniques


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