LO2-1: Understand the development and source of generally accepted auditing standards.

LO2-2: Describe the fundamental principle of responsibilities and how this principle relates to the characteristics and qualifications of auditors.

LO2-3: Describe the fundamental principle of performance and identify the major activities performed in an audit.

LO2-4: Understand the fundamental principle of reporting and identify the basic contents of the auditors' report.

LO2-5: Understand the role of a system of quality control and monitoring efforts in enabling public accounting firms to meet appropriate levels of professional quality.