1. Describe the parts of the standard unqualified audit report. 2. Specify the conditions required to issue the standard unqualified audit report. 3. Describe the five circumstances when an unqualified report with an explanatory paragraph or modified wording is appropriate 4. Identify the types of audit reports that can be issued when an unqualified opinion is not justified 5. Explain how materiality affects audit reporting decisions 6. Draft appropriately modified audit reports under a variety of circumstances 7. Determine the appropriate audit report for a given audit situation Chapter 4: Professional ethics Objectives After studying this chapter, you should be able to 1. Distinguish ethical from unethical behavior in personal and professional contexts. 2. Resolve ethical dilemmas using an ethical framework. 3. Explain the importance of ethical conduct for the accounting profession 4. Describe the purpose and content of the aicpa code of Professional conduct 5. Apply the AICPa Code rules and interpretations on independence and explain their importance 6. Understand the requirements of other rules under the aicpa 7. Describe the enforcement mechanisms for the rules of conduct Chapter 5: Legal liability Ob ject After studying this chapter, you should be able to Understand the litigious environment in which CPAs practice.1. Describe the parts of the standard unqualified audit report. 2. Specify the conditions required to issue the standard unqualified audit report. 3. Describe the five circumstances when an unqualified report with an explanatory paragraph or modified wording is appropriate. 4. Identify the types of audit reports that can be issued when an unqualified opinion is not justified. 5. Explain how materiality affects audit reporting decisions. 6. Draft appropriately modified audit reports under a variety of circumstances. 7. Determine the appropriate audit report for a given audit situation. Chapter 4: Professional Ethics Objectives After studying this chapter, you should be able to: 1. Distinguish ethical from unethical behavior in personal and professional contexts. 2. Resolve ethical dilemmas using an ethical framework. 3. Explain the importance of ethical conduct for the accounting profession. 4. Describe the purpose and content of the AICPA Code of Professional Conduct. 5. Apply the AICPA Code rules and interpretations on independence and explain their importance. 6. Understand the requirements of other rules under the AICPA Code. 7. Describe the enforcement mechanisms for the rules of conduct. Chapter 5: Legal Liability Objectives After studying this chapter, you should be able to: 1. Understand the litigious environment in which CPAs practice