What are the primary assertions that auditors focus on in the F&I cycle?

2. Certain features of the F&I Cycle make it Inherently Risky. List 4 inherent risk factor

3. Give an example of tests of controls and an examples of substantive testing for

A. debt transactions

B. stockholders equity transactions

4. What are loan covenants and why are they a concern to auditor?

5. Management Estimates

A. What are the 2 primary reasons estimates are required when recording transactions using GAAP?

B. Give an examples in F&I when estimates are used

C. What are examples of internal controls over management estimates?

D. What are Fair Value Measurements in GAAP?