A5 Flashcards

1
Q

If unable to obtain a management representation letter, what should an auditor do?

A

They should withdraw

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

used to select controls in integrated audit

A

top-down approach

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

what is the primary purpose of engagement of internal control?

A

assessing control tisk

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

In integrated audit, auditor should determine weather components are

A
  1. Present and functioning in design, implementation, and operation
  2. operating together in integrated manner
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

what opinion do material weaknesses result in?

A

adverse opinion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

what is the auditor required to communicate with governance?

A

planned scope, auditor’s responsibility, and significant findings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

what opinion does a scope limitation garner?

A

withdrawal or disclaimer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

what service will be used in audit engagements

A

SAS, PCAOB

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

what service is used in attestation engagements?

A

SSAE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

what service is used for preparation, compilation, and Review

A

SSARS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Services of attestation

A
  1. agreed-upon procedures
  2. Financial forecasts+ projections
  3. Pro forma financial statements
  4. Compliance attestations
  5. management discussion and analysis
  6. Reporting on controls at service organizations
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

concepts of Attestation CAPE CORP

A

Compliance
acceptance+ continuance
Precondition
Engagement documentation
Change in terms of engagement
Other practitioners work
Responsibility of quality control
Professional skepticism+ judgement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

what does practitioner’s report need to include?

A

procedures performed, related findings, and materiality thresholds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

what should be listed in practitioner’s report?

A

specific procedures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

who should make inquiries about accounting principles used in preparation of prospective FS?

A

accountant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Evaluating financial forecast includes

A

Evaluating presentation, support, presentation of FS with AICPA, and issuing examination report

17
Q

when should an auditor disclaim an opinion?

A

when they can’t perform certain procedures

18
Q

reports internal controls over financial reporting

A

SOC 1 Report

19
Q

Reports on internal control on trust services

A

SOC 2 Report

20
Q

Can help auditor obtain understanding of a control

A

Type 1 report

21
Q

help obtain information about internal control

A

Type 2 Report

22
Q

what is objective of auditor’s examination with entity compliance?

A

to issue opinion or assertion

23
Q

what should an auditor do when examining entity compliance?

A

determine existence of supplementary audit requirements, perform risk assessments, and prepare report with required documentation

24
Q

what is auditor responsibility when reporting on GAGAS

A
  1. compliance with laws, rules, and regulations
  2. internal control over financial reporting
25
3 types of engagements defined by governmental standards
Financial audit, attest engagement, performance audits
26
what does GAAS primarily apply to?
audits using federal assistance and government organizations
27
who should fraud be directly reported to in GAGAS?
audit committee
28
How long does auditor and audit retain documentation for
3 years
29
single audit
includes separate evaluation of materiality for each major program
30
program audit
used when expenditures are under one program
31
what opinion is given in noncompliances
qualified/ adverse
32
Five reports for GAAS+ GAGAS
1, GAAS 2. SEFA 3. GAGAS 4. Single audit Report 5. schedule of findings and questioned costs