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AUD > A5&A6 > Flashcards

A5&A6 Flashcards

1
Q

Auditor 必須 audit & report on Issuer 的 Internal control,
若 nonissuer 也要求 audit & report, management 必須提供

A

Written assessment 的 Effectiveness internal control

@2555

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2
Q

CEO & CFO 必須 certify 三項
According to the Sarbanes-Oxley Act 2002

A

Management internal control report
Annual F/R
Quarterly F/R

Audit committee 的 Financial expertise 是由 Board of directors 確認
@16255

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3
Q

Auditor is required to communicate ALL control deficiency in WRITING with ________ but not _________.

A

Required: Management
Not required:
Audit committee (issuer)
Charged in governance (nonissuer)

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4
Q

Economic conditions, prior knowledge of internal control, complexity of operations and previously communicated deficiencies 在 audit 的哪個階段要 consider

A

Planning (involves developing an overall strategy for the scope and performance of engagement)

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5
Q

Financial projections are hypothetical (what if)
v.s.
Financial forecasts based on expected conditions

分別適用於

A

Restricted use
v.s.
General use

@A5M4

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6
Q

Examination v.s. Compilation
of prospective F/S

  1. 依據 ______ 原則
  2. 是否出具 opinion
A

✅Examination
1. SSAE
2. 是
Adverse: 未揭露 assumption 的 reasonable basis
Disclaim: limited scope
Qualified: not followed AICPA presentation guidelines

✅Compliance
1. SSARS
2. 否

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7
Q

SOC 1
SOC 2
Type 1
Type 2

各為測試 ______ 的 report

A

SOC 1:
Internal control over F/R @ service organizations

SOC 2:
Internal control related to the Trust Service Criteria
Trust Service Criteria 有五項:
Security, Availability, Confidentiality, Privacy and Processing integrity

Type 1:
Design & Implementation
ONLY

Type 2:
Operating effectiveness
➕
Design & Implementation

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8
Q

哪種報告可以 provide the user auditor reduces the assessment of control risk

A

SOC 1 Type 2 report

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9
Q

Specific findings are presented 是 _______ 的關鍵字

A

Agreed-upon procedures engagement
AUP

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10
Q

Examination 是為了issue

A

An opinion

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11
Q

GAGAS defined 3 type of engagement

A

Financial audit
Attest engagement
Performance audit

@5153

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12
Q

Audit, Reviews and Compilations are defined by

A

GAAS

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13
Q

GAS 要求 the auditor issue a written report on ___________ in all audit, and must describe the ________ of the auditor’s testing of 🔑compliance with law and regulations and 🔑internal controls over financial reporting, and present the results of these tests
➕
Obtaining an understanding of internal control and _____________ of control risk

A

Internal control
Scope
Assessment

@3610&5509

Internal control -> compliance

沒有要求 report on fieldwork and procedure

🔑要記好
不是 Internal control over compliance
不是 Internal control 的 effectiveness

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14
Q

GAGAS 要 auditor report all ___________ & ___________ in internal contro

A

Significant deficiency
&
Material weakness

@17601

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15
Q

Single audit includes a compliance audit of federal awards is a basis for issuing additional reports related to m______ p______ and on internal control over ________

A

Major programs
Compliance

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16
Q

A list of procedures and findings is required to document in __________ engagement

A

AUP
Agreed-upon procedures engagement

@2378

17
Q

SSARS 適用於三種情形
另如 prepare F/S for 四種情形，則 SSARS 不適用於

A

✅ 適用於
Preparation, Compilation, Review F/S

❎ 不適用於
1. Solely submission to TAX authorities
2. In conjunction with LITIGATION services that involve PENDING or POTENTIAL legal or regulatory PROCEEDINGS
3. In conjunction with business VALUATION service
4. (Personal F/S) For inclusion in written personal financial plans

@6291

18
Q

SSARS 不要求 independent 的是 _________ engagement
另外，__________ 如為 lack of independent 可以接受 engagement 嗎

A

Preparation 完全不用 independent
Compliance 有揭露 lack of independent 就可以

@12573

19
Q

SSARS: A Review provides _______ assurance about the F/S based on ______ and _______

A

Limited (Negative) assurance

Based on
Inquire
&
Analytical review procedures

@6346

20
Q

Attestatiin engagement CPA 要 obtain a written ________ for, management

A

Assertion

@14886

21
Q

An INTERIM Review where the annual F/S are audited, falls under SAS or PCAOB requirements, and would required an understanding of _________

A

Internal control

@4432

22
Q

各種分析適用於 _________
1. Ratio analysis
2. Trend analysis
3. Regression analysis

A
  1. Relationship between Balance sheet account
  2. Income statement account
  3. ???

@6293

23
Q

SSARS
Preparation
/
Review

每頁都要有

A

Preparation
No Assurance is Provided

Review
See Independent Accountant’s Review Repot

@6298

24
Q

Before reissuing a compilation report, predecessor is required 2 件事:
_________ prior year’s F/S with current year
Obtain

A

Compare F/S
Obtain a letter from the successor

@5834

25
Q

Prospective F/S may be subject to

A

Preparation
Compilation
Examine
AUP

@3757

26
Q

PCAOB is __________ by SEC

A

Approved

Not established

@3402

27
Q

AUP 是由 _______ decide the appropriate procedure to be performed and create the criterial to be used in determination if findings

A

Engagement party

And then partitioner will then agree

@15119

28
Q

PCAOB 禁止哪些影響 independent 的行為

A

Bookkeeping
Appraisal
Valuation
Actuarial
Management functions

@15737

29
Q

Audit committee should pre-approval for 三項

A

Audit services
Non-audit service rated to internal control over F/R
Tax compliance and tax planning
Review engagement

@4442+6115

排出 non-audit services that do NOT exceed 5% of total revenues from an audit client

30
Q

Reviewing ANNUAL F/S v.s. INTERIM F/S
的差異

A

Annual F/S
不用 obtaining an understanding of internal control

Interim F/S (年報有被 audited)
要 obtaining an understanding of internal control

@9939

31
Q

Audit v.s. Review

相同的
不同的

A

相同
Obtaining a representative letter from management
Inquiry and analytical procedure

不同
Audit: Positive assurance
Review: Negative assurance

Audit 要
Assessment fraud risk
Corroboration of management’s material estimate
Communication with predecessor accountant

@9930

32
Q

SOX 規定相互任職至少要間隔一年，被限制的職位有

A

CEO
CFO
Controller
Chief Accountant officer

@10273

33
Q

Auditing issuer and nonissuer 都要 obtain a written representation letter from management that acknowledges responsibility for establishing and maintaining effective internal control.
若無法取得 auditor 應:

A

Disclaimer of opinion
or
Withdraw the engagement

這是一種 Scope imitation

@3767

AUD (5 decks)

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