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AUD > A6 > Flashcards

A6 Flashcards

1
Q

AICPA code of professional conduct

A

Governs any services, objectivity to all

Independence - auditing and other attestation

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2
Q

AICPA code requirements

A

Adequate internal quality control measures
Conflict of interest
Professionalism

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3
Q

Confidential information rule

A

Subpoena

Quality peer review

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4
Q

PCAOB audit

A

Every year >100 issuers

Every 3 years <100

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5
Q

PCAOB standards

A

7 years

Second partner review

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6
Q

PCAOB prohibited services

A

Bookkeeping
Legal services
Expert services unrelated to the audit

Rotation every 5 years

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7
Q

PCAOB conflict of interest

A

Audit firm cannot have cfo, CEO, cao for one year before the audit

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8
Q

SEC independence

A

Mutual conflict of interest
Auditor acting as a management
Auditing own work
Advocating client

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9
Q

Partner rotation on the audit

A

5 years

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10
Q

DOL independence

A

No opinion on financial information to be submitted

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11
Q

IFAC

A 
Integrity
Objectivity
Competence 
Confidentiality
Behavior
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12
Q

Audit documentation

A

Assist in planning, conducting and supervising
Show that records reconcile with FS
Enough details
Copies of contracts

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13
Q

Audit documentation dates

A

SAS - 5 years
PCAOB - 7 years

Before final audit documentation file:
SAS - 60 days
PCAOB - 45 days

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14
Q

Audit documentation content

A

Permanent file
Current file
Explanation of tick marks

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15
Q

IT audit procedures

A

Manual auditing procedures (around the computer)
Computer assisted audit techniques (CAAT)
Combination

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16
Q

CAAT include

A

Transaction tagging (follow specific transaction)
Embedded audit module (specific criteria)
Test of data
Integrated test facility
Parallel simulation
GASP

17
Q

GAGAS

A

Includes designing the audit to provide reasonable assurance of detecting material misstatements resulting from noncompliance

18
Q

Audit requirements for federal financial assistance

A

Extended internal control documentation
Written report on controls
Compliance requirement
Application of single audit standard

19
Q

Types of government audits

A 
Financial audits (GAAP, OCBOA)
Attestation engagement (expanded requirements)
Performance audits (effectivenessx3, internal control, compliance)
Compliance
20
Q

Increased mgmt responsibilities - GAGAS

A

Identification of applicable laws
Establishment of internal controls
Preparation of supplementary fin reports
Obtaining an audit

21
Q

Increased auditor responsibilities - GAGAS

A

Obtaining reasonable assurance that free of material resulting from violations

Assessing whether mgmt identified

22
Q

GAGAS principles

A 
Ethics
General standards (independence, judgement, competence, quality - 3 years)
23
Q

Additional GAGAS for performing financial audits

A

Previous audits - recommendation
Abuse - compliance with contracts
Developing a finding - criteria, condition, cause, effect
Documentation - supervise before report

24
Q

Additional GAGAS requirements for reporting financial audits

A 
Compliance with GAGAS
Scope on compliance 
Deficiencies
Report viewers of officers
Report confidential information
25
Q

GAGAS IC report

A

Required

Evaluating compliance is part of an opinion
Assertion that specific controls are considered
Weaknesses

26
Q

Single audit objectives

A

> 750 000$ (for each program)
Audit of FS
Compliance

27
Q

Program-specific audit

A

Not FS as a whole

28
Q

Auditee special program

A

30 days of receipt

After 9 month

29
Q

Single audit reporting

A

FS - GAAP
SEFA
IC and compliance (>25 000)

3 years docs for all

30
Q

Single audit steps

A
  1. 750 000$
  2. Low risk (20%) type A
  3. High risk (40%) type B
  4. Major
31
Q

Quality control elements

A 
Human Resources
Engagement acceptance
Leadership responsibilities
Performance of the engagement
Monitoring (3 years)
Ethical requirements

AUD (8 decks)

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