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Mnemonics > aud > Flashcards

aud Flashcards

1
Q

What should be included in the CAM section of an audit report for an issuer?

A

I - Identification of CAM
P - Principal consideration used to identify CAM
A - how the CAM was addressed
D - Disclosure reference/FSs accounts

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2
Q

Hierarchy of Sufficient Appropriate Evidence

A

A - AuditorKnowledge/Observation
E - External Evidence
I - Internal Evidence
O - Oral Evidence

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3
Q

What Functions of IC Must be Segregated

A

A - Authorization
R - Recordkeeping
C - Custody

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4
Q

Standard Audit Procedures

A

C - Confirmation(s)

F - Foot/Cross foot, Recalculation
I - Inquiry
V - Vouch
E - Examine/Inspecting

C - Cutoff
A - Analytical Procedures
R - Reperformance
R - Reconciliation
O - Observation
T - Tracing

W - Walkthrough
A - Audit related accounts together
R - Obtain Rep. Letter
S - Subsequent Event Review

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5
Q

Indicators of Substantial Doubt

A

F - Financial Difficulties
I - Internal Matters
N - Negative Trends
E - External Matters

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6
Q

Procedures Over Sub. Events

A

P - Post BS Transactions
R - Obtain Rep. Letter
I - Inquiry
M - BOD Minutes
E - Examine interim FSs and compared w/ issued FSs

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7
Q

Components of IC

A

C - Control Environment
R - Risk Assessment
I - Information and Communication
M - Monitoring
E - Existing Controls

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8
Q

Components of IC

A

C - Control Environment
R - Risk Assessment
I - Information and Communication
M - Monitoring
E - Existing Controls

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9
Q

Components of Existing Controls

A

P - Prenumbering of Documents
A - Authorization of Transaction
I - Independent Checks
D - Documentation

T - Timely/appropriate FS reviews
I - Information Processing Controls
P - Physical Controls for Safeguarding Assets
S - Segregation of Duties

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10
Q

Documentation of Understanding of IC

A

F - Flowchart
I - Internal Questionnaire
N - Narrative
D - Documentation From Client

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11
Q

Elements of QC

A

H - Human Resources
E - Engagement Acceptance/Continuance
L - Leadership (Tone-at-the-top)
P - Performance of the Engagement

M - Monitoring
E - Ethical Requirements

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12
Q

Types of Services Covered Under SSARS

A

C - Compilations (No Assurance)
P - Preparation (No Assurance)
R - Review (Limited Assurance)

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12
Q

Types of Services Covered Under SSARS

A

C - Compilations (
P - Preparation
R - Review

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13
Q

Standard Review Procedures

A

U - Establish Understanding With Client

L - Learn Client
I - Inquiry
A - Analytical Procedures
R - Review - Other procedures Performed

C - Client Rep. Letter Must be Obtained
P - Professional Judgement Should be Exercised
A - Accountant should issue report

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14
Q

What sections are modified when a Qualified Opinion is issued (Non-issuers) for both GAAS and GAAP issues?

A

1) Opinion
2) Basis for Opinion

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15
Q

What sections are modified when a Adverse Opinion is issued (Non-issuers)

A

1) Opinion
2) Basis for Opinion
3) KAM is omitted (REMEMBER KAM IS REPORTED WHEN WE ARE ENGAGED TO DO SO)

16
Q

What sections are modified when a Qualified Opinion is issued (issuers) for both GAAS and GAAP issues?

A

1) Opinion
2) ADD Additional Paragraphs
\

17
Q

What sections are modified when a Adverse Opinion is issued (Issuers)

A

Same as modifications to a report where Qualified Opinion was issued.

18
Q

What sections are modified when a Disclaimer of Opinion is issued (Non-issuers)

A

1) Opinion
2) Basis for Opinion
3) KAM is omitted (REMEMBER KAM IS REPORTED WHEN WE ARE ENGAGED TO DO SO)
4) Auditor Responsibities

19
Q

What sections are modified when a Disclaimer of Opinion is issued (Issuers)

A

1) Opinion
2) ADD Additional Paragraphs
3) Basis for Opinion
4) CAM section is omitted

20
Q

If the updated opinion differs from the previous opinion, the auditor should

A

1) Disclose the reasons in an explanatory/other matters paragraph (non-issuers) or explanatory paragraph (issuer). These paragraphs should include:

 D - Date of the auditor's previous report
 O - Opinion type previously issued
 R - Reason for the prior opinion
 C - Changes that have occurred 
 S - Statement that the opinion is different
21
Q

What section does the auditor modify if he/she decides to not make reference to a component auditor?

A

Opinion section - we have to include a paragraph stating that we are not responsible for the component auditor’s section

P.S. Just because the component auditor issues a modified opinion, does not mean we should as well. We must assess how material their component is to the FSs as a whole.

22
Q

Conditions for AUPs

A

I - Independent of the Practitioner

A - Agreement of the parties (must obtain engagement letter)
M - Measurability and consistency

S - Sufficiency of the Procedures
U - Use of report can be general or restricted
R - Responsibility of the Subject matter relies on client or 3rd party

23
Q

What are the Rules set by the AICPA Code of Professional Conduct?

A

A - Acts Discreditable
A - Accounting Principles
A - Advertising and Other Forms of Soliciting

C - Client Confidentiality
C - Compliance w. Stdrds
C - Contingent Fees
C - Commissions & Referral Fees

I - Independence
I - Integrity and Objectivity

G - General Stdrds
F - Form of Organization & Name

24
Q

What are the Types of Threats Identified as Part of any Conceptual Framework Used to Replace the Rules set by the AICPA Code of Professional Conduct?

A

U - Undue Influence
M - MGMT Participation
A - Advocacy Threat
A - Adverse Interest
S - Self Review
S - Self Interest
F - Familiarity Threat

25
Q

What are the Types of Non-Attest Services That Impair Independence

A

F - Financial Information Systems Design & Implementation
A - Appraisal and Valuation Services
A - Actual or Threatened Litigation
T - Tax Services for Confidential or Aggressive Tax Positions
T - Tax Services for Corporate Officers or Family Members

M - MGMT or HR Services
I - Internal Audit
S - Services as Broker, Dealer, or Advisor
L - Legal Services
E - Expert Services

B - Bookkeeping
O - Overdue of Payment of Fees
C - Contingent Fees
A - Actuarial Services
S - Significant Gifts From Client

Mnemonics (10 decks)

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