AUD Mnemonics 2 Flashcards

1
Q

10 GAAS (TIP PIE ACDO)

A
T-Training and Proficiency
I-Independence
P-Due Professional Care
P-Planning and Supervision
I-Internal Control
E-Evidence
A-GAAP
C-Consistency
D-Disclosure
O-Opinion
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Components of I/C (CRIME)

A
C-Control Activities (PIPS)(ARC)
R-Risk Assessment
I-Information and Communication
M-Monitoring
E-Control Environment (I,CHAMBO)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Control Activities (PIPS)

A

I say! These control activities are pips!

P-Performance Reviews
I-Information Processing
P-Physical Controls
S-Segregation of Duties

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

Segregation of Duties (ARC)

A

A-Authorization
R-Recording
C-Custody

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

Control Environment (I,CHAMBO)

A

I-Integrity and Ethical Values
C-Commitment to competence
H-HR policies and practices
A-Assignment of authority and responsibility
M-Management philosophy and operating style
B-BOA or AC participation
O-Organizational structure

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

Tests of Controls (IRON)

A

I-Inquiry
R-Reperformance
O-Observation
N-Inspection

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

Elements of quality control (HELPME)

A
H-Human resources
E-Engagement/Client acceptance and continuance
L-Leadership responsibilities
P-Performance of the engagement
M-Monitoring
E-Ethical requirements
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Tracing is used to test for _______ and is going from the ______ to the _____.

A

Completeness. Source Docs to the F/S.

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

Vouching is used to test for _______ and is going from the ______ to the _____.

A

Existence. F/S to the Source Docs.

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

Assertions about transaction classes (CPA-CO)

A
C-Completeness/Cutoff
P-Presentation
A-Accuracy
C-Classification
O-Occurence
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Assertions about account balances (CARE)

A

C-Completeness/Cutoff
A-Allocation and Valuation
R-Rights and obligations
E-Existence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Assertions about disclosures (CURV)

A

C-Completeness/Cutoff
U-Understandability
R-Rights and Obligations
V-Valuation and Allocation

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

Structure of unmodified report (TIMAA-EMO)

A
T-Title, includes the word "independent"
I-Introduction
M-Managements Responsibility
A-Auditors Responsibility
A-Auditors Opinion
EMO - Emphasis of Matter/Other Matter
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Structure of modified report (TIMA-BA)

A
T-Title, includes the word "independent"
I-Introduction
M-Managements Responsbility
A-Auditors Responsibility
B-Basis of Opinion
A-Auditors Opinion
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Alerts as to Intended Use (CRAP)

A

C-Contractual Agreements
R-Regulations
AP- Agreed Upon Procedures

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

Fraud Triangle (RIO)

A

R-Rationalization
I-Incentive
O-Oppurtunity

17
Q

Attribute Sampling Steps

A
  1. Calculate sample deviation rate
  2. Calculate upper precision limit (SDR+Allowance)
  3. Conclude (UPL TL, CR increased)