Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

AUD > AUD Mnemonics > Flashcards

AUD Mnemonics Flashcards

1
Q

AFRF

A

Applicable Financial Reporting Framework

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

TIPPICANOE - Measures the quality of the auditor

A 
Training and proficiency
Independent
Professional care
Planning and supervision
Internal control
Corroborative audit evidence
Accounting principals according to GAAP - explicit
No new principles - consistency - implicit 
Omitted disclosures - none - implicit
Express an opinion - explicit
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

CARES - Auditors need to be independent for the following

A 
Compilations
Agreed-upon-procedures
Reviews
Examination
Special reports
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

RID-C - Questions to ask the predecessor auditor

A

Reasons for the change
Integrity of Management
Disagreements during the audit
Communication with management or those charged with governance

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

DISAPPROVE - Matters that need to be communicated to those charged with governance

A 
Disagreements with management
Illegal acts - noncompliance w/ applicable laws and regulations
Significant accounting policies
Adjustments
Prior discussions with management
Problems
Responsibilities
Other information 
Views of other accountants 
Estimates
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

FACSIMILLE - Elements of an engagement letter

A 
Fees
Auditor’s responsibility
Confirmation of engagement
Scope & objective of engagement
SInternal control
Management’s responsibility
Irregularities - Fraud
iLlegal acts - noncompliance w/applicable laws and regulations 
Errors
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

BRAINSTOPS - Steps in planning an audit

A 
Basic discussion w/ the client
Review of PY documentation
Ask about recent developments
Interim financial statements
Non-audit personnel
Staffing
Timing
Outside assistance
Pronouncements
Scheduling with client
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

HEAL ME - Quality Control

A 
Human Resources
Ethical Requirements
Accept & continuance of client relations
Leadership responsibilities for quality within the firm
Monitoring
Engagement performance
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

CRAFT - How AP should be used

A

Client vs Industry
Related Accounts
Actual vs Budget
Financial vs Non-Financial

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

AIIO - Risk Assessment Procedures

A

Analytical Procedures
Inquiry
Inspection
Observation

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

ODA PReD - Steps taken to understanding I/C

A 
Obtain an understanding of the design of I/C (CRIME) (AIIO)
Document the understanding of I/C (FIND)
Assess RMM
Perform TOC (RIIO)
Reassess RMM
Document
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

CRIME - 5 Components of I/C

A 
Control Environment (CHOPPER)
Risk Assessment
Control Activities (PIPS - ARCC)
Information and Communication
Monitoring
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

CHOPPER - Control Environment

A

Commitment to competence
Human resources policies and practice
Organizational structure
Participant of those charged with governance
Philosophy of management & operating style
Ethical values and integrity
Responsibility assignment

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

PIPS and ARCCS - Control Activities

A 
Performance reviews - actual vs budget
Information processing - general vs application controls
Physical controls
Segregation of Duties
Authorization
Recording
Custody
Comparison
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

FIND - Documentation of understanding of IC

A

Flow-Chart
ICQ
Narrative or memorandum
Decision table/tree

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

RIIO - Test of Controls

A

Reperformance
Inspection
Inquiry
Observation

17
Q

P-Squared TC

A 
Personnel / HR (authorize)
Hire
Fire
Salary Rate
 Payroll (Recording)
Calculate Pay
 Treaurer (Custody)
Signs and distributes checks
Custody of Cash
 Controller (Comparison)
Bank Rec
18
Q

ACE - Objectives of Internal Control

A

Accurate & Reliable financial reporting
Compliance w/ laws and regulations
Effectiveness and efficiency of operations

19
Q

Management Assertions - PERCV OCCCA OCCA

A 
PERCV - Test Assertions on Account Balances
Presentation & Disclosure
Existence
Rights & Obligation
Completeness
Valuation & Allocation
OCCCA - Test Assertions on Transactions
Occurance
Cutoff
Classifcation
Completeness
Accuracy
OCCA - Test Assertions on Disclosures
Occurance
Classification
Completeness
Accuracy
20
Q

ICORRIIA - Audit Procedures

A 
Inquiry
Confirmation
Observation
Recalculation
Reperformance
Inspection of tangible assets
Inspection (Examination) of records + documents
AP
21
Q

CARD - Elements of compliation report

A 
Compiled
AICPA
Responsibility of Mgmt
Disclaim an opinion
*each page says "see accounts compliation"
22
Q

FAMILIAR - Elements of a reveiw

A 
F/S being reviewd
AICPA standards
managment respons
inquiry and AP
less than scope than audit
incapable of opion
assurance
refer to us principal

AUD (9 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions