AUD Mnemonics Flashcards
10 GAAS (TIP PIE ACDO)
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
Components of I/C (CRIME)
C-Control Activities (PIPS)(ARC) R-Risk Assessment I-Information and Communication M-Monitoring E-Control Environment (I,CHAMBO)
Control Activities (PIPS)
I say! These control activities are pips!
P-Performance Reviews
I-Information Processing
P-Physical Controls
S-Segregation of Duties
Segregation of Duties (ARC)
A-Authorization
R-Recording
C-Custody
Control Environment (I,CHAMBO)
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
Tests of Controls (IRON)
I-Inquiry
R-Reperformance
O-Observation
N-Inspection
Elements of quality control (HELPME)
H-Human resources E-Engagement/Client acceptance and continuance L-Leadership responsibilities P-Performance of the engagement M-Monitoring E-Ethical requirements
Tracing is used to test for _______ and is going from the ______ to the _____.
Completeness. Source Docs to the F/S.
Vouching is used to test for _______ and is going from the ______ to the _____.
Existence. F/S to the Source Docs.
Assertions about transaction classes (CPA-CO)
C-Completeness/Cutoff P-Presentation A-Accuracy C-Classification O-Occurence
Assertions about account balances (CARE)
C-Completeness/Cutoff
A-Allocation and Valuation
R-Rights and obligations
E-Existence
Assertions about disclosures (CURV)
C-Completeness/Cutoff
U-Understandability
R-Rights and Obligations
V-Valuation and Allocation
Structure of unmodified report (TIMAA-EMO)
T-Title, includes the word "independent" I-Introduction M-Managements Responsibility A-Auditors Responsibility A-Auditors Opinion EMO - Emphasis of Matter/Other Matter
Structure of modified report (TIMA-BA)
T-Title, includes the word "independent" I-Introduction M-Managements Responsbility A-Auditors Responsibility B-Basis of Opinion A-Auditors Opinion
Alerts as to Intended Use (CRAP)
C-Contractual Agreements
R-Regulations
AP- Agreed Upon Procedures