Audit Sample Pack Flashcards
What are the five main components of the COSO internal control framework?
What are the three main threats to independence that an auditor needs to be aware of?
What are the three types of engagements that are subject to Standards for Statements on Attestation Engagements (SSAE)?
What are the three types of engagements subject to Statements on Standards for Accounting and Review Standards (SSARS)?
Be sure to remember that your client must be a non-issuer (private) for a review to be performed under SSARS.
What are the four types of account balance (i.e. balance sheet) assertions that management is asserting and the audit team must test?
What are the three responsibilities or activities that an organization must segregate in order to have proper segregation of duties?
What is the term or action when a check is withdrawn from one bank account and deposited into another but no record is made of the cash disbursement until after year-end?
What are the three departments in the Property, Plant, and Equipment (PP&E) cycle that must be segregated for proper segregation of duties to exist?
One of the key components of the COSO framework is the monitoring component. What are the two key principles related to monitoring?
A company can respond to risks applicable to their organization in four different ways. What are the four responses to risk?
What are the four assertions related to presentation & disclosure that the audit team must test?
As it relates to the expenditure cycle, what are the three main documents included in the voucher package that the company would prepare and the audit would request?
What are the three types of control deficiencies that the audit team could issue in an integrated audit?
If your client is an issuer (i.e. public company following PCAOB standards), then how long must your audit firm retain audit documentation (workpapers) for?
What three departments/activities should be segregated in the payroll cycle to ensure that proper segregation of duties exists?
