Becker CPA Mnemonics

Question 1

10 Generally Accepted Accounting Principles

TIP PIE ACDO

Answer 1

TIP PIE ACDO
General= Training, Independence, Professional Care;
Fieldwork= Planning and supervision, Internal control, Entity and environment;
Reporting= Accounting gaap, Consistency, Disclosure, express Opinion

Question 2

Contents of Scope Paragraph of Unqualified

APMEAM

Answer 2

APMEAM x 2 Audit conducted in Accordance, Planned and Performed Material Mistatement, Examined Evidence Accounting Principles Assessed, significant estimates Made by Management

Question 3

What are the 6 interrelated elements of quality control?

HELPME

Answer 3

HELPME
Human resources;
Engagement/client acceptance and continuance;
Leadership responsibilities;
Performance of the engagement; Monitoring;
Ethical requirements

Question 4

What are the eleven attestation standards?

TIPPYPASSER

Answer 4

TIPPYPASSER 5 General=
Training and proficiency;
Independence;
Performance/due professional care;
Professional, adequate knowledge of subject matter;
Your belief that subject matter capable of evaluation against criteria that are suitable and available to users;

Fieldwork=
Planning;
Appropriate,
Sufficient evidence;

Four Reporting= identify
Subject matter or assertion being reported on; disclose Significant reservations about engagement;
Express conclusions about subject matter;
Restrict use

Question 5

6 Main Financial Statement assertions?

COVERU

Answer 5

COVERU
Completeness;
cut-Off; Valuation;
Existence;
Rights and obligations;
Understandability

Question 6

Five Components of Internal Control

CRIME

Answer 6

CRIME
Control environment;
Risk assessment;
Information and communication systems;
Monitoring;
Existing control activities