Block 1 - Opening Balances Flashcards
1
Q
Opening balance
A
2
Q
Change in auditor
A
3
Q
Professional competence
A
4
Q
Independence
A
5
Q
Working papers
A
6
Q
Capable/trust
A
7
Q
Closing balance
A
8
Q
Modified report
A
9
Q
Other matter paragraph
A
10
Q
Contact
A
11
Q
Exemption
A
12
Q
Workload
A
13
Q
Opening receivables/payables/inventory/assets/liabilities
A
14
Q
Movement
A
15
Q
Fictitious transactions
A
16
Q
Circularize
A
17
Q
Confirmation letter
A
18
Q
Current year balance/last year balance
A
19
Q
Physical inventory count
A
20
Q
Rollback
A
21
Q
Goods received note/goods delivered note
A
22
Q
Post year end selling prices
A
23
Q
Cost/NRV
A
24
Q
Records
A
25
Bank current and last year balances
26
Accurate
27
Loan agreements
28
Management representation letter
29
Last resort
30
Not a substitute
31
Directly obtain from auditor
