Block 1 - Opening Balances Flashcards by Izi Unknown | Brainscape

Q

Opening balance

A

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Q

Change in auditor

A

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Q

Professional competence

A

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Q

Independence

A

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Q

Working papers

A

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Q

Capable/trust

A

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Q

Closing balance

A

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Q

Modified report

A

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Q

Other matter paragraph

A

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Q

Contact

A

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Q

Exemption

A

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Q

Workload

A

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Q

Opening receivables/payables/inventory/assets/liabilities

A

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Q

Movement

A

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Q

Fictitious transactions

A

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Q

Circularize

A

Q

Confirmation letter

A

Q

Current year balance/last year balance

A

Q

Physical inventory count

A

Q

Rollback

A

Q

Goods received note/goods delivered note

A

Q

Post year end selling prices

A

Q

Cost/NRV

A

Q

Records

A

Q

Bank current and last year balances

A

Q

Accurate

A

Q

Loan agreements

A

Q

Management representation letter

A

Q

Last resort

A

Q

Not a substitute

A

Q

Directly obtain from auditor

A