Block 1 - Opening Balances and Joint Audit Flashcards
1
Q
Newly audited client
A
2
Q
Previous auditor
A
3
Q
Resigned
A
4
Q
Prior year financial statements
A
5
Q
Change in auditor
A
6
Q
Professional competence
A
7
Q
Independence
A
8
Q
Who
A
9
Q
Working papers
A
10
Q
Professional courtesy
A
11
Q
Capable
A
12
Q
Current
A
13
Q
Trust
A
14
Q
Review
A
15
Q
Closing balances
A
16
Q
Investigate
A
17
Q
Discussing with management
A
18
Q
Modified audit report
A
19
Q
Current year’s audit
A
20
Q
Classify
A
21
Q
High risk
A
22
Q
Other matter paragraph
A
23
Q
Conditional paragraph
A
24
Q
Modified report
A
25
Name, opinion type, date of report
26
Liable
27
Contacted
28
Exemption/“exempt previously”
29
First time audit
30
Responsibilities
31
Change
32
Workload
33
Support
34
Distrust
35
Collection
36
Payment
37
Opening receivables
38
Opening payables
39
Fictitious transactions
40
Circularize
41
Confirmation letters
42
Current year/previous year
43
Year end physical inventory
44
Rollback procedure
45
Goods delivered note
46
Goods received note
47
Post year end selling price
48
Cost
49
NRV
50
Decline
51
Records
52
Records
53
Loan agreements
54
Bank
55
Management letter
56
Joint audit
57
Two firms
58
A single entity
59
Marketing practice
60
Joint opinion
61
Issued
62
Single audit report
63
Two signatures
64
Opportunity
65
Synergy
66
Experience
67
Efficient conduct
68
Workload split
69
Growth
70
Detection risk
71
Conflicts
72
Clashes
73
Resolved
74
Costly
75
Fees increase
76
Rivalries
77
Jealousies
78
Differences of opinions
79
Transnational audit
80
Home jurisdiction
81
Forum of firms
82
Foreign stock market
83
Foreign loans
84
Cheaper industry rates
85
Achieve
86
Abroad listing/loans
