Block 2 - Practice Management Flashcards
1
Q
Ethical matter
A
2
Q
Code of conduct
A
3
Q
Threats to independence
A
4
Q
Confidentiality
A
5
Q
Conflicts of interest
A
6
Q
Profesisonal matters
A
7
Q
Practice management
A
8
Q
Client screening
A
9
Q
Quality Conteol
A
10
Q
Audit services
A
11
Q
Non-audit services
A
12
Q
Client integrity
A
13
Q
Previous auditor correspondence
A
14
Q
Decision
A
15
Q
Accept
A
16
Q
Reject
A
17
Q
Audit partner
A
18
Q
Careful process
A
19
Q
Due diligence
A
20
Q
New audit client
A
21
Q
Unfamiliarity
A
22
Q
Knowledge
A
23
Q
Assignment
A
24
Q
Engagement
A
25
Existing client
26
Comfortable
27
Habitual
28
Advantages
29
Disadvantages
30
Checklist
31
Risk factors
32
Negative
33
Positive
34
Tender
Invite from client management to audit
35
Appointment
Acceptance
36
No appointment
Rejection
37
Specialized industry
Extra audit considerations - knowledge is required
38
New client
39
CDD/KYC
40
Negative
41
Publicity
42
Reputation
43
Law - money laundering, fraud
44
Involvement
45
Evaluate
46
Supersede
47
Correspondence
48
Previous auditor
49
Previous auditor
50
Knowledge source
51
Alert
52
“Previous auditor resigned”
53
Professional courtesy
54
Permission
55
Correspond
56
Receive
57
Information
58
Refuse
59
Reject
60
Concealing
61
Relationship
62
Preconditions
63
Management responsibilities
64
Towards audit
65
Time of acceptance
66
Financial statements
67
Applicable financial framework
68
Sound system
69
Internal control system
70
Error
71
Fraud
72
Part-qualified accountant
73
Part-qualified accountant
74
Silent
75
Auditor access
76
Information
77
Explanations
78
Deadline
79
Realistic
80
Quality
81
Quality
82
Effectively
83
Efficiently
84
Amount of work
85
Performed
86
Size
87
Complexity
88
Different deadlines
89
Tight
90
Panic/stress
91
Auditor negligence
92
Realistic/ reasonable
93
Realistic/ reasonable
94
Competence
95
Limiting factor
96
Industry specialization
97
Broad/narrow
98
Court case
99
Importance of audit planning
100
Expert
101
Ethical issues
102
Safeguards
103
Industry-specialized engagement partner
104
Fees
105
Fair and reasonable
106
Opportunity to earn
107
Motivation
108
Driving force
109
Quality
110
Quoted
111
Rationale
112
Justifiable
113
Work (scale of audit, number of hours performed).
114
Documented
115
Existing client
116
Competence vs. nature of service
117
Shorter process
118
Realistic deadline va nature/complexity of service
119
Self-interest income threat
120
No safeguard = refuse service
121
Ethical dilemmas
122
Fees
123
Fees
124
Fair/reasonable
125
Nature/complexity of service offered
126
Additional source of income
127
Self-review threat
128
Component of financial statements
129
Reluctant to review
130
Advice
131
Advocacy threat
Promoting the client’s business interest
132
Non-audit services
133
Professional matters
Fees, competence, deadlines
134
Transactions
