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AAA Vocabulary > Block 2 - Quality Management > Flashcards

Block 2 - Quality Management Flashcards

1
Q

Quality control

A
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2
Q

Proactive leadership

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3
Q

Compliance checklist

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4
Q

Firm varieties

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5
Q

Benchmark

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6
Q

Public trust

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7
Q

Flexible approach

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8
Q

Policies for firms

A
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9
Q

Big firms, complex, more resources, QM becomes complex

A
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10
Q

ISQM 1: Audit and Reviews of Financial Statements

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11
Q

ISQM 2: Engagement Quality Review

A
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12
Q

Reviewer

A

As a control

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13
Q

System of quality management

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14
Q

Eight components

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15
Q

Devise, implement, revise

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16
Q

Firm risk assessment process

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17
Q

Identify and mitigate risk to ensure quality

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18
Q

Process

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19
Q

Tailor

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20
Q

Firm’s size and complexity

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21
Q

Partners sit down

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22
Q

Process of audit

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23
Q

Each stage has quality management implemented

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24
Q

Competent, well trained individuals

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25
Q

Process of audit

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26
Q

Quality objectives

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27
Q

Detection risk reduced

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28
Q

Credibility is high

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29
Q

Detection risk is high (identity and mitigate)

A

Accept bad client, not good planning, delegate wrongly, not identify risks well, now review papers

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30
Q

Junior

A
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31
Q

Risky, complex areas

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32
Q

Governance and leadership

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33
Q

Tone of the top

A
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34
Q

Group auditors intimidation

A
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35
Q

Compromise opinion

A
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36
Q

Rewards commitment to skepticism rather then income generation

A
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37
Q

Ethical requirements

A
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38
Q

Own policies beyond IESBA

A
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39
Q

Acceptance

A

First time

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40
Q

Continuance

A

Years later

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41
Q

Client relationship

A
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42
Q

Assess client integrity

A
43
Q

Client screening

A
44
Q

Firms financial and operational priorities

A
45
Q

Inappropriate judgements

A
46
Q

Resources not there

A

Client should not accept, and not accept just because of money

47
Q

Existing business relationships

A
48
Q

New year

A
49
Q

New identity checks

A

Start of new engagements

50
Q

Evaluate conflicts of interest and reassess competence

A
51
Q

Engagement performance

A
52
Q

Issues - lack of direction, supervision, junior doing complex work

A
53
Q

Team responsibility understanding to gather sufficient, appropriate evidence

A

What is responsibility and how to do it

54
Q

Less experienced

A
55
Q

Supervised and reviewed

A

Given guidance, checks and balances

56
Q

Supervised and reviewed

A

Given guidance, checks and balances

57
Q

Engagement partner appropriately involved in engagement

A

Planning, involvement in acceptance, review, finalization

58
Q

Not doing fieldwork

A
59
Q

Manager updates on issues and problems, consults engagement partner regularly, critical areas especially

A

Completion, communication with audit committees, discussing issues

60
Q

Partner signs report

A
61
Q

Partner signs report

A
62
Q

Professional scepticism and judgement - proper review and supervision.

A
63
Q

Time panic rush

A

Reduce procedures, reduce sample = raise detection risk and quality management will be compromised

64
Q

Inadequate supervision

A
65
Q

Teams consult on difficult issues raised by enagement quality reviewer

A
66
Q

Brought to attention by

A
67
Q

Management and team difference of opinion

A

Management aggression and not give enough information - resolve issues because it will affect audit opinion.

68
Q

Perform opinion so rightly issued

A
69
Q

Resources

A
70
Q

Assignment of tram

A
71
Q

Appropriate resources

A
72
Q

Timely manner

A
73
Q

Competence

A
74
Q

Tailored Training

A
75
Q

Capabilities

A
76
Q

Up to date

A
77
Q

Criticize

A
78
Q

Consequences

A
79
Q

Complex nature

A
80
Q

Senior members of the

A
81
Q

Experts

A

E.g. fair value

82
Q

Information and communication

A

Obtaining, generating, using information

83
Q

Consultations between team and manager, team and previous auditor, etc.

A
84
Q

Other components operate

A
85
Q

Consultations

A
86
Q

Knowledge of the business

A
87
Q

Communication policies, procedures, money laundering breach, NOCLAR breach

A
88
Q

Within team, partners, audit committee, TCWG, regulator, group and component auditor

A
89
Q

Timely, to implement right thing

A
90
Q

Documented

A
91
Q

Criticise

A
92
Q

Firm communicates: firm policies on ethics, trading materials for ethics manuals, declaration by every team member that no conflicts of interest, register evidence of training (attendance register and topic)

A
93
Q

Communication documentation

A

Client acceptance, risk assessment documentation, client identity documents, engagement letter issued, audit programmed procedures, role assignments and delegation, client information obtained from working papers and digital automated tools, conclusions, reports to management and TCWG on audit issues.

94
Q

Monitoring

A
95
Q

Whether quality management policies are followed and whether system works rightly

A
96
Q

Monitoring and remediation

A
97
Q

Effectiveness and identify deficiencies

A
98
Q

Communicate and rectify in timely manner

A
99
Q

Engagement quality reviewer

A
100
Q

Lower detection risk to publish credible and right audit report.

A
101
Q

Competence equals better judgements

A
102
Q

Negative implications/repercussions

A
103
Q

Public interest is greater then self-interest

A
104
Q

Public interest is greater then self-interest

A

AAA Vocabulary (17 decks)

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