Block 3 - Engagement Planning Flashcards
1
Q
Planning Stage
A
2
Q
Business risk
A
3
Q
Audit risk
A
4
Q
Risk of material misstatement
A
5
Q
First-year audit
A
6
Q
Recurring audit
A
7
Q
Completion and reporting stage
A
8
Q
Working paper file
A
9
Q
Deficiency
A
10
Q
Internal control system
A
11
Q
Going concern
A
12
Q
Forseeable future
A
13
Q
Investigation
A
14
Q
Audit strategy
A
15
Q
Audit plan
A
16
Q
Deadline
A
17
Q
Shareholders
A
18
Q
Scope
A
19
Q
Laws/regulations
A
20
Q
Professional behavior
A
21
Q
Non-compliance with laws and regulations (NOCLAR)
A
22
Q
Corporate governance
A
23
Q
Listed
A
24
Q
Timetable
A
25
Interim Audit
26
Internal controls
27
Understanding
28
Documentation
29
Assurance
30
Large
31
Complex
32
Scepticism
33
Direction
34
Analytical procedures
35
Implausible relations
36
Static
37
Materiality
38
Inverse relationship
39
Resources
40
Managers
41
Supervisors
42
Juniors
43
Expert
44
Specialized Industry
45
Context
46
Competence
47
Prior history
48
Critical
49
Mitigate
50
Previous Auditor
51
Appointment
52
Policies
53
Opening balances
54
Accounting Policy
55
Detection risk
56
Benchmark
57
Capital-intensive industry
58
Materiality determination.
59
Service industry
60
Profit
61
Revenue
62
Projected
63
Loss-Making
64
Overall risk
65
Inverse relationship
66
Inappropriate
67
Materiality threshold
68
Component
69
Self-review
70
Reluctant
71
Income dependence
72
Accumulation
73
Audit/non-audit fees
74
Sceptically
75
Inadequate
76
Recalculation
77
Gross
78
Net
79
Testing
80
Leavers
81
Joiners
82
Analytical procedure
83
Listed
84
Prohibited
85
Vendor
86
Substansive testing
87
Effective
88
Re-test controls
89
Walkthrough test
90
Documented
91
Particular system changes
92
Test of controls
93
Rotational basis
94
Conceal
95
Fabricate
96
Independence
97
Competence
98
Experience
99
Manual systems
100
Automated systems
101
Inquire management
102
Flowchart
103
Power
104
Exert
105
Prerequisite
106
Conclusion
107
Review
108
Sufficient, appropriate evidence
109
Dispatched
110
Clerical tasks (print and post)
111
Written content
112
Judgement
113
Relevant
114
Evaluation
115
Communicate
116
Unusual circumstance
117
Resigned
118
Importance
119
Upcoming audit
120
Discuss
121
Particular issues
122
Client financial statements
123
Internal control systems
124
Prior years
125
Alert
126
Working papers
127
Previous auditors
128
Unmodified opinion
129
Governance
130
Detection risk
131
Experienced
