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AAA Vocab Deck FINAL > Block 3f - Group Audit > Flashcards

Block 3f - Group Audit Flashcards

1
Q

Special considerations

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2
Q

Professional scepticism

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3
Q

Planning and performing group audit

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4
Q

Two-way communication

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5
Q

Component auditor

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6
Q

Adequate work

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7
Q

Proper documentation

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8
Q

Audit working file

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9
Q

Different firm

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10
Q

Acceptance

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11
Q

First-time audit va existing client

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12
Q

Sufficient, appropriate evidence obtain

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13
Q

Consolidation process

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14
Q

Doing audit of parent company

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15
Q

Evidence from component auditor company

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16
Q

Financial information

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17
Q

Group audit opinion

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18
Q

Size, complexity

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19
Q

Resources

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20
Q

Challenges

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21
Q

Logistics

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22
Q

Other firm-audited components how many

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23
Q

Threshold info

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24
Q

Liasoning resources

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25
Q

Specific risks

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26
Q

Cooperation confirmation from component auditor

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27
Q

Good communication

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28
Q

Relevant ethical requirements

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29
Q

Competence, capabilities, experience

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30
Q

Planning stage

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31
Q

Matters to consider

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32
Q

Audit procedures

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33
Q

Significance of component

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34
Q

First time acquisition

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35
Q

Existing group

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36
Q

Judgement

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37
Q

Qualitative benchmark

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38
Q

Quantitative benchmark

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39
Q

Factors

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40
Q

Newly formed/acquired business units

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41
Q

Significant changes in entity

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42
Q

Management changes

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43
Q

Accounting policy changes

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44
Q

Revenue changes

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45
Q

Profit changes

46
Q

Rapid growth

47
Q

Inter-group transactions

48
Q

Abnormal fluctuations in analytical procedures

49
Q

Risk of unable to obtain sufficient audit evidence

50
Q

Legal restriction on sharing group audit info

51
Q

How determine whether sufficient, appropriate evidence has been collected

52
Q

Specific planning considerations

53
Q

Different year ends

54
Q

Group structure/complexity change

55
Q

Components materiality

56
Q

Parent materiality

57
Q

Group materiality

58
Q

Consolidated numbers

59
Q

Group auditor responsibility

60
Q

Individual financial statements

61
Q

3 month difference maximum

62
Q

Management restructuring responsibility

63
Q

Extra financial statement preparation from component management

64
Q

Adjust subsidiary financial statements to align

65
Q

Communication with component auditor

66
Q

Work requested done

67
Q

Financial information

68
Q

Ethical compliance

69
Q

NOCLAR by component

70
Q

Corrected/I corrected misstatements in component financial information

71
Q

Possible management bias indicator

72
Q

Internal control deficiencies

73
Q

Suspected/actual fraud

74
Q

Communicate to TCWG significant matter

75
Q

Overall findings

76
Q

Audit conclusion/report

77
Q

Consolidation process per IFRS

78
Q

Difference in reporting dates

79
Q

Inappropriate figures

80
Q

Client first time producing group accounts

81
Q

Complex consolidation process form some groups (areas of judgement)

82
Q

Unrealized profit, accounting policy differences

83
Q

Higher scepticism

84
Q

Higher audit risk

85
Q

Group-wide control for consolidation process - instructions

86
Q

Robustness

87
Q

Controls adequacy and operating effectiveness assessment

88
Q

Test of controls

89
Q

Evaluate group components classification - subsidiary, joint ventures

90
Q

Agree consolidated financial statements figure to individual financial statements

91
Q

Review disclosures necessary in group financial statements

92
Q

Related party transactions

93
Q

Minority interests

94
Q

Investigate treatment of any components which have a different financial year end or accounting policies

95
Q

Specific consolidation adjustments evidence

96
Q

Goodwill and impairment

97
Q

Intra-group transactions unrealized profit

98
Q

Assets and liabilities fair value adjustments

99
Q

Components foreign currency retranslation of assets and liabilities

100
Q

Trading difficulties of subsidiary equals goodwill impairment

101
Q

Component auditor work evaluation

102
Q

Finalization/review stage

103
Q

Own working papers against legal restriction

104
Q

Group auditor discretion to direct, supervise, and review thoroughly from planning to finalization

105
Q

Recommendations to improve

106
Q

Identify matters to communicate with TCWG

107
Q

Group audit opinion

108
Q

Satisfied with component auditor and local audit teams work

109
Q

Taken assurance

110
Q

Professional marks

AAA Vocab Deck FINAL (31 decks)

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