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CPA - Audit > Final Review > Flashcards

Final Review Flashcards

1
Q

Control Risk

A

Hold

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2
Q

Material Weaknesses vs. Significant Deficiencies

A

For a non-issues, all MW are SD

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3
Q

Emphasis of Matter

A

After Opinion, refers to going concern (no need to mention one year, already implied)

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4
Q

Audit Report

A

Should be addressed to whoever engaged auditor

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5
Q

Compilation

A

NO ASSURANCE

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6
Q

Documentation Completion Date

A

Existing docs cannot be deleted, must note addition of new docs

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7
Q

Comfort Letters

A

Addressed to underwriters, negative assurance on F/S

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8
Q

Special Purpose Frameworks

A
  • Cash Basis and Modified Cash Basis
  • Tax Basis
  • Regulatory Basis
  • Contractual Basis
  • Other Basis
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9
Q

Analytical Procedures

A

Non financial Information

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10
Q

Quality Control Standards

A
  • Human Resources
  • Engagement/Client Acceptance
  • Leadership Responsibilities
  • Performance of Engagement
  • Monitoring
  • Ethical Requirements
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11
Q

Integrated Audit

A

Must for Issuer, CAN for non

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12
Q

AICPA Code of Professional Conduct

A

Applies to compilations and reviews

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13
Q

Assess control risk

A

Reperformance

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14
Q

Ask predecessor

A

Why change in auditors??

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15
Q

Treasurer

A

NO billing responsibility & should authorize writing off bad receivables

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16
Q

GAAP Requirement

A

PPE stated at cost minus depreciation

17
Q

Supplementary Info

A

Does NOT affect opinion

18
Q

GAAP Violation

A

Qualified or Adverse

19
Q

Impairs Independence

A
  • Threatened and likely lawsuit
  • CC bill over $10k
  • Overdue audit bill OVER one year
20
Q

Specific Audit Objections based on…

A

Financial Statement Assertions

21
Q

Agreed Upon Procedures

A

NO OPINION

22
Q

PCAOB

A

2 CPAs & 3 Non-CPAs

23
Q

FIFO & LIFO

A

GAAP allows the use of both

24
Q

SysTrust

A

Assurance of reliability of any defined computer system

25
Q

Date of Rep Letter

A

Same as Audit Report Date

26
Q

Forecast - OK FOR GENERAL

A

Projections - NOT OK

27
Q

Financial Stmt Assertions

A
  • Rights and Obligations
  • Valuation and Allocation
  • Understandability and Classification
28
Q

Auditors’ responsibility in evaluating estimates

A
  • Assess Mgmt. practices
  • Verify that all material estimates were developed
  • Determine acct. estimates reasonable
  • Assure estimates are properly recorded & disclosed
29
Q

Reasonable Assurance

A

High, but NOT absolute

CPA - Audit (7 decks)

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