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AA Question Rote > Minor Areas > Flashcards

Minor Areas Flashcards

1
Q

Sources of information?

A

prior year FS info
Company websites
accounting system
Review board
Management accounts

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2
Q

Quality managment?

A

briefing
tracking progress
competence of team
Review of work
documentation performed

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3
Q

Revision of engagement letter?

A

misunderstands scope
size of business
senior management
legal requirements

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4
Q

Preconditions for audit?

A

Nature FSs law
Preparation FSs fair
internal controls
access all info

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5
Q

Prevention and Detection of Fraud

A

assess ROMM
Evidence
Engagement team
report fraud

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6
Q

Professional scepticism?

A

ISA 200
revenue recognition
fraud
bank overdraft

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7
Q

Audit planning benefits?

A

appropriate attention
resolve problems basis
coordination experts
direction supervision
engagement capabilities

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8
Q

New audit client?

A

auditor response
management integrity
pre-conditions
independence
resources available

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9
Q

Supervision and review

A

track progress
competency time
review work
significant matters

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10
Q

Materiality?

A

defined misstatement
size and nature
benchmarks 1% 5%
performance definition
level lower whole

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11
Q

Analytical procedures?

A

Analytical procedures
planning
final audit
review stage

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12
Q

Audit strategy documents?

A

main characteristics
reporting objectives
nature, timing and extent

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13
Q

Audit risk components?

A

inappropriate opinion
ROMM detection
inherent
control
detection

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14
Q

Conflict of interest?

A

independent
prevent access
confidentiality
senior
clear guidelines

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15
Q

Review engagement?

A

alternative
comprehensive
external assurance
review assurance

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16
Q

Laws and regulations?

A

TCWG
audit procedures
evidence compliance
material

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17
Q

Deficiencies internal control (external auditor)

A

likelihood deficiencies
suspectibility
FS amounts deficenncies
defiency other deficneices

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18
Q

Control activities?

A

Segragation
Authorisation
Reconciliations
Verifications
Physical logical controls

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19
Q

Components of internal control?

A

Control environment
risk assessment
monitor system of IC
information system
relevant to audit

20
Q

Limitations of control?

A

human error
ineffective controls
collusion of staff
management override

21
Q

Narrative notes?

A

written description
time-consuming
missing
simple to record
understand complex

22
Q

ICQ?

A

list of questions
overstated client
unusual controls
quick timely
controls recorded

23
Q

Flowcharts?

A

diagrammatic internal
easy to view
standard symbols

24
Q

Report to management?

A

address
deficiencies FY
only addressed to audit
use for management
sign off

25
Q

Importance communication TCWG?

A

Understanding matters
Governance financial process
two-way communication

26
Q

Internal/external auditors?

A

objective
reporting
scope of work
availability of report
relationship company

27
Q

Assignment Internal Audit department?

A

review controls
Regulatory
IT systems
cash controls
Fraud investigations

28
Q

Engagement letter?

A

review controls
Regulatory
IT systems
cash controls
Fraud investigations

29
Q

PY System Notes?

A

System notes
Review audit file
prior year report
Client system doc
Interview client staff

30
Q

Control activities?

A

Segragation of duties
Verifications
Authorisation
Physical controls

31
Q

Obtain understanding of internal control?

A

Assess control risk
Not effective
reliance placed

32
Q

Impact on auditor’s opinion?

A

Discussion
Materiality (2 marks)
Type of modification
Impact on auditor’s report

33
Q

Matters communciated TCWG

A

Planned audit timetable
Key risks planning
External internal together
Frauds communicated

34
Q

Automation advantages?

A

large volume
test data
reduce human error

35
Q

Automation disadvantages?

A

setup costs
team training
documentation

36
Q

Need for internal audit?

A

Complexity activities
Number of employees
Assurance by management
Corporate governance

37
Q

Key audit matters?

A

Reported TCWG
Matter significance
Judgement required
What, why, how

38
Q

Reliability of audit evidence?

A

independent sources
by auditor
documentary not verbal
Original not photocopies

39
Q

Working papers?

A

name of client
year-end date
subject
reviewer

40
Q

Lack of written representation?

A

lack of letter
disclaimer of opinion
professional
audited FSs

41
Q

Outsourcing internal audit?

A

Staffing
Skills and experience
Flexibility
Existing IA department
Confidentiality
Loss of in-house skills

42
Q

Interim audit?

A

Carry procedures difficult
Risk assessment
tests of controls
Substantive testing books
No stat

43
Q

Final audit?

A

Express opinion
third party
adjustment FSs
Analytical procedures
Subsequent events
Stat

44
Q

IAS 37?

A

contingent
unmodified
audit
inadequate
true and fair view

45
Q

Subsequent events?

A

IAS 10
adjusting balance
directors allowance

AA Question Rote (30 decks)

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