Module 15 Flashcards
1
Q
When testing journals, auditor should identify journals exhibiting
A
Fraud characteristics
2
Q
Audit data analytics allow auditors to.. (when testing journals)
A
Select journal entries from entire population using pre-set criteria
3
Q
Once journals are selected, auditor will carry out procedures to ensure entries are genuine (4)
A
- Evaluate purpose and appropriateness of journal
- Agree journal to supporting documentation
- Inspect journal authorisation by independent party
- Enquire of management why post journals and what access rights are
4
Q
Audit strategy memorandum acronym
A
BSSMART
5
Q
ASM B
A
Background
6
Q
ASM S 1
A
Systems and controls information
7
Q
ASM S 2
A
Staffing and key client contacts
8
Q
ASM M
A
Materiality
9
Q
ASM A
A
Analytical procedures results *
10
Q
ASM R
A
Risk assessment *
11
Q
ASM T
A
Timetable
