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Audit Theory > Quality Management Standards and Code of Ethics > Flashcards

Quality Management Standards and Code of Ethics Flashcards

1
Q

Definition: Quality control for an audit of financial statements

A

PSA 220

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2
Q

Definition: Quality management for firms that perform audits or reviews of financial statements, or other assurance or related services engagement

A

PSQM 1

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3
Q

Definition: Engagement quality reviews

A

PSQM 2

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4
Q

Identification: Period for documented independence confirmation

A

At least annually

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5
Q

Identification: Period for monitoring cycle

A

Annual

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6
Q

Identification: Period for inspection cycle

A

3 years

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7
Q

Identification: Time on of rotation of senior personnel

A

7 years

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8
Q

Identification: Cooling period of Lead Audit Partner

A

5 years

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9
Q

Identification: Cooling period of Engagement quality control reviewer

A

3 years

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10
Q

Identification: Cooling period of other key audit partners

A

2 years

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11
Q

Definition: Partners and staff in the firm

A

Personnel

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12
Q

Definition: Professionals, other than partners, including any experts the firm employs

A

Staff

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13
Q

Definition: All partners and staff who perform procedures on the engagement, excluding external expert and internal auditor

A

Engagement team

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14
Q

Definition: Sole practitioner, partnership or corporation

A

Firm

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15
Q

FITB: Engagement quality control review is required for _

A

Listed entities

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16
Q

FITB: PSQM 1 applies to _, while PSA 220 applies to _

A

Assurance engagements, audits

17
Q

Identification: In case of conflict of Code of Ethics with local laws, which shall prevail?

A

Local laws

18
Q

Enumeration: Enumerate the titles for Code of Ethics Part A, B, and C

A

Part A - General Application
Part B - Public practice
Part C - Accountants in business

19
Q

Enumeration: Fundamental Principles of Code of Ethics

A
  1. Integrity
  2. Objectivity
  3. Professional competence and due care
  4. Confidentiality
  5. Professional behavior

Audit Theory (9 decks)

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