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AA Question Rote > Substantive > Flashcards

Substantive Flashcards

1
Q

Legal Provision

A

correspondence lawyers success
board probable
post-year bank
written representation
disclosure

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2
Q

Bank balances

A

bank letter all
balance confirmation
unpresented
window
disclosure accurate

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3
Q

PPE additions

A

request training
agree addit to inv rights
sample non-current
dep charge time
management useful policy
recalculate reval agree
Schedule cast

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4
Q

Receivables Valuation

A

customer balances
aged
collection
after-date pre-year balance
breakdown allow rec
GDN receivables cut-off
slow corres invoices dispite

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5
Q

Bank loan

A

dschedule changes year cast agree closing
new agreement borrowed
New loan proceeds
quarterly statement
Covenants recalculate
Disclosure

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6
Q

Payables and Accruals

A

List accruals prior
Period ratio
Reperform reconciliation
discuss quantity misstatement run
Circularisation items
GRN before liability cut off

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7
Q

Revenue

A

Gross profit
schedule stores
revenue prior
revenue overall budget
Invoice recalculate
Cast breakdown
Credit notes trace

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8
Q

Accruals

A

Schedule accruals cast
Compare list prior
Correspodence auhtorities additional
Post statements payment
Review disclosure accruals legislation

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9
Q

Before count

A

Materiality audit
obtain instructions control
discuss Third party

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10
Q

During count

A

observe instructions
sample test counts
discuss IA raw estimated
observe movements

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11
Q

After count (Valuation)

A

GRNs GDNs listing cut
Inventory compare prior
aged report write down
post sales invoices NRV
Schedule raw finished
Review FSs IAS 2

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12
Q

PPE rights and obligations

A

Verify title inspection deeds

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13
Q

Sale of defective goods

A

correspondence liability
enquire lawy other
board directors successful
post-year ledger payment
disclosure lawsuit

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14
Q

Share capital?

A

board additional
Register
statement cash
Disclosure

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15
Q

Income?

A

Schedule cast acc
advance exclusion
proof-in-total compare
sundry prior

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16
Q

Restructuring provision?

A

cast breakdown TB
announcement employ year
obtain breakdown only direct
retraining exclusion
written representation
Disclosures

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17
Q

Vehicle additions?

A

Disclosure
Discuss History replacement
physically add reg
Cash payment ledger
Recalculate dep old

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18
Q

Potential breach?

A

Correspodence nature complaint
enquire directors disclosure material
Review policies driving reg
board likelihood
post statement fines

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19
Q

Going concern?

A

Cash flow
management contingency
bank correspondence
board minutes
supplier legal
going concern

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20
Q

Research and development?

A

Schedule tb
director rationale
expensed research
capitalised dev agree
market sell
draft FSs verify IAS 38

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21
Q

Sales tax?

A

Agree TB return
compare year-end balance
correspondence out
disclosures current

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22
Q

Depreciation of PPE?

A

Discuss management dep useful
NCA register revised dep applied
Breakdown dep categories prior
Minimal proof dep PPE
Review charges FSs IAS 16

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23
Q

Director’s bonus?

A

Schedule cast
individual payroll
amount post bank
review minutes additional
disclosures legislation

24
Q

Redundancy provision?

A

announced documentation
board probable
recalculate provision components
post-year ledger payments
Disclosure
written representation

25
Q

Trade payables?

A

Period compare
agree payables accruals prior
GRNs payables balance
supplier statement
circularisation reconciling

26
Q

Revaluation?

A

Schedule cast confirm
agree revalued included NCA
Recalculate adjustment surplus
title deeds owned
disclosure IAS 16
competency valuer

27
Q

Rights issue?

A

board finance
bank received
recalculate split FSs
disclosures reporting

28
Q

Supplier statement?

A

cash in transit
Invoice GRN receipt
Further adjusting

29
Q

Bank reconciliation?

A

unpresented written
balance per rec
obtain account cast additions

30
Q

Receivables circularisation?

A

non follow-up
telephone request
detailed testing
cash transit post
goods transit pre
list suppliers rec error
credit notes pre year

31
Q

Conciusion of Adjistment

A

Correspondence likelihood
management adjustment
bank payment customer

32
Q

Positive Receivables Circularisation

A

Consent advance
List receivables end cast
sample receivables old credit
Circ letter letterhead year balance

33
Q

Rights receivables

A

board title sold third
agree balance customer original

34
Q

Inventory automation

A

cast listing accurate
extract sample verify
calculate holding software
aged inventory analysis

35
Q

Accuracy receivables

A

after-date
aged allowance

36
Q

Completeness Receivables

A

Agree balances trade
Review list credit payables

37
Q

Allowance of receivables

A

correspondence dispute
after receipts slow
aged receivables status controllers
recalculate compare
board minutes singificant

38
Q

Payroll fraud

A

TCWG other frauds
internal controls up frauds
supporting doc total materialtiy
Employee details same

39
Q

Disposals PPE

A

breakdown agree NCA register
Recalculate disposal TB
Disclosure compliance IAS 16

40
Q

Faulty inventory

A

breakdown held cast
damaged rectified sold invoices NRV
Discuss managent if goods written

41
Q

Purchases?

A

operating profit compare
Review monthly purchases fluc
management changes key listing
Recalc accruals year SPL
payment bank ledger account
GRNs purchase accounting

42
Q

Payroll expense?

A

cast payroll TB
proof in total actual
compare total payroll
recalculate holiday records
select employee HR payroll
Agree acc reconciliation

43
Q

Employment Tax

A

compare accrual prior year
reperform calc employee
agree payment post ledger
review disclosure accrual

44
Q

Payroll Expense (Analytical)

A

Compare payroll budget
monthly charge management
proof compare wages

45
Q

Income Tax accrual

A

recalculate accrual
payment post bank complete
review disclosure tax

46
Q

Subsequent Events

A

condition PPE
schedule NBV NCA
Discuss man disclose non event

47
Q

Information Processing Controls

A

Document counts
Existence checks
Range checks
One for one checking

48
Q

WIP valuation?

A

prior discuss completion WIP
during count assess level
review variance standard actual
cast schedule WIP TB

49
Q

Transactions

A

Occurrence
Completeness
Accuracy
Cut-off
Classification
Presentation

50
Q

Balances

A

Existence
Rights and obligations
Completeness
Accuracy & valuation
Classification
Presentation

51
Q

Sales System

A

orders recorded
customers poor credit
discounts only limit
irrecoverable written

52
Q

Purchases system

A

order details correct
goods ordered received
liability recorded payables
invocie details

53
Q

Cash System

A

Valid receipts banked
Recorded bank ledger
Safeguarded theft
Receipts recorded period

54
Q

Test of Controls

A

Enquire management
Observe activitry (sparingly)
Test data
Inspect document
done to achieve check
What auditors do

55
Q

Control recommendation

A

Properly described
Clearly address deficiency
Practical
What managers would do

56
Q

KAM characteristics?

A

Areas higher assessed ROMM
Singificant auditor judgement relating to areas in FSs which were related to significant management judgment
Effect on audit significant events

WHAT THE ISSUE IS - describe issue
WHY THE ISSUE IS A KAM - refer to intro on KAM
HOW ISSUE WAS ADDRESSED - audit procedures

AA Question Rote (27 decks)

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