Week 1 - Journey Flashcards
1
Q
Engagement
A
Who do we accept / not accept as a client? - e.g risk, ethics
Why should we accept them?
2
Q
Planning
A
When do you want us to come?
What are the key stages?
Who do we want on our team? - e.g skills for specialist clients
3
Q
Audit risk
A
What keeps the auditor awake at night - e.g saying something is compliant with law when it is not
4
Q
Internal controls
A
Can we rely on them?
What can we recommend to improve client’s controls?
5
Q
Year end Testing
A
Asking clients for supporting information that makes up their figures
- anything material to the financial statements
- looking for evidence
6
Q
Final audit review?
A
Does it all make sense/stack up? Does it tie in with what we know? Are there any inconsistencies?
