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Audit Mnemonics ICAP > Whole Book Mnemonics > Flashcards

Whole Book Mnemonics Flashcards

1
Q

Relationship between shareholders and directors/management?

A

ASA

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2
Q

Advantages of statutory audit?

A

SAS LCD

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3
Q

Definition of assurance engagement?

A

P E^2 S^2 C I (PEPSI)

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4
Q

Elements of assurance engagement

A

CREST

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5
Q

Define non-assurance engagement

A

CREST

if any of the above element is missing then it is called non-assurance engagement.

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6
Q

Why absolute assurance cannot be provided / What are inherent limitations of audit?

A

NPN LST

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7
Q

Define applicable financial reporting framework (AFRF)

A

L NPN

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8
Q

Responsibilities of management and TCWG

A

DP PAIR

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9
Q

Overall objectives / responsibilities of auditor / audit

A

FCA

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10
Q

Deifne professional judjment

A

CAKE T

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11
Q

Define professional skepticism

A

QCA

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12
Q

Acceptance and continuance procedures / Factors to be considered before acceptance of audit

A

CRIME (Check the company not involving in crime HAHAHAHA)

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13
Q

Auditor’s procedures after accepting client/engagement

A

SEC.
(in one second auditor perform the procedures after accepting client/engagement)

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14
Q

Procedures by incoming auditor

A

PRISON

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15
Q

Procedures by outgoing auditor

A

PINCH

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16
Q

Statutory rights of auditor

A

GARIB

G~~> (RAS)

I~~~> (SOAPED)

17
Q

Statutory duties of auditor

A

SIDE ZIP

18
Q

Disqualification criteria of statutory auditor

A

PF BIRDCAGE (Pakistan Force birdcage)

19
Q

Fundamental principles of ethics

A

POPCI

20
Q

Integrity

A

BAD FONTS OR BTS DA FON

21
Q

Objectivity

A

PUS on CUB OR BUS on CUP

22
Q

Confidentiality principle

A

I FEDUP PSX

23
Q

Exceptions of confidentiality principle

A

LRA

L~~> DPN
R~~> RIP^2

24
Q

Factors consider when disclosing confidential information

A

IPS HR (IPS Officer in HR Department)

25
Q

Professional competence

A

MASKED IAS EAT (Officer Eat With Manners)

26
Q

Professional behaviour

A

CARD LAP (Manners to play card on lap that are manners)

27
Q

Identify threats

A

S SAFI

28
Q

Evaluating threats / Significance of threats

A

GREED CUM

29
Q

Addressing threats

A

SDC

30
Q

Relationship between professional skepticism and fundamental principles

A

IPO (Initial public offering)

31
Q

How auditor establishes whether preconditions for audit are present / exist?

A

PF AIR

32
Q

Auditors response or course of action if any of preconditions for audit is not present

A

PM

33
Q

Contents of engagement letter

A

FOR^3 & ROSE WIFI APP

34
Q

Circumstances leading to change in terms of audit engagement

A

SMC

35
Q

What are the circumstances if they change, then auditor send engagement letter on recurring audit?

A

MOM & FR To BR

36
Q

Management wants to change the Engagement, what procedures are performed by the auditor if change is reasonable and auditor accepts the change?

A

PRA

Audit Mnemonics ICAP (5 decks)

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