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Verity Russell
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Decks in this class (81)
Week 1 - Journey
Engagement 1,
Planning 2,
Audit risk 3
6
cards
Week 1 - Company Set up
Who do the owners shareholders ap...,
Who runs the company 2,
Who supports the board of directo...
10
cards
Week 1 - What is Assurance
Define assurance 1,
What is the first bit of the defi...,
What is the second bit of the def...
8
cards
Week 1 - Users
Who else may want assurance 1,
What is the first reasons users s...,
What is the second reason users s...
4
cards
Week 1 - What is a Statutory Audit
What is a statutory audit 1,
What are the key elements of a st...,
Who is a statutory audit required...
3
cards
Week 1 - Who needs an Audit
Statutory audits are required for...,
Who has different rules depending...,
Why may you want to be audited 3
3
cards
Week 1 - Criteria used in a Statutory Audit
What is the first criteria of a s...,
What is the second criteria of a ...,
What are the key elements of the ...
3
cards
Week 1 - Who can provide the assurance / audit?
Who can provide the assurance aud...,
Who are the recognised supervisor...
2
cards
Week 1 - Roles of assurance providers in society
What is the first role of assuran...,
What is the second role of assura...,
What is the third role of assuran...
9
cards
Week 1 - Sustainability
What is the definition of sustain...,
What does sustainability impact 2,
What does sustainability depend on 3
3
cards
Week 1 - Impact of sustainability for an assurance engagement
What are the first two impacts of...,
What are the second two impacts o...,
What are the two types of risk a ...
5
cards
Week 1 - Rights, Duties and Responsibilities of an Auditor
What are the first two rights of ...,
What are the second two rights of...,
What are the duties of an auditor 3
4
cards
Week 1 - Role of Shareholders as Key User
What two things do the shareholde...,
Who appoints the auditor 2,
Who does the auditor report to 3
3
cards
Week 1 - Levels of Assurance
What are the three levels of assu...,
How is limited assurance achieved 2,
How is limited assurance expressed 3
9
cards
Week 1 - Expectation Gap
Define the expectation gap 1,
How does the expectation gap affe...,
How does the expectation gap affe...
4
cards
Week 1 - Closing the Expectation Gap
What can auditors send to close t...,
What should the engagement letter...,
How should the audit report be wo...
5
cards
Week 1 - Audit Process - Pre-audit Activities
What is the first pre audit activ...,
What is the second pre audit acti...
2
cards
Week 1 - Audit Process - Planning
What is the first step of planning 1,
What is the second step of planni...,
What is the third step of planning 3
5
cards
Week 1 - Audit Process - Fieldwork
What is fieldwork 1,
What are the first 3 stages of ga...,
What are the final two stages of ...
3
cards
Week 1 - Audit Process - Completion
What is the first step of complet...,
What is the second step of comple...,
What is the third step of complet...
6
cards
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0
cards
Week 2 - Recap
Why do we need assurance over the...,
Why are shareholders considered a...,
Who prepares the financial statem...
5
cards
Week 2 - Limitations of Assurance
What is the first limitation of a...,
What is the second limitation of ...,
What is the third limitation of a...
11
cards
Week 2 - Assurance, Key Elements
Who is involved in the 3 party re...,
What is the subject matter 2,
What are the 3 parts of the crite...
7
cards
Week 2 - Engagement
Why do the two preconditions need...,
What is engagement risk 2,
A number of practical issues have...
3
cards
Week 2 - Engagement - Preconditions
What is the first precondition fo...,
What is the second precondition f...
2
cards
Week 2 - Ensuring Appointment is Valid
What is the first condition to en...,
What is the second condition to e...,
What is the third condition to en...
4
cards
Week 2 - Due Diligence
What is the first way we can carr...,
What is the second way we can car...,
What is the third way we can carr...
5
cards
Week 2 - Engagement - Pre-conditions Mnemonic
What is the mnemonic for precondi...,
What does the first r stand for 2,
What does the first a stand for 3
8
cards
Week 2 - Engagement - Replacing a Previous Auditor
Before accepting a new appointmen...,
What happens if the client refuse...,
What should we request from the o...
6
cards
Week 2 - Money Laundering Regulations
When do you need to check the cli...,
How do you check the client ident...,
How do you check the client ident...
4
cards
Week 2 - Resignation of Previous Auditor / Appointment as Auditor
What is the first step you should...,
What is the second step you shoul...,
What is the first step you should...
5
cards
Week 2 - The Letter of Engagement
What does the letter of engagemen...,
What is the first term of the let...,
What is the second term of the le...
6
cards
Week 2 - When to Send an Engagement Letter
What is the first circumstance th...,
What is the second circumstance t...,
What is the third circumstance th...
4
cards
Week 2 - Planning - Relevant ISAs
Isa200 1,
Isa300 2,
Isa315 3
4
cards
Week 2 - Why Plan?
What is the first reason to plan 1,
What is the second reason to plan 2,
What is the third reason to plan 3
6
cards
Week 2 - Benefits of Planning
What are the first 2 benefits of ...,
What are the second 2 benefits of...,
What are the final 3 benefits of ...
3
cards
Week 2 - Planning - Timings, Team Members and Skills
What is involved in administratio...,
Timing of 2,
Right staff available when needed 3
4
cards
Week 2 - Planning - Understanding the Business
Define isa315 1,
What is the objective 2,
What does this provide a basis for 3
5
cards
Week 2 - Understanding the Entity and its Environment
1 1,
2 2,
3 3
5
cards
Week 2 - Understanding the Client's Systems and Processes
Accounting systems 1,
It non financial systems 2,
Financial reporting systems 3
7
cards
Week 2 - Materiality
Misstatements including omissions...,
We would set the materiality leve...,
What should the assessment of mat...
6
cards
Week 2 - Materiality Levels - Quantitative
For revenue typically related to ...,
For profit before tax typically r...,
For gross assets typically relate...
6
cards
Week 2 - Setting Materiality Levels
To set the materiality level what...,
Why is the level often expressed ...,
How can materiality be thought of 3
5
cards
Week 2 - Materiality Levels - Qualitative
What are the first two items that...,
What are the second 3 items that ...,
What are the final 4 items that a...
7
cards
Week 2 - Performance Materiality
Define performance materiality 1,
What does the concept of performa...
2
cards
Week 2 - Using Materiality
The assessment of materiality at ...,
How often must the level of mater...,
What is the first reason changes ...
5
cards
---------------------------------------------------
0
cards
Week 3 - Audit Risk
How does isa200 define audit risk 1,
What are the possible repercussio...,
How can audit risk be managed 3
10
cards
Week 3 - Inherent Risk
What are the first two factors of...,
What are the second two factors o...,
What are the final two factors of...
3
cards
Week 3 - Control Risk
What are the first two factors of...,
What are the second two factors o...,
What are the final two factors of...
3
cards
Week 3 - Detection Risk
How is detection risk different f...,
Why will the level of detection r...,
What does this rely on 3
5
cards
Week 3 - Audit Risk Calculation
If inherent and control risk are ...,
How do you decrease detection risk 2,
If inherent risk and control risk...
3
cards
Week 3 - Detection Risk Challenges
What is the first challenge with ...,
What is the second challenge with...,
What is the third challenge with ...
3
cards
Week 3 - Links to Planning Procedures
What are the first two ways prope...,
What are the final three ways pro...
2
cards
Week 3 - Potential Sources of Inherent Risk
What are the first 3 potential so...,
What are the second 3 potential s...,
What are the third 3 potential so...
4
cards
Week 3 - Significant Risks
What are significant risks 1,
What do significant risks relate ...,
What are the first 2 examples of ...
5
cards
Week 3 - Why is There a Need for Ethics
What are the first two reasons fo...,
What are the second two reasons f...,
What does professional ethics att...
4
cards
---------------------------------------------------
0
cards
Week 4 - Audit Independence and Objectivity
Define objectivity 1,
Define independence 2,
Give two reasons why objectivity ...
4
cards
Week 4 - Threats to Independence
What are the five threats to inde...,
Management 2,
Advocacy 3
8
cards
Week 4 - Safeguards to Objectivity Threats
What are the first two steps an a...,
What are the second two steps an ...,
What are the final two steps an a...
5
cards
Week 4 - Ethical / Independence Scenario Possible Actions
What is the first action you shou...,
What is the second action you sho...,
What is the third action you shou...
7
cards
---------------------------------------------------
0
cards
Week 5 - Internal Controls
How does isa315 define internal c...,
What are the first 3 reasons comp...,
What are the next 3 reasons compa...
5
cards
Week 5 - Components of Internal Control
What are the five components of i...,
Control environment 2,
Risk assessment process 3
6
cards
Week 5 - Responsibilities of the Audit Committee
Chapter 5 section 211 1
1
cards
Week 5 - Internal Control Objectives
What is the first internal contro...,
What is the second internal contr...,
What is the first consequence of ...
5
cards
Week 5 - Controls Classification 1
What are the 3 ways controls can ...,
Preventative 2,
Detective 3
4
cards
Week 5 - Categorising Internal Controls
What is the mnemonic for remember...,
What does the first s stand for 2,
What does the o stand for 3
15
cards
Week 5 - Limitations of Internal Controls
What are the first 2 limitations ...,
What are the second 2 limitations...,
What are the final 3 limitations ...
3
cards
Week 5 - The Auditor and Internal Control
Isa315 the auditor is required to...,
Isa315 the auditor is required to...,
Isa315 the auditor is required to...
4
cards
Week 5 - How to Review a Client's System
What is the first step in reviewi...,
What is the second step in review...,
What is the third step in reviewi...
7
cards
Week 5 - Ascertain the System
Say via 1,
Walk through test 2,
What does the walk through test e...
5
cards
Week 5 - Recording the System
What are the 4 ways of recording ...,
What are icqs for 2,
What are iceqs for 3
8
cards
Week 5 - Steps 3 and 4
What does corroborating with your...,
What does reviewing overall syste...
2
cards
Week 5 - Testing the System
What is the first way to test the...,
What is the second way to test th...,
What is the third way to test the...
6
cards
Week 5 - Which Controls Should we Test
Depends on 1 1,
Depends on 2 2,
Depends on 3 3
7
cards
Week 5 - Evaluate the Reliability of Controls
Evaluate the effectives of contro...,
What 3 considerations do we need ...,
Weakness 3
6
cards
Week 5 - Steps to Assessing Control Risk
What is the first step to assessi...,
What is the second step to assess...,
What is the third step to assessi...
6
cards
Week 5 - What do we call...
What do we call testing of contro...,
What is substantive testing 2
2
cards
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Assurance
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