Accountancy
Who is the Father of Accounting?
Luca Pacioli
What is our class code in Operations Auditing?
1229
A structured approach used to identify, measure, and analyze risks within an organization.
Risk assessment
Who is the current President of Saint Louis University?
Fr. Gilbert B. Sales
An audit approach where the focus are the areas with highest risk
Risk-based audit
What is the accounting equation
Assets = Liabilities + Owners Equity
Are Documents created by auditors to record the work done.
Workpapers
What is the third process in risk assessment?
Scoring Events/Scoring Events in Terms of Probability and Impact
Who is the patron saint of Saint Louis University?
St. Aloysius de Gonzaga
Risk - Control = ?
Residual Risk
Who is the author of our book in Operational Auditing?
Hernan Murdock
Type of audit evaluates the efficiency and effectiveness of an organization's operations, focusing on processes, procedures, and performance to ensure they align with the organization's objectives and improve overall productivity.
Operational Audit
This process is also reffered to as an “audit needs assessment.”
Developing Risk Factor
Course offering during third-year short term. (off-season not included)
ACELEC 331 (Valuation Concepts and Methods)
ACELEC 332 (Operations Auditing)
HBO (Human Behavior in Organization)
This approach begins at the operational level, identifying and assessing risks in specific processes and activities before aggregating them to understand the overall risk at the organizational level
Bottom-up risk assessment
Give 2 methods of depreciation
What are the Phases of operational audit in order.
Planning, Fieldwork, Reporting
These documents are often scanned and stored as electronic files, often PDF (Portable Document Formant) or similarly easy to view formats.
Electronic Workpapers
Give the four (4) core values of Saint Louis University
Christian Spirit
Competence
Creativity
Social Involvement
This type of risk arises from the possibility of an organization failing to adhere to laws, regulations, and internal policies, potentially resulting in legal penalties and reputational damage.
Compliance risk
These are the rules that all accountants abide by when performing the act of accounting. These general rules were established so that it is easier to compare 'apples to apples' when looking at financial reports.
Generally Accepted Accounting Principles (GAAP
Substantive tests are audit procedures designed to detect material misstatements, substantive procedures may be either ______ or ______.
Test of details
Analytical procedures
Give 2 Types of Operational Risks that operational auditors should consider during risk assessment.
Capacity
Strategic
Compliance
Natural Environment
Political
What is the tentative date for final exams during short term, 2024?
July 22-23, 2024
Refers to the comprehensive list of all the auditable entities within an organization, including business units, processes, functions, and systems that can be subject to an internal audit.
Audit Universe