Professionalism/Professional Skepticism
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What is the purpose?
What is:
-NRPMM
-Lower
-higher
-Significant
-Significant due to fraud
Two types of sample methods.
What is random sampling and MUS?
The collective group of Deloitte professionals that may perform data analytics tasks in an audit.
What is:
- Required by law
-Requested by shareholders or governing bodies
-Requested by specific parties
The tendency to attribute greater accuracy to the opinion of an authority figure and be more influenced by that opinion.
What is Authority Bias?
I assess the Risk Associated with the control when performing what part of internal controls testing.
What is Operating Effectiveness?
What we are required to do for tests of details when we find an error in a sample
What is Projecting Misstatements?
One Characteristic of a clean excel file.
What is:
-no merged rows or scattered text?
-Properly formatted cells
-correctly formatted columns
-Ability to recalculate totals
The attitude that includes a questioning mind, being alert to conditions that may indicate a possible misstatement due to fraud or error and a critical assessment of audit evidence.
What is Professional Skepticism?
This is intended to be concise summaries of additional relevant information that is not critical enough to merit inclusion on the face of the working paper.
What is a tickmark?
The tool used to identify and assess ROMMs and selecting relevant controls and substantive procedures.
What is GRA?
The 3 factors used in determining the appropriate sample size.
-what is performance materiality?
-What is controls testing approach?
-what is risk level?
The command that produces totals, averages, total debits/credits, outliers and most recent dates.
What is Column Statistics?
A system expressly designed to provide insights about individuals and teams based on observable business traits and preferences.
What is Business Chemistry?
The tendency to pay attention to information that is in agreement with our preconceptions and to ignore, distort or avoid information that contradicts our preconceptions.
What is Confirmation Bias?
One design factor when assessing the design and implementation of internal control.
What is:
- Appropriateness of the purpose of the control and its correlation to the risk/ Assertion
-Competence and authority of the person
-Frequency & Consistency
-Level of aggregation & predictability
-Criteria for investigation
One factor in determining the appropriate threshold.
what is:
- Performance materiality
-Control reliance approach
- Risk level
-Threshold not to exceed the lower of 35% of the disaggregated amount or 95% of performance materiality
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What is ACL?
Designed to drive the earlier timing and sequencing of audit planning and interim activities and to assist engagement teams in focusing attention on performing the right audit activities at the right time, driving effective project management.
What is Audit Quality Milestones (AQMs)
The business chemistry that values stability and strives for accuracy and certainty. They focus on details and are known for bringing order to chaos.
What is Guardian?
One factor in determining the sample size for operating effectiveness.
What is:
-Nature of the control
-Frequency of the control
-Risk of material misstatement
-Risk associated with the control (RAWC)
When performing extrapolation of an error, The total misstatements is the sum of these two things.
What is the Factual error and the projected error?
A single collaborative global repository of innovative auditing tools.
What is Deloitte Cognia?
The resource that allows you to best access timely entity information including financials, analyst reports executive biographies and more.
What is Factiva?