Accounting & Audit
Standards
Standards
This set of standards governs audits of public companies in the U.S.
What are PCAOB Auditing Standards?
This type of audit opinion is issued when financial statements are presented fairly in all material respects.
What is an unqualified/unmodified (or clean) opinion?
This framework is widely used for designing and evaluating internal controls.
What is COSO?
This BDO global audit platform is used to manage and document audit engagements, ensuring consistency and quality across the network.
What is APT (Audit Process Tool)?
This competency is demonstrated when auditors proactively address client concerns, provide timely updates on engagement progress, and deliver valuable insights beyond compliance requirements.
What is client service?
This organization issues auditing standards for private companies in the U.S.
What is the AICPA?
This document outlines the scope, timing, and direction of the audit, and is prepared during the planning phase.
What is the audit plan?
This component of COSO relates to the tone at the top and organizational culture.
What is the Control Environment?
This tool integrates with APT and allows for secure file sharing and collaboration between audit teams and clients.
What is BDO Portal?
This competency is demonstrated when audit professionals contribute to the firm’s reputation by delivering high-quality work, building strong client relationships, and participating in industry events or thought leadership activities.
What is market prominence?
This term refers to the minimum quality requirements for audit performance.
What are Generally Accepted Auditing Standards (GAAS)?
This is referred to as the formula for Audit Risk.
What is AR = (IR X CR) x DR
This type of control is designed to prevent errors before they occur.
What is a preventive control?
This BDO tool automates the confirmation process for cash, receivables, and other balances, improving efficiency and reliability.
What is Confirmation.com?
This competency is shown when auditors actively seek opportunities to expand their technical knowledge, pursue relevant certifications, and apply feedback to improve their performance on future engagements.
What is professional growth or continuous learning?
This organization issues International Financial Reporting Standards (IFRS).
What is the IASB (International Accounting Standards Board)?
This term describes the procedures auditors use to obtain evidence about the amounts and disclosures in financial statements.
What are substantive procedures?
This type of control identifies errors after they have occurred.
What is a detective control?
This document captures management’s responses to auditor questions about the risk of intentional errors or irregularities in financial reporting.
What is the fraud inquiry template?
This competency is demonstrated when audit professionals mentor junior staff, share technical expertise, and provide constructive feedback to help team members build their skills and confidence.
What is developing others or coaching/mentoring?
This term describes the set of principles that guide how financial statements are prepared and presented.
What is Generally Accepted Accounting Principles (GAAP)?
This term describes the minimum amount of misstatement that could influence the economic decisions of users taken on the basis of the financial statements.
What is materiality?
This process involves tracing a transaction from initiation through the entire system to evaluate controls.
What is a walkthrough?
This document is used by auditors to systematically record the steps performed and evidence obtained when verifying account balances or transactions, ensuring consistency across engagements.
What is a common procedures template?
This competency is demonstrated when auditors consistently adhere to professional standards, perform thorough reviews of workpapers, and implement best practices to ensure reliable and accurate audit results.
What is audit quality?