Random Audit
What are the names of our scrubbed contractor teammates?
Jem and Marga
A company's cash balance would be found on what financial statement?
Balance Sheet /
Statement of Financial Position (for NPOs)
How many UHY offices are there in the United States?
34
T/F ?
You should perform your risk assessment after you've completed your testing because then you know what errors you're going to find.
FALSE
Where did Binh get his Masters of Accountancy Degree?
MTSU
What is the name of the asset that gets booked when implementing the new lease standard (842)?
Right of use asset
T/F ?
The audit opinion date is the year end date of the period that we are auditing.
FALSE
What does UHY stand for?
Urbach Hacker Young
T/F ?
Having an understanding of the preliminary analytical review is a useful tool to aid in risk assessment.
TRUE
How many acres of land did Avery just buy?
37!
Debit or Credit balance?
Accrued payroll
Credit
T/F ?
As auditors, it is our job to handle responsibility for the preparation and presentation of the financial statements in accordance with GAAP.
FALSE - Management is responsible
What is the 2nd partner review called (and what does it stand for)?
EQR - Engagement Quality Review
What are the 2 presumed risks of material misstatement?
Improper revenue recognition due to fraud
Management override of controls
Answer: Ensuring we are maximizing the hours of all of our people.
What is Utilization?
What is the name of our new scheduling software?
Retain
Why do we have a statement of functional expenses?
To break out the functional expenses by their natural expense category.
What is the name of the regional group that we can call upon to provide assistance with data manipulation, excel work, etc?
Shared services
Why do we typically mark Control Risk as HIGH for all assertions?
We do not perform tests of controls
What is SKE, who has to have it, and why?
Skills, Knowledge, Expertise - client has to have it in order to take responsibility for non attest services that we provide, which mitigates our risk of independence impairment
How many CPE hours do we need per year to work on Yellowbook engagements?
24
If you have a going concern issue for one of your clients, what is the name of the paragraph you add to the audit report?
Emphasis of Matter
What is UHY's catch phase?
The Next Level of Service
When are extended procedures necessary?
When you have a RMM assessed at HIGH
How many audit clients do we currently have?
78