Audit Planning 1

Audit Planning 2
Audit Planning 3
Accounting Acronyms
Client Acceptance
100
What stage does calculating ML and PM occur?
The Planning Stage
100
The first step in planning an audit should be... A. Basic discussions with the client about the nature of the engagement and the client's business B. Set up a closing meeting C. Reporting to the Board of Directors D. Taking the client out to see the movie The Accountant
A. Basic discussions with the client about the nature of the engagement and the client's business
100
Who creates the audit plan?
In-Charge
100
What does PCAOB stand for? A. Private Company Auditors On Beaches B. Protecting Capital Assets On Banks C. Problematic Corporation Assessing Overachieving Bean counters D. Public Company Accounting Oversight Board
D. Public Company Accounting Oversight Board
100
What phase of the audit does the Client Acceptance Occur
Phase One
200
Establishing the overall audit strategy for the engagement is apart of developing what?
Audit Plan
200
When planning an audit, is the audit designed to give? A. reasonable assurance on identifying misstatements and errors, and absolute assurance on identifying frauds. B. reasonable assurance on identifying misstatements, errors, and frauds. C. Absolute assurance on identifying misstatements, errors, and frauds D.no assurance on identifying misstatements, errors, and frauds.
B. reasonable assurance on identifying misstatements, errors, and frauds.
200
When establishing the overall audit strategy, which of the following should the auditor take into account? A. The amount of money in their personal bank account B. The nature, timing, and extent of resources necessary to perform the engagement C. How many drinks they plan on having at dinner D. All of the above
B. The nature, timing, and extent of resources necessary to perform the engagement
200
What does w/o/x represent?
Without Exception
200
what could be a way the auditor could investigate the client? a. Stalk Them b. Conduct Inquiries c. Review Reports d. Both b & c e. Look them up on Facebook
d. Both b & c
300
What folder do you go to find the planning document for the engagement?
0300 Folder or Entity Level Folder
300
What does RSM stand for? A. Random Services Managed B. Ryan Gosling Selena Gomez Michael Jackson C. Robson Rhodes Salustro Reydel McGladrey D. Really Still McGladrey E. Nobody knows
C. Robson Rhodes Salustro Reydel McGladrey
300
What form will we as interns use to help plan our processes?
APS
300
What does FWNCN Represent?
Further Work Not Considered Necessary
300
What are some reasons why an auditor would not want to choose a client?
high risk, not suitable, previous fraud or problems within the management.
400
On what form can I find the planning process and procedure for calculating the ML and PM?
Form 0315.10 Materiality and Performance Materiality.
400
What internal RSM form will give the basic overview of the audit, updates from the previous year, and issues to look out for?
A - 0300 Audit Strategy Memo
400
If an unforseen circumstance comes about during the course of an audit, an experienced auditor should... A. Talk to the Engagement Quality Reviewer B. Go home and watch Netflix C. Modify the overall strategy as necessary, including changes to the assessment of risks D. Go with the flow and not make any changes
C. Modify the overall strategy as necessary, including changes to the assessment of risks
400
What does SALY Represent?
Same as Last Year
400
What form do you use when choosing a new client?
CLEAR
500
What is one of the procedures you would perform in assessing significant accounting estimates?
Acceptable Answers -Compare last year's estimates to actual results. -Estimate significance of risk and likelihood of the risk happening. -Review/document management estimates, are management's estimates sound and reasonable.
500
As an intern what form can I refer to obtain an understanding of the clients application software?
Form 0335- IT systems understanding form
500
In what internal RSM form will you find information about your client's business, such as; Nature of the Entity, Objectives and Strategies, and Control Environment?
A- 0325 Understanding the Entity, Its Environment and Internal Control
500
What does CLM represent?
Career Limiting Move
500
When considering client acceptance what areas of information will be collected to help determine whether the client is a good fit?
Management Integrity, Independence, RSM Resources, Internal Controls
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