EY Audit Process
What are the phases of EY audit lifecycle?
What is Planning, Risk Assessment, Execution, and Reporting
Who leads an audit engagement and coordinates with stakeholders?
Who is the Audit Manager?
What does FAIT stand for?
What is Financial Audit IT?
What does GAM stand for?
What is EY'S Global Audit Methodology?
What is the purpose of risk assessment in the EY audit process?
What is to identify areas of potential misstatement and guide audit focus?
What does a senior manager typically do in a GPS audit?
What does "ITGC" stand for?
What is Information Technology General Controls
How many core capabilities are included in IT Audit?
What is 3? (IT Internal Audit, IT Systems Aid, and FAIT)
What role does documentation play in the EY audit process?
What is supports audit findings and ensures transparency and accountability?
Who reviews the audit findings before issuing the final report?
Who is the Audit Partner
What is the meaning of "inherent risks"?
What is the natural level of risk present before applying any controls?
Name the process designed to provide reasonable assurance regarding the reliability of financial reporting.
What is Internal Control over Financial Reporting (ICFR)?
Describe the difference between interim and year-end audit activities.
What is interim focuses on understanding controls whereas year-end emphasizes testing and reporting?
What responsibilities does the GPS team have in relation to IT Audit?
What is assessing risks in government systems and evaluating IT controls and compliance?
Explain "segregation of duties" in IT controls.
What is ensuring no single person can control all parts of a transaction to prevent fraud/errors?
What is an "integrated audit"?
What is an audit of both the financial statements and ICFR?