SUBSTANTIVE
CONTROLS
WORKPAPERS
GRAB BAG
100
What does PM and CTT stand for?
Performance Materiality and Clearly Trivial Threshold
100
If we find an exception in our control testing, can we rely on the effectiveness of a control?
No
100
What is the purpose of a tickmark?
To provide additional context and/or support for information contained in a working paper.
100
Where in your audit file will you find the planned substantive and control testing for any given risk?
ROMM
200
What is the guidance for determining the threshold for substantive analytical procedures?
AAM 5210
200
What is the guidance reference to determine sample size for testing the operating effectiveness of a control?
AAM 4200.21, Figure 4200.2
200
What does MUS stand for?
Monetary Unit Sampling
200
How many "city floors" (i.e. Los Angeles, Sao Paulo, etc.) at Deloitte University?
16
300
What are the two types of substantive tests?
1) Test of Details 2) Substantive Analytics
300
What are the different ways to test the operating effectiveness of controls? Name two ways..
1) Inquiry 2) Inspection of documentation 3) Observation 4) Reperformance
300
What is error extrapolation wp do?
Used to determine and project the total amount of misstatement in the population tested
300
Who is the current CEO? Also, who is the current Chairman of the Board?
Barry Salzberg; Punit Renjen
400
If a difference is found in a substantive analytical procedure, we should seek explanations for...
Full amount of a difference, not just that part that exceeds the threshold
400
Which imperative addresses demonstrating expertise in understanding internal controls?
Audit Imperative #2
400
After you have finalized a working paper, how should you note that you are done with the working paper?
Signoff on completed audit documentation (and include tickmarks or review notes on outstanding items)
400
What were the full names of the accounting manager and financial controller you met with this week?
Sam Harstick; Ashley Callus
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