Assessing Risks and Evaluating Controls
What is a control versus a process?
Process is how it is done
Control is how they make sure it is done correctly
We tailor our audit procedures according to our?
Risk Assessment
This medical drama was recommended by multiple people on the first day of class.
The Pitt
How can clear and consistent communication help with project management?
Good Job!
Name the four supervisor styles?
Directing, Coaching, Supporting, Delegating
What is the formula for Audit Risk?
IR x CR x DR
With understanding the entity, what does it mean to obtain adequate breadth and depth of understanding?
Breadth is understanding various aspects of the business
Depth is the extent of our understanding
Trent H is adamant he doesn't know pop culture, and only really watches what?
Sports
Audit documentation is best when it is both ____ and ____.
Attractive and Helpful
What percent of leaders easily and regularly use all 4 supervisor styles?
1%
Inquiry alone is not sufficient for a control walkthrough. What else must be present?
Corroboration Procedures
The higher the risk, the ___ evidence needed. The ___ the quality of evidence, the less evidence needed.
More, Higher
Who was the best instructor you had the last few days?
Luke :)
What are the four phases of project management?
Define, Plan, Manage, Review
What are the four steps to delegating?
Plan delegation, hold delegation meeting, create a plan of action, follow up
What is a significant risk?
Nature - What we do
Extent - How far are we taking it
Timing - When are we doing it
What are the two team names in the class?
T.N.T., Team Name Undecided
What are the secondary goals of a review?
Improvements for the future, style, assess performance of team members
What are the four steps to feedback?
State the facts, link to the impact, open a dialogue, discuss the future
What are the three levels of deficiencies, and explain what the differences are?
Deficiency, Significant Deficiency, Material Weakness
What are the four methods of developing expectations with substantive analytics?
Trend analysis, ratio analysis, reasonableness, and regression analysis.
What is the fastest land animal in Yellowstone?
The Pronghorn
What are the primary goals of a review?
Sufficiency and appropriateness of: Procedures (N,T,E) and Evidence (results and conclusions)
Sufficiency and compliance of the documentation
Completeness of work
Explain the ladder of responsibility (talk about the five levels)
I make decisions, I ask for suggestions but make decisions, Employee generates options and I choose, Employee generates and recommends and I approve, Employee is fully autonomous.