Initial engagement activities
The site used to submit CES maintenance requests.
What is Service Hub or ServiceNow?
For public companies, what Aura tool is used to identify significant accounts and disclosures.
What is Aura Risk Assessment (ARA)?
What is Journal Entry scoping template?
As auditors, we document our understanding of the process flow and management controls, including completeness of controls and whether they address all relevant LSPMs.
What is a walkthrough?
It is an external organization that provides a service to the client and is a Planning EGA (public/private)?
What is service organization?
The first two EGAs prepared prior to the engagement letter for public companies
What is client Acceptance and continuance EGA and Data protection planning considerations EGA?
The Materiality View of OM, PM, and de minimus must align with what Planning EGA?
What is Preliminary assessment of materiality?
This tool is used to export reports for Audit planning affirmation EGA.
What is Aura Reporting Tool?
There are points within the company's process narrative at which a misstatement could arise - including a misstatement due to fraud.
What is LSPM?
What is inquiry, observation, inspection, and reperformance?
This form is signed by the client for EGA "Plan to use Connect for PBC process"
What is Client Access form?
These 3 components is used for management's process to develop an accounting estimate.
What is Data, Assumptions, and Models/Methods?
A meeting is held for all key engagement team members to finalize risk assessment and determine audit strategy & plan.
What is Team Planning Meeting?
The most popular form of documenting business process walkthrough and is also sent to the client.
What is narrative?
For AFS planning EGA, we obtain pre-approval for ICFR services (not tax services) through this letter.
What is Rule 3525 letter?
The Rule 3524 letter is required for pre-approval of a specific service for AFS.
What is tax services?
These 5 components make up the COSO framework.
What is control environment, risk assessment, control activities, monitoring, and information & communication?
This report is provided to the engagement leader and linked within the Audit planning affirmation EGA.
What is "Summary of Risks and Planned Evidence - EL Review"?
In Aura, you can find all key reports, spreadsheets and related IT dependency reference number for walkthrough EGAs in this view.
What is Supplemental View or IT dependencies view?
This planning EGA documents ET's understanding of the events, conditions, and company activities that might reasonably be expected to have a significant effect on the risks of material misstatements (involves a lot of industry research).
What is Understand entity and its environment EGA?
The firm's primary tool for capturing and documenting engagement, entity and relationship information associated with audit, review or attest engagements that populates the Independence (Restricted Entities) List and Securities List.
What is CES or Central Entity Service?
This four step process is used for substantive/risk assessment analytics.
What is Step 1 (Determine suitability, data reliability, and independent expectation), Step 2 (Define threshold), Step 3 (Compute differences), and Step 4 (Investigate and corroborate with evidence).
The audit planning sign-off deadline date for non-calendar year end Public company audits.
What is "3 months prior to year-end"?
Inquiries performed to expand out understanding of the control activity in the case of one-off cases or unique circumstances.
What is probing questions?
The Audit Planning sign-off deadline for all non-public company engagements.
What is one month prior to year-end? (Dec. 1 for calendar year end companies)