Excel Functions
If you wanted to quickly add up a row or column of numbers, you would use this function.
What is =SUM?
This audit phase involves assessing the risk of material misstatement through understanding the entity and its environment, including internal controls, and is critical for designing effective audit procedures.
What is the Planning Phase?
This type of audit opinion is issued when the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework.
Unqualified Opinion
The framework of accounting standards, principles, and procedures used in the United States to prepare financial statements.
What is GAAP (Generally Accepted Accounting Principles)?
This platform is used by EY employees to log their time and manage timesheets.
What is Mercury?
This function joins two or more text strings into one cell.
What is =CONCAT?
Excluding controls, this portion of the audit involves testing each account line item on the Company’s Financial Statements
What is substantive?
This term refers to the auditor’s judgment about the smallest amount of misstatement that would influence the decisions of financial statement users.
What is materiality?
Maximum amount of misstatement in a population that the auditor is willing to accept without concluding that the account balance or class of transactions is materially misstated.
TE (Tolerable Error)
At EY, this platform is used to book meeting rooms and manage workspace reservations across office locations.
What is Reserve?
This text-cleaning function removes all extra spaces from a string, leaving only single spaces between words and no leading or trailing spaces.
What is =TRIM?
This phase involves selecting a sample of occurrences of a control to test if management performed all steps ("attributes") of the control. Management provides exhibits for testing but we do not have to retain them in Canvas.
What is a Test of Controls?
This term describes the auditor’s responsibility to maintain independence in both fact and appearance throughout the audit engagement.
What is professional skepticism?
This acronym refers to data, documents, and reports generated internally by an organization’s systems or personnel, which are used by auditors as part of the audit process. IPE plays a central role in both internal controls testing and substantive audit procedures, especially under frameworks like Sarbanes-Oxley (SOX) and PCAOB standards.
What is IPE (Information Produce by Entity)?
This EY tool helps auditors determine the number of selections needed for testing based on population size and confidence levels.
What is EY Smart Sampling?
This powerful lookup function replaces previous versions of it by allowing you to search a range or array for a match and return a corresponding value from another range.
What is =XLOOKUP?
An initial occurrence of a control where the audit team obtains evidence that displays management's completion of the controls via procedures over an exhibit or exhibits.
What is a walkthrough?
This type of sampling method gives every item in a population an equal chance of selection and is often used to reduce selection bias in substantive testing.
What is Random sampling
This acronym refers to the documentation of key transaction areas that auditors focus on when assessing risk and designing procedures?
What is a SCOT (Significant Classes of Transactions)?
This feature embedded within EY Canvas enables audit teams to securely request and manage client-prepared documents, assign tasks to external users, and track engagement progress in real time.
What is the Client Collaboration Portal?
This advanced Excel function allows you to sum values based on multiple criteria, such as summing sales only for a specific region and product type.
What is =SUMIFS?
As part of the final phase of an audit, this document is obtained from management to confirm their responsibility for the financial statements and to assert that all relevant information has been disclosed to the auditors.
What is the management representation letter?
This term refers to the auditor’s evaluation of the risk of material misstatement, combining inherent risk and control risk to determine the nature, timing, and extent of audit procedures.
What is combined risk assessment?
This EY process involves an internal, independent evaluation of audit engagements to assess compliance with professional standards and improve audit quality.
What is AQR (Audit Quality Review)?
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What is the NYC Ticket Sales and Swaps Team Channel?