EY Training 1
"An audit of a company's financial statements and controls"
Integrated Audit
"This American football team, based in New England, has won six Super Bowl titles under coach Bill Belichick and quarterback Tom Brady."
New England Patriots
"This Italian dish consists of dough topped with tomato sauce, cheese, and various other ingredients, and is baked in an oven."
Pizza
"This city is the capital of France and is known for landmarks such as the Eiffel Tower and the Louvre Museum."
Paris
"The mindset to "Trust but Verify""
Professional Skepticism
"The government act that requires public companies to have an audit opinion on their controls"
Sarbanes Oxley Act
"This sport, often referred to as 'the beautiful game,' is the most popular in the world and is known for its major international tournament, the World Cup."
Soccer
"This fruit, known for its high potassium content, is often used in smoothies and as a topping for cereal."
Banana
"This country, known for its kangaroos and the Great Barrier Reef, is also the smallest continent by land area."
Australia
"What does WCGW stand for?"
What Could Go Wrong
"This also known as "SAD" is 5% of our PM and determines if a difference in our audit testing is material"
Summary of Audit Differences
"Known as 'The King,' this professional basketball player has played for the Cleveland Cavaliers, Miami Heat, and Los Angeles Lakers, and has won four NBA championships."
Lebron James
"This traditional Japanese dish consists of vinegared rice accompanied by various ingredients such as raw fish, vegetables, and seaweed."
Sushi
"This large desert in northern Africa is the hottest desert in the world and spans several countries, including Egypt and Libya."
Sahara Desert
Walkthrough
Audit Risk
"This tennis player from Switzerland holds the record for the most Grand Slam singles titles won by a male player, with 20, as of 2021."
Rodger Federer
"This Mexican dish consists of a folded or rolled tortilla filled with various mixtures, such as seasoned meat, beans, cheese, and lettuce."
Taco
"This South American city, famous for its Carnival festival and the Christ the Redeemer statue, is one of the most visited cities in the Southern Hemisphere."
Rio De Janeiro
The Critical Path
"The risks that the financial statements are materially misstated prior to the performance of our audit procedures. These risks consist of risks at the financial statement level and risks at the assertion level"
Risks of Material Misstatement
"This legendary boxer, nicknamed 'The Greatest,' was known for his quick footwork and powerful punches, and is famous for his fights against Joe Frazier and George Foreman."
Muhammad Ali
"This French dessert features a rich, creamy custard topped with a layer of hardened caramelized sugar."
Creme Brulee
"This Southeast Asian city-state is known for its cleanliness, efficient public transportation system, and landmarks like Marina Bay Sands and the Merlion statue."
Singapore
"This screen in Canvas is where we establish the % we are testing accounts at as well as the WCGWs, Controls and Assertions for each account"
CRA Screen