Significant Terms
Audit Standards
Planning The Audit
Audit Evidence
More Significant Terms
100
The measure of the quality of audit evidence ( that is it's relevance and reliability in providing support for the conclusions on which the auditor's opinion is based)
What is Appropriate Audit Evidence
100
The PCAOB Standard for Considering Fraud
What is AU-316
100
This address whether assets are the rights of the organization and whether liabilities ar the obligation of the organization
What is the Assertion for Rights and Obligations
100
When the auditor is looking at a clients process or procedure, this type of evidence is
What is observation
100
A document that specifics the responsibilities of both the client and the auditor
What is the Audit Engagement Letter
200
Substantive test and a related test of a relative control that are performed concurrently.
What is a dual purpose test?
200
These are applicable to the auditor and audit firm and provide guidance in selecting and training its professionals to meet the public trust.
What are general standards
200
The objective and scope of the audit, the responsibility of the auditor and management, a statement that some material misstatement may not be detected
What are elements of the audit engagement letter
200
Sales Invoices and Purchase Orders
What is internal documentation
200
This are designed to obtain audit evidence to support the audit opinions.
What are Audit Procedures
300
Risk Assessment, Test of Controls, Substantive (Analytical and Test of Details)
What are the category of procedures
300
The AICPA Standard for Audit Evidence
The AICPA Standard for Audit Evidence
300
The assessed level of control risk when the internal control design is assessed as ineffective
What is high control risk
300
This are accounting documents
Depriciation and Amortization Schedules; Management Exception reports
300
Correction of a misstatement of financial statements that was or should have been proposed by the auditor, that could have a material effect on the company's financial statements.
What are audit adjustments
400
This cycle begins when a transaction occurs and ends when it is recorded in the financial statements
What is the accounting cycle
400
This authorative body issues auditing standards that applt to auditors of U.S. public companies
Who is PCAOB
400
The effectiveness of these controls may reduce the number of control activities selected for testing.
What are entity-wide controls
400
What procedures should be performed when there are disagreements among members of the engagement team or with others consulted on the engagement about final conclusions reached on significant accounting or auditing matters
What is document the significant issue and resolution
400
This approach is used to test assets and expenses for overstatement and liabilities and revenues for understatement.
What is directional testing
500
This is the measure of the quantity of audit evidence
What is Sufficient Audit Evidence
500
IAASB Standard ISA 330 is related to
What is The Auditor's Responses to Assessed Risks
500
In deciding substantive procedures for the Financial Statement Audit, when the design of controls related to the risk of material misstatements is not effective, the auditor should.
What is document significant deficiencies and material weaknesses and report to those charged with governance.
500
When relying on a specialist, the auditor should consider these factors
What are professional cerification, license and professional reputation
500
This is influenced by risk, potential management bias associated with the evidence.
What is the Reliability of Audit Evidence
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