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Acronyms
Types of Risks
Audit Procedures - Foundation
Inventory
Audit Transformation
100
ASM
What is Audit Strategy Memorandum
100
A risk resulting from significant conditions, events, circumstances, actions or inactions that could adversely affect an entity's ability to achieve its objectives and execute its strategies, or from the setting of inappropriate objectives and strategies.
What is Business Risk
100
The name of the two types of test of details?
What is Key Item Testing and Sampling
100
This is the naming index for inventory workpapers
What is the letter "F"
100
EY new web-based audit tool that was designed and built to enable you to execute audit effectively and efficiently with your team. Its main aims are to help teams have a better focus on risks and improve project management and team collaboration.
What is EY Canvas
200
IPE
What is Information Produced by the Entity
200
The risk that we express an inappropriate audit opinion where the financial statements are materially misstated.
What is Audit Risk
200
The critical path of a SCOT (i.e., the order in which we perform our walkthroughs and understand the process of a significant transaction)
What is - Initiation - Recording - Processing - Reporting
200
The two primary assertions for inventory
What is Existence and Valuation
200
PSP
What is Primary Substantive Procedures
300
SAD
What is Summary of Audit Differences
300
The risk that a misstatement that could occur in an assertion about a class of transactions, account balance or disclosure and that could be material, either individually or when aggregated when other misstatements, will not be prevented, or detected and corrected, on a timely basis by the entity's internal control
What is Control Risk
300
Five (5) key terminology used when testing controls.
What is - Inquiry - Observation - Inspection of Physical Evidence - Re-performance/recalculation - Data analysis
300
The form number for the required inventory observation checklist
What is 340GL (Topic Based GAM) or U239 (old GAM)
300
Three audit phases per EY Canvas
What are - Scope & Strategy - Execution - Conclusion
400
GAAIT
What is Global Accounting & Auditing Information Tool
400
The risk that our procedures to reduce audit risk to an acceptably low level will not detect a misstatement that exists and that could be material, either individually or when aggregated with other misstatements.
What is Detection Risk
400
The three required PSPs for Cash
What is Bank Confirmations, Bank Reconciliations, Cash Cutoff
400
This is the formula used to calculate Inventory Balance
What is Inventory Balance = Quantity x Unit Costs – Allowances (i.e. E&O, STA)
400
A legacy EY data Analytics tool (mentioned during today’s lecture by Craig) that is being enhanced to create EY Helix
What is EAGLe or Audit Analytics Modules (AAM)
500
TAS
What is Transaction Advisory Services
500
The susceptibility of an assertion about a class of transactions, account balance or disclosure to a misstatement that could be material, either individually or when aggregated with other misstatements, before consideration of any related controls.
What is Inherent Risk
500
Three of the five methods to perform sampling for confirmations
What is - Sampling strategy advisor - EY/MicroStart - EY/random - EY/Sampling Assistant - ACL
500
Name 5 of the 7 required Inventory PSPs
What is - Physical Observation - Confirmation of Inventory Held by others - Reconciliation of Inventory Compilation to the GL Subledger - Rollforward Procedures - Inventory Cutoff - Valuation in Accordance with Accounting Policy - Net Realizable Value Testing
500
Five (5) flows that are included in the Scope & Strategy phase of EY Canvas
What is - Accounts Summary - SCOTs Summary - IT Summary - CRA Summary - Audit Plan Summary - Group Structure Summary - Group Instructions Summary