The EY organization that traditionally tests the IT environment.
What is ITRA
100
UBT
What is Understand the Business Template
100
Formula for audit risk
What is AR = IR X CR X DR
100
Define a WCGW (not just what it stands for!).
A significant chance of ocurance that could materially impact the financial statements
100
This is the greatest financial regulation overhual since the Great Depression
What is Dodd-Frank
200
Types of ITGCs
What are Logical Access, Manage Change and Other
200
CRA
What is Combined Risk Assessment
200
Name 3 components of the UBT
What is Industry, IT , External Factors, Legal Environment, Regulatory, Financial and Non Financial Information, nature of the entity, Nature and Selection of Accounting policies, objectives and strategies
200
How many controls should cover a WCGW?
What is 2
200
Describe two impacts the current economic environment has on our audits
Potential for lower PM, fraud risks, increase impairment or loan losses, increase in professional skeptism
300
Product Slim & Beauty was being sued for
What is ellipticals
300
SCOT
What is Significant Class of Transaction
300
What is the difference between an inherent risk and significant risk
A significant risk is an inherent risk with a higher likelihood of occurence and greater magnitude of misstatement
300
If there is only 1 control associated to a WCGW what alterations to testing should be made
Increase sample size
300
Name two recent PCAOB findings
Internal control testing, multi location audits, journal entries, substantive analytical procedures, auditing estimates, EAE and revenue recognition
400
An Integrated Audit
What is an audit of the financial statements and internal controls (SOx 404)
400
APT
Audit Planning Template
400
After we upload our industry UBT what do we need to do?
Update engagement specific information and alter the industry information to ensure it is relevant
400
What should WCGW be associated to?
What are SCOTs
400
What has been the focus of recent AQR findings around review controls?
Not enough percision
500
What are the two types of employee benefit plans
Defined contribuation and Definied Benefit
500
CAML
Control and Methodology Leader
500
What is the SAD consultation % to go to PPD
What is the lower range of PM.
500
What are the 4 steps in the critical path of a SCOT
What is Initiation, Recording, Processing and Reporting
500
What does the JOBS Act Stand for and name one provision from this act
JumpStart our Business Start Up Acts - 5 year "on-ramp" for companies to comply with regulations when going public