Potpourri
These are the two parties to which an audit report is addressed
shareholders; board of directors
In attribute sampling, this factor has an inverse effect on sample size
Tolerable deviation rate
The PCAOB is responsible for writing accounting standards for these types of companies.
None
This is how frequently the lead audit partner must rotate in the U.S. in order to maintain independence.
5 years
This is the order in which an unqualified audit report for a SOX 404(a) issuer is constructed.
4, 5, 2, 3, 8, 7, 1
Auditors must obtain ________ & __________ audit evidence to support their audit opinion.
sufficient; appropriate
This refers to an audit of an entity’s ICFR as well as its financial statements.
Integrated
Subsequent events occur between these two dates.
balance sheet date; audit report release date
These are the document completion and retention requirements for audits of private companies.
60 days; 5 years
This is the order in which an unqualified audit report for a SOX 404(b) issuer is constructed.
4, 5, 2, 3, 8, 6, 7, 1
These two components comprise the risk of material misstatement.
inherent risk; control risk
A test of internal controls involves these two components.
test of design; test of operating effectiveness
A company can only have this number of significant deficiencies before an adverse internal control report is issued.
There is no bright line answer
These are the document completion and retention requirements for audits of public companies.
45 days; 7 years
This is the order in which a qualified audit report for a SOX 404(a) issuer is constructed.
4, 5, 2, 3, 9, 8, 7, 1
These are the two assertions that the auditor would be concerned with related to the goodwill and impairment expense accounts for a delayed goodwill impairment.
This type of sampling is used to select items for internal control testing.
attribute
This component of the COSO Internal Control Integrated Framework is frequently referred to as the "tone at the top".
Control environment
This is the level of public float at which companies are subject to internal control audit requirement of SOX 404(b).
$75 million
This is the order in which an unqualified audit report with an emphasis of a matter paragraph for a SOX 404(a) issuer is constructed.
4, 5, 2, 3, 8, 9, 7, 1
These are the three components of the fraud triangle
pressure; opportunity; rationalization
These are three of the goals of internal controls.
reliability of financial reporting; effectiveness and efficiency of operations; compliance with laws and regulations
This is the SEC filing which contains the financial statements, management's assessment of internal control, and the auditor's opinion of both the financial statements and the internal controls.
10-K
This is the level of public float at which companies are subject to the management attestation requirement of SOX 404(a).
>$0
This is the order in which a qualified audit report for a SOX 404(b) issuer is constructed.
4, 5, 2, 3, 9, 8, 6, 7, 1