Potpourri
This is the name for independent professional services that improve the quality of information for decision makers
assurance services
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
This is the name for someone who must follow independence rules
covered member
A test of internal controls involves these two components.
test of design; test of operating effectiveness
Under ASC 450, a contingent liability should be accrued when it is _________ & __________.
probable; estimable
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
This is used in determining whether a control deficiency or combination of control deficiencies rises to the level of a material weakness.
professional judgment
This is the audit risk factor that can be altered by management
control risk
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 three of the four situations in which a person would be considered a covered member.
1) member of the engagement team
2) partner in the same office as the lead engagement partner
3) partner or manager who provides 10 or more hours of non-audit services
This is how can a material weakness in internal control NOT result in an adverse internal control opinion
If it can be remediated and tested again by the auditors prior to the balance sheet date.
GAAP must be followed for these types of audits.
None; GAAS for private filers and PCAOB standards for public filers.
These are the three opinions that accompany a SOX 404(b) filers' financial statements.
1) Auditor’s opinion of the financial statements
2) Auditor’s opinion of the entity’s internal control
3) Management’s opinion of the entity’s internal control
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