PwC Audit Guide
How do we access the PwC audit guide?
Viewpoint
Does an interim review provide an opinion?
No
What is a Comfort Letter?
A business document that is intended to assure the recipient that a financial or contractual obligation with another party can and be met.
Agreed to prior financial statements/audit workpapers without exception
PQ
PY
What is the name of the largest avenue in the world?
Grand Avenida 9 de Julio
What is the name and purpose of PwC Audit Guide 8101.2?
Audit procedures on final set of financial statements
Covers specific procedures we perform on the final set of financial statements including overall conclusion analytics, material adjusting journal entries, footing/crossfooting/mathematical accuracy, agreeing FS to the workpapers and TB, accuracy of account grouping, adequacy of disclosures, accounting policy, disclosure checklist, etc.
What does a review mainly consist of?
Performing analytical procedures and making inquiries of persons responsible for financial and accounting matters.
Which items within the MD&A are audited?
None of them!
MD&A represents the thoughts and opinions of management. As it may contain forward-looking statements, estimates, approximations, hypothetical amounts, and qualitative, subjective or judgment-based items, this section is unaudited. However, the engagement team provides comfort over certain financial disclosures within the MD&A as part of Comfort Letter “Circle-Up” Procedures.
Footed / cross footed for mathematical accuracy
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What is the name of the largest waterfall and the highest mountain in Argentina?
Iguazu Falls
Mount Aconcagua
When are you required to leave a comment in the disclosure checklist tool?
When the disclosure guidance item is “No”
What is one difference between an interim review vs an audit?
Any of the below answers -
Provide a basis for expressing an opinion
Test accounting records or controls, or obtain corroborating evidence
A review is focused on procedures that address significant accounting and disclosure matters relating to the interim financial information to be reported.
Which items are required to be tied out within the MD&A section?
Only items that are circled
What is the tickmark ‘BS’ typically used for?
To indicate that a balance disclosed in the footnotes agrees to the balance in the Balance Sheet
What is the official national sport of Argentina?
El pato
What is the name and purpose of PwC Audit Guide 8102?
Financial statement disclosure checklists
The auditor must evaluate whether the financial statements are presented fairly, in all material respects, in conformity with the applicable financial reporting framework.
Use of PwC DCL tool to determine that the overall presentation of the financial statements, including the related disclosures is in accordance with the applicable financial reporting framework.
Which PCAOB Auditing Standard covers Interim Review engagements?
AS 4105: Reviews of Interim Financial Information
What is the purpose of the MD&A section?
To provide management’s key takeaways over how the company is performing and any future goals/expectations/focuses
Name at least one tickmark that would be appropriate to include on this number
RC, BS
Argentina recently won the Guinness World Record for the most of which superhero in a public place?
Spiderman!
What is the primary guidance over the nature, timing and extent of controls testing?
PwC Audit 5400
Which level of assurance is provided for a review? For an audit?
Reviews - limited assurance that the statements are free from material misstatement and conform to GAAP
Audits - reasonable assurance that the statements are free from material misstatement and conform to GAAP
Name 4 of the 5 major general criteria for circling an item within the MD&A
Expressed in dollars or percentages derived from dollar amounts
Has been obtained from the entity’s accounting records
Subject to the entity’s internal controls over financial reporting
Has been derived from accounting records by analysis or computation
Qualitative information that has been obtained from an accounting record subject to ICFR
Which tickmark is appropriate to include in final audit documentation when amounts have not been tied out or when there is an uninvestigated difference?
None - any amount within the financial statements and footnotes must be tied out by the engagement team, and any material differences must be investigated/explained.
What is the population of Argentina?
41 million