EY Audit Process
What are the phases of EY audit lifecycle?
What is Planning, Risk Assessment, Execution, and Reporting
Who is primarily tasked with the documentation of evidence?
Who is the Staff?
What does FAIT stand for?
What is Financial Audit IT?
What does GAM stand for?
What is EY'S Global Audit Methodology?
What is the purpose of risk assessment in the EY audit process?
What is to identify areas of potential misstatement and guide audit focus?
What does a senior typically do in an audit?
What is conduct walkthroughs, and document audit evidence, and performed detailed review?
What does "ITGC" stand for?
What is Information Technology General Controls
How many core capabilities are included in IT Audit?
What is 3? (IT Internal Audit, IT Systems Audit, and FAIT)
What role does documentation play in the EY audit process?
What is supports audit findings and ensures transparency and accountability?
Who reviews the audit findings and all deliverable documentation before issuing the final report?
Who is the Audit Partner
What is the meaning of "inherent risks"?
What is the natural level of risk present before applying any controls?
Name the process designed to provide reasonable assurance regarding the reliability of financial reporting.
What is Internal Control over Financial Reporting (ICFR)?
What can you refer to for audit procedures and methodology?
What is EY's Global Audit Methodology (EY GAM) & EY Atlas.
What responsibilities does the GPS FAIT team have in relation to the Financial Audit?
What is assessing risks in government systems and evaluating IT controls and compliance as they pertain to significant classes of transactions?
Explain "segregation of duties" in IT controls.
What is ensuring no single person can control all parts of a transaction to prevent fraud/errors?
What is an "integrated audit"?
What is an audit of both the financial statements and ICFR?
What are the 3 possible versions of an IT General Control?
What are controls that are completely dependent on computer programs (i.e., application controls), controls that are partially dependent on computer programs (i.e., IT-dependent manual controls) and manual controls.
Who is our client?
What is the Office of Inspector General (OIG)?
What does GAO stand for?
What is the Government Accountability Office?
What is the purpose of a Financial Statement Audit?
What is the planning and performance of procedures to obtain reasonable assurance the financial statements as a whole are free of material misstatements.