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Theory
Analytical Procedures
EY trivia
Financial Statement Assertions
PSPs
100
Increases in economic benefits during the accounting period in the form of inflows or enhancemens of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants.
What is income?
100
Two categories of analytical procedures.
What are predictive procedures and ratio/trend analysis procedures?
100
The year EY was founded
What is 1989?
100
The assertion that addresses whether or not all transactions were recorded in the correct reporting period.
What is occurrence?
100
Performing overall analytical review, revenue recognition procedures and understanding the contents of miscellaneous income accounts
What are the PSPs for revenues?
200
Gross inflow of economic benefits during the period arising in the course of ordinary activities of an entity when those inflows result in increases in equity, other than increases relating to contributions from equity participants
What is revenue?
200
The activity that supports analytical procedures by disaggregating data into pieces of information for which we can idnetify meaningful relationships with other information.
What is data analysis?
200
The current EY chairman
Who is Mark Weinberger?
200
The assertion that addresses that all transactions were recorded in the income statement.
What is completeness?
200
Understand contents of administrative and other expense accounts, compare with prior period, investigate unusual transactions, review underlying documentation such as invoices, verify legal expenses
What are the PSPs for administrative and other expenses?
300
Decreases in economic benefits during the period in the form of outflows, depletion of assets, incurrences or liabilities that result in decreases in equity, other than distributions to participants.
What are expenses?
300
The difference between the recorded amount and our expectation that is acceptable without further investigation.
What is variance threshold?
300
The approximate # of employes at EY.
What is 167,000?
300
The assertion that addresses all transactions being recorded in the income statement at the appropriate amount and in the appropriate account.
What is measurement?
300
Comparing the budget to actual and comparing the current period to prior period.
What are the ways that we can determine if the income statement revenue/expenses are reasonable?
400
Other items that meet the definition of income and may or may not arise in the course of ordinary activities of an entity.
What are gains?
400
the quality, condition, or fact of being exact and accurate.
What is precision?
400
EMEIA, Americas, Asia-Pac, Japan
What are the four areas within EY?
400
The assertion that ensures that all transactions were properly classified, described and disclosed in the income statement and the notes of the financial statements.
What is presentation and disclosure.
400
A key step to make sure the numbers being audited are what is ending up in the financial statements.
What is agreing sub-ledgers to the general ledger and obtaining a reconciliation if they two do not agree?
500
Decreases in equity (net assets) from peripheral or incidental transactions of an entity, and from all other transactions and other events and circumstances affecting the entity during a period, except those that result from expenses or distributions to owners
What are losses?
500
The comparison of various pieces of information.
What are analytical procedures?
500
EY is an official sponsor in 2016.
What is the olympics in RIO?
500
A balance sheet assertion that can be linked to Occurrence.
What is Existence?
500
additional procedures that could be used to audit revenues.
What are other substantive procedures (or OSPs)?