GENERAL
Name one of the five components of the COSO framework.
Control Environment, risk assessment, control activities, information and communication, monitoring activities
In RAS, what does a red tick mark indicate?
A manager has reviewed the item/s.
What are the three core values of FCL?
Integrity, excellence, and responsibility
What are the three sides of the fraud triangle?
Opportunity, Incentive, Rationalization
Two types of sampling approach
After you have finalized a working paper, how should you note that you are done with the working paper?
Signoff and date stamp on completed audit documentation (and include tickmarks or review notes on outstanding items)
How many floors is in FCL Saskatoon's H02 office (# of floor buttons in the elevator)?
10
Give at least 3 items that may be included in the audit planning memo.
Background, risk overview, audit approach, resources, budget, target dates
What are the different ways to test the operating effectiveness of controls? Name two ways..
1) Inquiry 2) Inspection of documentation 3) Observation 4) Reperformance
Give at least 3 items which are generally included in the format of working papers.
Review name, audit process/test, date of fieldwork, audit period, description, control objectives, risks/controls, scope, testing attributes and legends, findings and conclusions
Who is the current CEO? Also, who is the current Chairman of the Board?
Heather Ryan, Paul Hames
One of our overall objectives as an auditor is to obtain _____ ________ about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, thereby enabling the auditor to express an ______ on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework.
Reasonable assurance; opinion
Provide at least 2 out of the 4 types of controls
Preventative, Detective, Manual, and Automated
How many active staff members are currently in FCL's Audit Department as of today?
27
What are the assertions related to transactions (income statement)?
occurrence (validity) completeness accuracy cut-off classification
What is control risk?
Control Risk: The risk that a misstatement that could occur in an assertion about a class of transaction, account balance, or disclosure and that could be material, either individually or when aggregated with other misstatements, will not be prevented, or detected and corrected, on a timely basis by the entity’s internal control.
Give 3 out of the 4 categories of audit reports.
Who is the current Chair of the Audit Committee?
Valerie Pearson