Show:
GENERAL
SUBSTANTIVE
CONTROLS
WORKPAPERS
GRAB BAG
100

What does PCAOB stand for?

Public Company Accounting Oversight Board (PCAOB)

100

What does PM and CTT stand for?

Performance Materiality and Clearly Trivial Threshold

100

If we find an exception in our control testing, can we rely on the effectiveness of a control?

No

100
What is the purpose of a tickmark?
To provide additional context and/or support for information contained in a working paper.
100

Where in your audit file will you find the planned substantive and control testing for any given risk?

ROMM

200

An attitude that includes a questioning mind, being alert to conditions that may indicate possible misstatements, and a critical assessment of audit evidence.

what is Professional Skepticism?

200

What is the guidance for determining the threshold for substantive analytical procedures?

AAM 5210

200

What is the guidance reference to determine sample size for testing the operating effectiveness of a control?

AAM 4200.21, Figure 4200.2

200
What does MUS stand for?
Monetary Unit Sampling
200

How many "city floors" (i.e. Los Angeles, Sao Paulo, etc.) at Deloitte University?

16

300

When the auditor is unable to determine the amounts associated with noncompliance with a law by client personnel due to a scope limitation, the auditor would likely issue a __________ opinion. 

disclaimer

300

What are the two types of substantive tests?

1) Test of Details 2) Substantive Analytics

300

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

300
What is error extrapolation wp do?
Used to determine and project the total amount of misstatement in the population tested
300

Who is the current CEO? Also, who is the current Chairman of the Board?

Barry Salzberg; Punit Renjen

400

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

400

If a difference is found in a substantive analytical procedure, we should seek explanations for...

Full amount of a difference, not just that part that exceeds the threshold

400
Which imperative addresses demonstrating expertise in understanding internal controls?
Audit Imperative #2
400
After you have finalized a working paper, how should you note that you are done with the working paper?
Signoff on completed audit documentation (and include tickmarks or review notes on outstanding items)
400

What were the full names of the accounting manager and financial controller you met with this week?

Sam Harstick; Ashley Callus

500

What are the assertions related to transactions (income statement)?

occurrence (validity) completeness accuracy cut-off classification

500
For audits performed in accordance with the standards of the PCAOB, regardless of whether we are relying on Controls, and our Substantive Procedures is in response to a Significant Risk, what type of substantive testing is required?
Tests of Details alone or Tests of Details performed in combination with Substantive Analytical Procedures
500
What is inherent risk and control risk? What is the difference?
Inherent Risk: The susceptibility of an assertion about a class of transaction, account balance, or disclosure to a misstatement that could be material, either individually or when aggregated with other misstatements, before consideration of any related controls. 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.
500

What is the purpose of cross references?

Cross references are used to create links between engagement items, such as working papers, risks, findings, controls, and procedures

500

For 500 points, as a team, sing our team cheer (Lyrics will be provided)

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