MCC Mock Audit

Types of Engagements

100

Provides the highest, but not absolute, assurance.

Audit

200

Provides no assurance

Compilation

300

Provides limited (negative) assurance

Review

400

Main procedures involve client inquiry and analytical procedures  

Review

500

Due diligence falls under which type of engagement 

AUP - Agreed upon procedures

Assertions

100

Name the main assertion associated with Cash

Existence

200

Name the main assertions associated with Accounts Receivable. Hint, there are 2.

- Existence (AR confirmations)

- Valuation (allowance)

300

Name the main assertion associated with Accounts Payable 

Completeness (Search for unrecorded liabilities) 

400

Name the assertions associated with Inventory. 

- Existence (physically inspecting the inventory during an inventory count)

- Valuation - (lower of cost or market)

500

Name the assertion used to test accruals 

Completeness

Deliverables

100

Main deliverable from audit, review, or compilation engagement. It is the responsibility of the client

Financial Statements

200

Deliverable that is the communication with those charges with governance. Hint: this letter is required on all audits. 

SAS 114 

300

Deliverable that explains control deficiencies found and recommendations for improvement

SAS 115 / Control Deficiency Letter

400

Name the 3 types of control deficiencies 

- Control Deficiency

- Significant Deficiency

- Material Weakness 

500

Deliverable that represents communication from the client to MCC. Hint it is "prepared" by MCC.

Representation Letter

Technology

100

Software utilized for audit, review, and compilation engagements 

CaseWare

200

Internal folder where you can find workpaper templates, department and engagement administration information, typing instructions, and many more useful items

Audit Disk

300

Website used to send and receive electronic confirmations

Confirmation.com

400

Excel add-in utilized to snip information from PDF's and drop them into excel. 

Datasnipper

500

Place where we keep client permanent files.

Go File Room

MCC

100

How often should time be entered

Daily

200

Name two of the industries MCC works on during the summer

- Governments 

- Employee benefit plans

- Not for profit 

- Fiscal year-end corporate clients

300

When should you check the engagement budget 

At the start of the engagement. If you don't know how much time you have budgeted, reach out to the in charge!

400

The last line of defense before the deliverables are sent to the client. This involves checking for grammar or spelling errors, footing, and checking page numbers. 

Proofing 

500

Name the 3 people you must include on your email when you are looking for work.

Joe (Joseph) Morad, Julie Peterson, Izzy (Elizabeth) Gasparini, Also helpful to CC your Buddy!