Audit Approach I
What audit guidance provides an overview of testing Review Controls?
PwC Audit 5401.1
What audit guidance provides the number of sampling instances to test operating effectiveness for relevant controls?
PwC Audit 5402
An alteryx workflow is being used in a control and your manager has asked you to make sure the alteryx workflow is properly documented in the control EGA per guidance. What audit guidance can help?
PwC Audit 1304.6
You have been asked by the engagement team manager to draft probing questions for the upcoming revenue walkthrough. Which section of PwC Audit do you find example probing questions?
3203.1 Walkthroughs and other procedures
You are testing inventory and your client has consolidation centers where inventory is stored outside of their warehouses. Your manager has asked you to send out the inventory confirmations to the consolidation centers asking them to provide you, the audit team, with their inventory listing instead of us providing them with a listing to confirm. Where can you find the the template to use and what is the template number?
1) US Template Manager --> Confirmations --> Inventory Confirmations
2) USTW0013
What audit guidance provides an overview on how to identify IT risks and IT dependencies?
PwC Audit 3301.1
You will be working on journal entry testing for your engagement team and your manager would like your help to prepare the Journal Entry template for the year. In Viewpoint, where can you find the template to assist with documentation of journal entry scoping including DAT's involvement? Provide the section header title.
US Template Manager --> PwC Accounting/Auditing Practice Aids --> DAT - Technology & Data journal entry scoping template
How can I access IFRS and other non-US content on Viewpoint?
Global Viewpoint site can be found by drop down arrow by clicking “US/EN” to "Global"
The engagement team is considering a new materiality approach in the current year and needs to consult with Quality Management. Where can the team find the memo which should be used in the consultation?
US Template Manager --> Consultation Templates --> Materiality Consultation Memo
The COE team has reached out to you for clarification regarding the number of samples needed to test for each account number to complete the COE's substantive testing of reconciliations. What audit guidance will be most helpful for testing reconciliations?
PwC Audit 6803
You have been tasked to make sure that the engagement leader is in the Aura workflow for all required EGAs. Which section of PwC Audit do you check to find the listing of required EGAs?
1305.9.2 Engagement leader minimum review requirements
Your manager has asked for your help to prepare the management rep letter for the integrated year-end audit with the most up-to-date template for your public company client. Where in Viewpoint can the template be found and what is the template number?
1) US Template Manager --> Representation letters --> Audit and Integrated Audit Engagements
2) USTW1009
You are assigned to test the statement of cash flows for a multinational client and need to understand how the cash flows of foreign operations should be presented. Which PwC Guide and Section would be most helpful?
PwC Financial statement presentation & disclosure guide, Section 6.11 Foreign Currency Cash Flows
You are working on a first year audit and assigned to test the 'Other Liabilities' FSLI. You think some of the accounts may be homogeneous populations, but are not sure. Where can you find guidance on assessing whether a population is homogeneous?
PwC Audit Guide 5350 Homogeneity of populations
You are working on preparing a control that has been deemed as a CDW and will now be uploaded to the SAD. In order to prepare the control EGA with the CDW, you are also in charge of preparing the CDW within the "Matters" view on Aura. What resource can you find on Viewpoint that can assist with your evaluation/response documentation of the CDW?
US Template Manager --> PwC Accounting/Auditing Practice Aids --> Control Deficiencies - Evaluation/response documentation
You are on a call with the client and they are asking if PwC offers any CPE eligible webcasts. You know PwC does and and tells the client you will send them the link to some upcoming webcasts. Where do you find these on Viewpoint?
Accounting & Reporting --> Webcasts
The client acquired a new company in the current year and you have been assigned to test the business combination accounting. As this is a step-up opportunity, you do not want to disappoint the team and begin reseraching the acquisition method. Which section of the FASB Codification summarizes the steps of the acquisition method?
ASC-805-10-05-4
(There were multiple ways to arrive at this answer, including going straight to the codification, using the BusCom guide etc)
The client is requesting for the inventory count to be virtual this year and you are tasked with planning the count. What resource on Viewpoint can help you ensure you have followed all applicable policies and procedures for virtual inventory counts?
PwC US Inventory audit companion 1.3.7.4 Planning and executing the virtual observation
It's the day before filing and the engagement leader wants to add an Additional Paragraph in the opinion on transactions with related parties. You are tasked with finding example language on Viewpoint. Where do you look?
PwC US Reporting Guide, Section 3.7.1 Significant transactions with related parties
The client wants to know if Viewpoint is free to use. What do you tell them?
Viewpoint is free for all external registered users as of July 1, 2023 (We will accept the answer it is free)