Becker CPA Mnemonics

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Becker CPA Mnemonics

10 Generally Accepted Accounting Principles

TIP PIE ACDO

TIP PIE ACDO
General= Training, Independence, Professional Care;
Fieldwork= Planning and supervision, Internal control, Entity and environment;
Reporting= Accounting gaap, Consistency, Disclosure, express Opinion

Contents of Scope Paragraph of Unqualified

APMEAM

APMEAM x 2 Audit conducted in Accordance, Planned and Performed Material Mistatement, Examined Evidence Accounting Principles Assessed, significant estimates Made by Management

What are the 6 interrelated elements of quality control?

HELPME

HELPME
Human resources;
Engagement/client acceptance and continuance;
Leadership responsibilities;
Performance of the engagement; Monitoring;
Ethical requirements

What are the eleven attestation standards?

TIPPYPASSER

TIPPYPASSER 5 General=
Training and proficiency;
Independence;
Performance/due professional care;
Professional, adequate knowledge of subject matter;
Your belief that subject matter capable of evaluation against criteria that are suitable and available to users;

Fieldwork=
Planning;
Appropriate,
Sufficient evidence;

Four Reporting= identify
Subject matter or assertion being reported on; disclose Significant reservations about engagement;
Express conclusions about subject matter;
Restrict use

6 Main Financial Statement assertions?
COVERU

COVERU
Completeness;
cut-Off; Valuation;
Existence;
Rights and obligations;
Understandability

Five Components of Internal Control
CRIME

CRIME
Control environment;
Risk assessment;
Information and communication systems;
Monitoring;
Existing control activities

14 audit procedures used in every audit?

FIVE CARROT CARS

FIVE CARROT CARS
Footing;
Inquiry;
Vouching;
Examination;
Confirmation;
Analytical procedures;
Reperformance;
Recon;
Observation;
Tracing;
Cut-off review;
Auditing related accounts simultaneously;
Representation letter;
Subsequent events review

Scope Paragraph -
(RAPMEAM RAPMEAM)

Responsibility. Responsibility.
Audit. Accordance.
Planned. Performed.
Material. Misstatement.
Examining. Evidence.
Accessing. Accounting prin.
Made. Management.

Going Concern Procedures
(ADMITS)

Analytical procedures.
Debt compliance.
Minutes.
Inquiry legal.
hird parties.
Subsequent events.

Going Concern Conditions and Events -

(FINE)

Financial difficulties
Internal matters
Negative trends
External matters

Seven parts of the Auditors' Standard Report? (TAISFD)

Title,
Addressee,
Intro,
Scope,
Opinion,
Firm name,
Report date.

change prior opinion
DORCS

Date
Opinion
Reason
Changes
Statement

PRIME - subsequent event responsibility

Post balance sheet transactions
Representation letter
Inquiry with management on significant matters
Minutes
Examine latest interim financials

Understandinf clients business

STAFF

Staff qualifications
Transaction types and frequency
Accounting basis used to prepare financials
Form of the accounting records
Financial statements form and content

Compilation report

ALARD

Aicpa
Limited
not Audited
not Reviewed
Disclaimer of opinion

Review requirements
U LIAR CPA

Understanding with client established
Learn/obtain sufficient knowledge of entity business
Inquiries addressed appropriately
Analytical procedures
Review
Client rep letter
Professional judgment
Accountant communicate result

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