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16 terms

Becker CPA Mnemonics

Becker CPA Mnemonics
STUDY
PLAY
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