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AUD Mnemonics

Terms in this set (29)

Overall objectives & responsibilities
TIPICANOE
Training & Professional Judgement
Independence & other ethical requirements, including Due Care
Professional Skepticism
Internal Controls
Corroborative Audit Evidence
Accounting principles in conformity with AFRF (explicit)
No new accounting principles applied (implied)
Omitted informative disclosures (implied)
Expression of an opinion (explicit)
Matters to communicate with governance
DISAPPROVE
Disagreements with management
Noncompliance with laws & regulations, including Illegal acts
Significant accounting policies
Adjustments
Prior discussions with management
Problems or significant deficiencies
Responsibilities of the auditor under GAAS
Other information
Views of the accountant
Estimates
Elements of the engagement letter
FACSIMILE
Fees
Auditor's responsibility
Confirmation of engagement
Scope & objective
Internal Control
Management's responsibility
Irregularities
ILlegal acts
Errors
Planning procedures
BRAINSTOPS
Basic discussions with client
Review of audit documentation
Ask about recent developments
Interim F/S
Nonaudit personnel
Staffing
Timing
Outside assistance
Pronouncements
Scheduling with the client
Elements of quality control
HEAL-ME
Human Resources (personnel management)
Ethical requirements (independence)
Acceptance & continuance of client relationships & specific engagements
Leadership responsibilities for quality within the firm
Monitoring
Engagement performance
Objectives of Internal Control
ACE
Accurate & Reliable financial reporting
Compliance with applicable laws & regulations
Efficient & effective operations
Management assertions
COCA-CURVE
Completeness
Occurrence
Cutoff
Accuracy
Classification
Understandability
Rights & Obligations
Valuation & Allocation
Existence
Classes of Transactions & Events
CPA-CO
Completeness
Period cutoff
Accuracy
Classification
Occurrence
Account Balances at Year End
RACE
Rights & Obligations
Allocation & Valuation
Completeness
Existence
Presentations & Disclosures
RACOU
Rights & Obligations
Accuracy & Valuation
Completeness
Occurrence
Understandability & Classification
6 groups of assertions
U-PERCV
Understandability & classification
Presentation & Disclosure
Existence or Occurrence
Rights & Obligations
Completeness & Cutoff
Valuation, Allocation, & Accuracy
5 Components of Internal Control
CRIME
Control Environment
Risk Assessment
Control Activities
Information & Communication
Monitoring
Control Environment Factors
CHOPPER
Commitment to competence
Human resource policies & practice
Organizational Structure
Participation of those charged with governance
Philosophy of management & management operating style
Ethical values & integrity
Responsibility assignment
Control Activities
PIPS
Performance reviews
Information processing
Physical controls
Segregation of duties
Segregation of duties
ARCC
Authorization
Recording
Custody
Comparison
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