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Study sets matching "auditing"

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Study sets matching "auditing"

48 terms
Auditing
Definitions... Audit
Auditor
Internal controls
Fraud
an official examination and verification of accounts and reco…
accounting professional who conducts an independent examinati…
Processes and procedures employed within a business to ensure…
A dishonest act by an employee that results in personal benef…
Definitions... Audit
an official examination and verification of accounts and reco…
Auditor
accounting professional who conducts an independent examinati…
39 terms
Auditing
sampling
population
sampling risk
non sampling risk
making a statement about a population based on sample of that…
entire group of items which a conclusion is desired in sampli…
-likelihood that the decision made on the sample will differ…
likelihood that an incorrect conclusion will be reached becau…
sampling
making a statement about a population based on sample of that…
population
entire group of items which a conclusion is desired in sampli…
149 terms
auditing
auditors must make decisions regarding…
A____ is the detailed instruction that…
audit evidence has two primary qualiti…
what is not a characteristic of the re…
sample size: yes timing of audit :yes
audit procedure
confirmation of AR balance received from a customer
education of auditor
auditors must make decisions regarding…
sample size: yes timing of audit :yes
A____ is the detailed instruction that…
audit procedure
18 terms
Auditing
An accountant
A chartered accountant/ certified acco…
To obtain an international certificate
An auditor
Person in charge of accountancy, book- keeping and double ent…
A professional with a certificate issued by an internationall…
To obtain an internationally recognised certificate
A person in charge of auditing - scrutinising the accountancy…
An accountant
Person in charge of accountancy, book- keeping and double ent…
A chartered accountant/ certified acco…
A professional with a certificate issued by an internationall…
52 terms
Auditing
Auditing
Evidence
Audit
Attestation
should be done by a competent, independent person
any information used by the auditor to determine whether the…
a form of attestation service in which the auditor expresses…
a type of assurance service in which the CPA firm issues a re…
Auditing
should be done by a competent, independent person
Evidence
any information used by the auditor to determine whether the…
Auditing
to complete
examination
to evaluate
accuracy
завершать
экзамен, проверка
оценивать
точность
to complete
завершать
examination
экзамен, проверка
24 terms
Auditing
Compliance Audit
Environmental audit
Follow-up
forensic accounting
Usually internal audit, sometimes government. Make sure follo…
Examination to make sure following environmental laws, regula…
Required by internal auditors to make sure significant findin…
PI, no materiality in fraud
Compliance Audit
Usually internal audit, sometimes government. Make sure follo…
Environmental audit
Examination to make sure following environmental laws, regula…
41 terms
Auditing
General Standards
Competence
Field Work Standards
Evidence
Qualifications of the auditor and quality of his work... Compete…
adequate technical training,... reliable and relevant
basis to judge the fairness of financial statements... Planning…
must be sufficient and competent, and obtained through inspec…
General Standards
Qualifications of the auditor and quality of his work... Compete…
Competence
adequate technical training,... reliable and relevant
13 terms
Auditing
To express whether or not the statemen…
The concept of the magnitude of a miss…
1. Preplanning... 2. Client Risk Profile…
Client continuance/acceptance - prior…
What is the objective of an audit?
What is materiality?
What are the eight phases of the audit?
What are some aspects in the preplanning stage?
To express whether or not the statemen…
What is the objective of an audit?
The concept of the magnitude of a miss…
What is materiality?
Auditing
10 GAAS
ASB
PCAOB
Principles underlying an audit
General: Technical training and proficiency, Independence and…
Issues SAS for non public companies
Issues AS for public companies
Purpose... Responsibilities... Performance... Reporting
10 GAAS
General: Technical training and proficiency, Independence and…
ASB
Issues SAS for non public companies
241 terms
Auditing
Any service that requires a CPA firm t…
The Sarbanes-Oxley Act applies to whic…
The use of the Certified Public Accoun…
An audit to determine whether an entit…
Attestation service... Ch 1
Public Companies... Ch 1
state law through a licensing department or agency of each st…
Compliance audit... Ch 1Any service that requires a CPA firm to…
Any service that requires a CPA firm t…
Attestation service... Ch 1
The Sarbanes-Oxley Act applies to whic…
Public Companies... Ch 1
241 terms
Auditing
Any service that requires a CPA firm t…
The Sarbanes-Oxley Act applies to whic…
The use of the Certified Public Accoun…
An audit to determine whether an entit…
Attestation service... Ch 1
Public Companies... Ch 1
state law through a licensing department or agency of each st…
Compliance audit... Ch 1
Any service that requires a CPA firm t…
Attestation service... Ch 1
The Sarbanes-Oxley Act applies to whic…
Public Companies... Ch 1
46 terms
Auditing
Which of the following factors does no…
Which of the following expectations ca…
Which of the following parties are inv…
Which of the following are the respons…
Requirements of the Center for Audit Quality
The financial statements are presented fairly in accordance w…
All of the above
None of the Above
Which of the following factors does no…
Requirements of the Center for Audit Quality
Which of the following expectations ca…
The financial statements are presented fairly in accordance w…
168 terms
Auditing
Who creates internal controls?
What do internal controls provide reas…
What two things must an auditor evalua…
What is the auditor's primary consider…
An entity's board of directors and management.
They provide reasonable assurance in achieving:... - Effective…
The design, and existence of a system, and the implementation…
Whether, and how, all elements of the control system prevent…
Who creates internal controls?
An entity's board of directors and management.
What do internal controls provide reas…
They provide reasonable assurance in achieving:... - Effective…
81 terms
Auditing
For an entity's financial statements t…
When disclaiming an opinion, what do y…
For and qualified an adverse opinion,…
for adverse opinion, In the auditor re…
the framework should be in the description on the financial s…
Instructions, auditor report, then is going to include, basis…
auditor responsibility paragraph. then include basis for qual…
we believe that the audit evident we have obtained is suffici…
For an entity's financial statements t…
the framework should be in the description on the financial s…
When disclaiming an opinion, what do y…
Instructions, auditor report, then is going to include, basis…
32 terms
Auditing
Trace a sample of shipping documents t…
Compare the quantity and description o…
Compare the quantity and description o…
Use audit software to foot and cross-…
STOT; Inspection; Completeness
STOT; Inspection; Accuracy
STOT; Inspection; Accuracy
STOT; Reperformance; Posting and summarization
Trace a sample of shipping documents t…
STOT; Inspection; Completeness
Compare the quantity and description o…
STOT; Inspection; Accuracy
167 terms
Auditing
1. Audit... 2. Review... 3. Compilation... 4. A…
Reasonable/High. But not absolute.
No assurance, it is simply an accounta…
No assurance, but client will be provi…
List the 4 types of audit engagements
What level of assurance does an Audit engagement provide?
What level of assurance does an Compilation provide?
What level of assurance does an Agreed Upon Procedures provide?
1. Audit... 2. Review... 3. Compilation... 4. A…
List the 4 types of audit engagements
Reasonable/High. But not absolute.
What level of assurance does an Audit engagement provide?
9 terms
Auditing
Audit
Code edits
Downcode
External Audit
A formal examination of patient's medical records and accounts.
Computer program function that screens for improperly or inco…
Occurs when the procedure code billed is for a procedure that…
An investigation performed by an external party to review pat…
Audit
A formal examination of patient's medical records and accounts.
Code edits
Computer program function that screens for improperly or inco…
83 terms
Auditing
Auditing
evidence
independent auditors
audit report
The accumulation and evaluation of evidence about information…
Any information used by the auditor to determine whether the…
auditors reporting on company financial statements
final stage, communicates the auditor's findings to users. Mu…
Auditing
The accumulation and evaluation of evidence about information…
evidence
Any information used by the auditor to determine whether the…
Auditing
Pervasiveness
Encryption
Flowchart
Tolerable error
Lan toa
Ma hoa
Luu do
Muc sai pham co the bo qua
Pervasiveness
Lan toa
Encryption
Ma hoa
32 terms
Auditing
audit
entity
board of directors
financial audit
to thoroughly examine the bookkeeping records, financial acco…
partnership, corporation, trust, or governmental unit.
to determine the mission and purpose of the organization and…
the objective is to form an opinion on the financial statemen…
audit
to thoroughly examine the bookkeeping records, financial acco…
entity
partnership, corporation, trust, or governmental unit.
114 terms
Auditing
Types of Audit Services
Assurance Services:
Forms of Attestation (Highest to Lowes…
Examination
a. Assurance Services... - Attestation Services... Example: Audits…
a. The broad range of information enhancement services that a…
Examination - Review - Agreed Upon Procedures
High Level of assurance provided, low risk of material missta…
Types of Audit Services
a. Assurance Services... - Attestation Services... Example: Audits…
Assurance Services:
a. The broad range of information enhancement services that a…
13 terms
Auditing
Assurance Services
Attest
Audit Evidence
Audit Risk
Independent professional services that improve the quality of…
A service when a practitioner is engaged to issue or does iss…
All the information used by the auditor in arriving at the co…
The Risk that the auditor expresses an inappropriate audit op…
Assurance Services
Independent professional services that improve the quality of…
Attest
A service when a practitioner is engaged to issue or does iss…
100 terms
Auditing
Assurance
Assurance Services
Attestation Engagement
Attestation
the lending of credibility of information.
Independent professional services that improve the quality of…
The provision of an opinion on subject matter or an assertion…
the lending of credibility to assertions made by a third party.
Assurance
the lending of credibility of information.
Assurance Services
Independent professional services that improve the quality of…
10 terms
auditing
engagement letter
financial statement audit
fraud trinagle
red flags
a communication between the audit firm and the audit committe…
a systematic process of objectively obtaining evidence regard…
a model that recognizes the incentives, opportunities, and ra…
risk factors suggesting a heightened risk of fraud
engagement letter
a communication between the audit firm and the audit committe…
financial statement audit
a systematic process of objectively obtaining evidence regard…
73 terms
Auditing
Assurance engagement
Five elements of an engagement
Intended users
Responsible party
An engagement in which an assurance practitioner expresses a…
Three party relationship - responsible party, intended user,…
People for whom the auditor prepares the report
Person or organisation responsible for preparing financial st…
Assurance engagement
An engagement in which an assurance practitioner expresses a…
Five elements of an engagement
Three party relationship - responsible party, intended user,…
20 terms
Auditing
Re Kingston Cotton Mill Co. (No. 2) 1896
Leeds Estate Building and Investment C…
The London Oil Storage Co. v Seear, Ha…
Arthur E. Green v The Central Advance…
General performance standard was found. Stated that what is r…
Auditors must go beyond the books and just adding to check fo…
Auditor has to substantiate the value and existence of assets…
Auditors cannot blindly accept evidence from management They…
Re Kingston Cotton Mill Co. (No. 2) 1896
General performance standard was found. Stated that what is r…
Leeds Estate Building and Investment C…
Auditors must go beyond the books and just adding to check fo…
241 terms
Auditing
Any service that requires a CPA firm t…
The Sarbanes-Oxley Act applies to whic…
The use of the Certified Public Accoun…
An audit to determine whether an entit…
Attestation service... Ch 1
Public Companies... Ch 1
state law through a licensing department or agency of each st…
Compliance audit... Ch 1Any service that requires a CPA firm to…
Any service that requires a CPA firm t…
Attestation service... Ch 1
The Sarbanes-Oxley Act applies to whic…
Public Companies... Ch 1
29 terms
Auditing
audit
board of directors
chief executive officer
financial audit
to audit means to thoroughly examine the bookkeeping records,…
basic responsibility is to determine the mission and purpose…
hired with other top management and periodically reviews thei…
objective is to form an opinion on the financial statements p…
audit
to audit means to thoroughly examine the bookkeeping records,…
board of directors
basic responsibility is to determine the mission and purpose…
241 terms
Auditing
Any service that requires a CPA firm t…
The Sarbanes-Oxley Act applies to whic…
The use of the Certified Public Accoun…
An audit to determine whether an entit…
Attestation service... Ch 1
Public Companies... Ch 1
state law through a licensing department or agency of each st…
Compliance audit... Ch 1
Any service that requires a CPA firm t…
Attestation service... Ch 1
The Sarbanes-Oxley Act applies to whic…
Public Companies... Ch 1
13 terms
Auditing
Auditing
Generally Accepted Auditing Standards…
General Standards
Competence
is a systematic process of objectively obtaining and evaluati…
1. The audit is to be performed by a person or persons having…
personal in nature; concerned with qualifications of the audi…
adequate technical training (appropriate education) and profi…
Auditing
is a systematic process of objectively obtaining and evaluati…
Generally Accepted Auditing Standards…
1. The audit is to be performed by a person or persons having…
30 terms
Auditing
Audit
Audit Criteria
Audit Evidence
Audit Conclusion
systematic and documented process... for gathering audit evidenc…
set of policies, procedures or requirements
records, statements of fact or other information which are re…
the outcome of an audit provided by the audit team after cons…
Audit
systematic and documented process... for gathering audit evidenc…
Audit Criteria
set of policies, procedures or requirements
34 terms
Auditing
Working Capitol
Current Ratio (Working Capitol Ratio)
Acid-Test ratio
Cash Ratio
Current Assets - Current Liabilities
Current Assets/Current Liabilities
Cash equivalents+Marketable Securities+AR/Current Liabilities
Cash Equivalents+Marketable Securities/Current Liabilities
Working Capitol
Current Assets - Current Liabilities
Current Ratio (Working Capitol Ratio)
Current Assets/Current Liabilities
91 terms
Auditing
Which of the following is an example o…
Audits may be characterized as (a) fin…
The concept of "professional skepticis…
CPA certificates and licenses to pract…
U.S. Internal Revenue Service auditors.
compliance audit; government (IRS)
False
States or territories of the United States
Which of the following is an example o…
U.S. Internal Revenue Service auditors.
Audits may be characterized as (a) fin…
compliance audit; government (IRS)
25 terms
AUDITING
The 6 Assertions
Audit evidence
Types of audit evidence
Related party transactions
1. existence and occurrence... 2. rights and obligations... 3. comp…
1. Sufficient: quantity ... 2. appropriate: quality
1. internal ... 2. external... 3. documentation... 4. third party rep…
inherently risky
The 6 Assertions
1. existence and occurrence... 2. rights and obligations... 3. comp…
Audit evidence
1. Sufficient: quantity ... 2. appropriate: quality
14 terms
Auditing
Information risk
Business failure
Audit failure
Audit risk
the possibility that the information upon which the business…
occurs when a business is unable to repay its lender or meet…
occurs when the auditor issues an incorrect audit opinion bec…
represents the possibility that the auditor concludes after c…
Information risk
the possibility that the information upon which the business…
Business failure
occurs when a business is unable to repay its lender or meet…
23 terms
Auditing
Assurance Engagement
Applicable financial reporting framework
Assertions
Audit Risk
- an engagement where a practitioner issues a written report…
The financial framework selected by management to prepare the…
Statements made by management regarding the recognition, meas…
the risk the auditor may express the wrong opinion
Assurance Engagement
- an engagement where a practitioner issues a written report…
Applicable financial reporting framework
The financial framework selected by management to prepare the…
108 terms
Auditing
3 categories of standards
General Standards
Fieldwork Standards
Reporting Standards
1. General Standards... 2. Fieldwork Standards... 3. Reporting Stan…
1. Adequate Training and proficiency... 2. Independence... 3. Due p…
1. Adequate Planning and Supervision... 2. Sufficient Understand…
Dont have to know #bless :)
3 categories of standards
1. General Standards... 2. Fieldwork Standards... 3. Reporting Stan…
General Standards
1. Adequate Training and proficiency... 2. Independence... 3. Due p…
11 terms
Auditing
Rule 101
Rule 102
Rule 201
Rule 202
Independence
Integrity and objectivity
General standards
Compliance with standards
Rule 101
Independence
Rule 102
Integrity and objectivity
Auditing
Existence or occurrence
Rights and obligations
Completeness
Valuation or allocation
Assets and liabilities included in the accounts exist and rec…
Entity has a legal claim on all assets and revenues reported…
All balances and transactions have been recorded in the finan…
Assets, liabilities, and recorded transactions have been valu…
Existence or occurrence
Assets and liabilities included in the accounts exist and rec…
Rights and obligations
Entity has a legal claim on all assets and revenues reported…
41 terms
Auditing
GAAP
GAAS
general standards
fieldwork standards
generally accepted accounting principle for financial reporti…
general standards, fieldwork standards, reporting standards
applicable to auditor and audit firm
applicable to conduct of audit
GAAP
generally accepted accounting principle for financial reporti…
GAAS
general standards, fieldwork standards, reporting standards
208 terms
Auditing
Independent audits of today place more…
The American Institute of Certified Pu…
A company is either audited by the GAO…
The SEC does not pass on the merits of…
True
False
False
True
Independent audits of today place more…
True
The American Institute of Certified Pu…
False
232 terms
Auditing
Any service that requires a CPA firm t…
The Sarbanes-Oxley Act applies to whic…
The use of the Certified Public Accoun…
An audit to determine whether an entit…
Attestation service... Ch 1
Public Companies... Ch 1
state law through a licensing department or agency of each st…
Compliance audit... Ch 1
Any service that requires a CPA firm t…
Attestation service... Ch 1
The Sarbanes-Oxley Act applies to whic…
Public Companies... Ch 1
AUDITING
anomalous
cutoff point
chief operating officer
impropiety
out of the ordinary
the level that must be reached to receive some reward
a corporate executive in charge of operations
any activity that is unethical
anomalous
out of the ordinary
cutoff point
the level that must be reached to receive some reward
20 terms
Auditing
AICPA
PCAOB
IAASB
Common objective
American institute of certified public accountants
Public company accounting oversight board
International auditing and assurance standards board
Provide assurance to public that audits are conducted in a qu…
AICPA
American institute of certified public accountants
PCAOB
Public company accounting oversight board
71 terms
auditing
Information Asymmetry
Professional skepticism
Management Assertions:
Auditing:
Agents have more information about the true financial situati…
not assuming that the client is telling the complete truth bu…
Transactions ... Account Balance ... Presentation & Disclosure
A systematic process of objectively obtaining and evaluating…
Information Asymmetry
Agents have more information about the true financial situati…
Professional skepticism
not assuming that the client is telling the complete truth bu…
9 terms
Auditing
audit risk
unmodified or clean
qualified
fraud triangle
possibility that auditors fail to realize that there is a mat…
statements are in best shape
auditors want to bring something to the attention of readers…
need; opportunity; rationalization
audit risk
possibility that auditors fail to realize that there is a mat…
unmodified or clean
statements are in best shape
10 terms
Auditing
AICPA
IAASB
SEC
PCAOB
American Institute of CPA ... -voluntary membership ... - non publi…
International Audit and Assurance Standards Board... - An indepe…
Securities and exchange commission ... - Goverment agency ... - Enf…
Public Company Accountants Oversight Board ... - The board estab…
AICPA
American Institute of CPA ... -voluntary membership ... - non publi…
IAASB
International Audit and Assurance Standards Board... - An indepe…
32 terms
Auditing
Audit
Board of Directors
Financial Audit
Independent (external) auditors
thoroughly examine bookkeeping records, financial accounts, a…
determine mission and purpose of a company. Represent interes…
Form an opinion on financial statements produced by managemen…
Gives public reassurance that auditing is not associated with…
Audit
thoroughly examine bookkeeping records, financial accounts, a…
Board of Directors
determine mission and purpose of a company. Represent interes…
24 terms
Auditing
Audit
Board of Directors
Financial Audit
Independent (or external) Auditors
to audit an entity means to thoroughly examine the bookkeepin…
the stockholders elect the board; basic responsibility is to…
objective is to form an opinion on the financial statements p…
qualified CPAs who are not affiliated with the company being…
Audit
to audit an entity means to thoroughly examine the bookkeepin…
Board of Directors
the stockholders elect the board; basic responsibility is to…
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