Block 3a - Planning An Audit Flashcards
(53 cards)
1
Q
Audit strategy document
A
2
Q
Planning before year end
A
3
Q
Important areas
A
4
Q
Limited time
A
5
Q
Scope
A
6
Q
Client
A
7
Q
Applicable
A
8
Q
National/local/industry laws and regulations
A
9
Q
Corporate governance requirements
A
10
Q
Listed
A
11
Q
Professional behavior
A
12
Q
NOCLAR responsibilities
A
13
Q
Timing
A
14
Q
Timetable
A
15
Q
Monitoring
A
16
Q
Deadline
A
17
Q
Audit Report
A
18
Q
Interim audit
A
19
Q
Test of controls - understanding, documentation
A
20
Q
Direction
A
21
Q
Risky areas
A
22
Q
Analytical procedures
A
23
Q
Implausible relations
A
24
Q
Materiality
A
25
Inverse Relationship
26
Financial statements
27
Resources
28
Team
29
Expert
30
Specialized industry
31
Complex accounting standards
32
Competence (prior history)
33
Audit plan
34
Audit procedures
35
Mitigate risk
36
Confusion
37
Sample size
38
Appropriate
39
Higher risk
40
Line item
41
Mandatory
42
Fluctuations
43
Static
44
Comparison last year
45
Industry average
46
Budgets
47
Previous auditor correspondence
48
Modified reports
49
Appointment discussion - expectations, deadlines, laws
50
Thorough business understanding
51
Opening balances, previously applied accounting policies
52
Experienced team
53
Detection risk
