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Flashcards in Cycles Deck (14):
0

Completeness assertion auditing procedures

O-bservation
T-racing
A-nalytical review

1

Valuation, Allocation and accuracy assertions auditing procedures include

I-dependent recalculation
F-ooting
R-econcilliation

I-nspection

2

Existence and occurrence assertions include auditing procedure

C-onfirmation
O-bservation,
I-nspection
V-ouching
E-xamination

3

Understanding and classification assertions audit procedures include?

I-nquiry of management
R-eview
I-nspection

4

Assertions of F/S include

C-ompleteness
cut-O-ff
V-aluation, allocation and accuracy
E-xistence and Occurance
R-ights and Obligations
U-nderstandability and classification

5

When an Analytical procedure is used as the principle substantive test of a significant financial statement assertion, the auditor is required to document the:

1. C-omparison of the expectation to recorded amounts
2. R-esults of additional procedures
3. E-xpection of auditor
4. E-xpecation development factors considered
5. P-rocedures performed in addition in response to significant UNEXPLAINED differences

6

Vouching order

1. Financial Statements
2. Trial Balances
3. General Ledger
4. Subsidiary Ledger
5. Books of Original Entry
6. Source Documents
7. Execution of Event
8. Transaction Approved

7

Vouching tests and risks

Tests
1. Existence/Occurrence
2. Support

Risk of Overstatement
1. Revenues
2. Assets

8

Tracing Order

1. Transaction Approved
2. Execution of Event
3. Source Documents
4. Books of Original Entry
5. Subsidiary Ledger
6. General Ledger
7. Trial Balance
8. Financial Statements

9

Tracing tests and risks

Tests
1. Completeness
2. Coverage

Risk of Understatement
1. Expense
2. Liabilities

10

The following standard procedures are used in every audit as risk assessment procedures, test of controls, or substantive tests.

1.F-ooting, Crossfooting, Recalculation
2. I-nquiry
3. V-ouching
4. E-xamination/Inspection

5. C-onfirmation
6. A-nalytical Procedures
7. R-eporformance
8. R-econcilliation
9. O-bservation
10. T-racing

11. C-utoff
12. A-uditing Related Accounts Simultaneously
13. R-epresentation Letter
14. S-ubsequent Events Review

11

Account Balances Assertions

1. C-ompleteness
2. V-aluation, allocation, and accuracy
3. E-xistence and Occurance
4. R-ights and Obligations

12

Transactions and Events Assertions

1. C-ompleteness
2. cut-O-ff
3. V-aluation, Allocation, and Accuracy
4. E-xistence and Occurance
5. U-nerstandability and Classification

13

Presentation and Disclosure Assertions

1. C-ompleteness
2. V-aluation, Allocation, and Accuracy
3. R-ights and Obligations, and Occurance
4. U-nderstandability and Classification