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-Engagement Planning Flashcards

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1
Q

What is the primary duty of an auditor?

A

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2
Q

What is the auditor’s responsibility for detecting theft or fraud?

A

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3
Q

When should an auditor be hired in relation to the balance sheet date for optimum audit planning and efficiency?

A

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4
Q

When can audit procedures be performed at interim dates?

A

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5
Q

When can an auditor accept an engagement offered after the year is already closed?

A

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6
Q

For what does an auditor use professional skepticism?

A

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7
Q

How can analytical procedures be performed in audit planning?

A

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8
Q

What must an auditor have in order to discuss issues relating to a predecessor auditor’s work?

A

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9
Q

What questions must an auditor ask with respect to procedures carried out by assistants?

A

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10
Q

How is audit strategy mapped out?

A

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11
Q

Describe the key components of maintaining auditor independence.

A

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12
Q

Describe: Due Professional Care

A

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13
Q

What should an auditor do prior to accepting an audit engagement?

A

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14
Q

What questions should be asked by an auditor prior to taking an engagement?

A

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15
Q

What should be included in an audit engagement agreement?

A

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16
Q

What is management’s responsibility with respect to the financial statements?

A

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17
Q

What is the purpose of the audit committee?

A

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18
Q

How is audit risk calculated?

A

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19
Q

Describe: Control Risk

A

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20
Q

Describe: Inherent Risk.

A

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21
Q

Describe: Detection Risk.

A

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22
Q

What responses should an auditor take based on different levels of acceptable detection risk (DR)? What type of tests should be performed?

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A

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23
Q

What are quantitative measurements versus non-quantitative measurements with respect to risk?

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A

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24
Q

Whose responsibility is it to FIND and PREVENT fraud?

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A

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25
What is the auditor's responsibility with respect to **fraud** and **illegal acts**?
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26
What are the three factors that affect/influence fraud?
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27
What is the difference between fraud and errors?
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28
What red flags may indicate higher risk in an audit?
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29
Describe the characteristics of a **fraud risk factor**.
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30
What does an examination of internal control accomplish with respect to illegal acts?
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31
What is the purpose of adjusting audit procedures in light of fraud risk factors identified during an audit?
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32
What should be documented with respect to **fraud risk factors** in an audit?
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33
What was the effect of the **SOX Act** of 2002?
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34
What is the Auditing hierarchy of **Authoritative Literature**?
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35
What **quality control** activities are undertaken by CPA firms with audit practices?
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36
Which literature governs compilation services?
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37
What is the independence requirement for compilations?
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38
What type of assurance is provided by a compilation?
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39
What type of assurance is provided by review services?
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40
What is the independence requirement for a review?
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41
For compilations and reviews, what knowledge must a service provider have?
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42
What are attestation services?
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43
What is the independence requirement for consulting services?
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44
Describe the **limitations** on prospective financial statements?
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45
What is the role of the group engagement team?
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46
Who is on the group engagement team?
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47
Who establishes the **materiality threshold** for the Component Auditor?
This content is no longer supported by NINJA CPA Review. For 2024 CPA Exam updates and beyond, please visit [**ninjaCPAreview.com**](https://www.ninjacpareview.com/flashcard-update). ## Footnote *The materiality threshold must be* **lower** *than the group materiality threshold.*
48
What is the group engagement partner responsible for?
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49
What is the role of a component auditor?
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50
What should the group engagement team do if a component auditor audits a significant component due to financial materiality?
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51
What should the group engagement team do if a component auditor audits a significant component due to the risk of material misstatement?
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52
What should the group engagement team do if a component auditor audits a non-significant component?
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53
What does an auditor do if they suspect legal proceedings could contribute to a material misstatement?
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