Report Flashcards
Rep letter
Signed by CEO. CFO. M. R. for F/S. Dated the last day of audit field work or later
Prospect F/S. vs. Pro forma. F/S
Prospective f/s. 1 forecasting ( general). 2. Projection ( hyperthetical). Pro forma f/s Derived audited or reviewed historical f/s
Compliance. Report
GAAS. GAGAS. Single act. On F/S. Internal control. Compliance
COSO
C R I M E(C) Control environment Risk assessment. Information & Cmunication system. Monitoring. Control activities - control policies & procedures
Data Query
Will access the appropriately files
PPS sampling
To identify overstatement error
Stratford sampling
Homogenous group. Smaller sample size
Test data approach.
A computerized accounting system. Generalized audit software
Attribute sampling
To determine the rate of deviation f prescribed policies and procedures
Significient deficiencies. Material weakness. Need Communication w
Same
General standard. Vs Fieldwork standard
1 adquate training and proficiencies. 2. Independent mental attitude. 3 Due professional care. Field w standard: planning and supervision
Audit documentation file
Permanent file: debt agreement I/c flow hart. Article of corp. current file:
GAO
Government accountabily office
Tolerable rate of deviation Increase. – a smaller sample size
Assigned level of control risk Decrease— deviation rate. Decrease
The risk of incorrect acceptance
Sample results fail to identify
