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AA (Bookshelf 2) > Risk Assessment Objective (5) > Flashcards

Risk Assessment Objective (5) Flashcards

1
Q

Understanding the entity and its environment characteristics? (N)

A

Nature of the entity

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2
Q

Understanding the entity and its environment characteristics? (S)

A

Selection and application of accounting policies

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3
Q

Understanding the entity and its environment characteristics? (O)

A

Objectives and strategies and relating business risks

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4
Q

Understanding the entity and its environment characteristics? (F)

A

Financial performance

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5
Q

Understanding the entity and its environment characteristics? (Int)

A

Internal control

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6
Q

Understanding the entity and its environment characteristics? (Ind)

A

Industry, regulatory and other external factors

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7
Q

What is the nature of an entity

A

Financing
Investment
Financial reporting
Business operations

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8
Q

What are objectives and strategies and relating business risks?

A

Expansion
Use of IT
Industry developments
New products and services

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AA (Bookshelf 2) (90 decks)

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