1
Q
What is the first way we can carry out due diligence?
A
Get recent accounts and check other documentation
2
Q
What is the second way we can carry out due diligence?
A
See if there are any laws and regulations that are applicable - be aware
3
Q
What is the third way we can carry out due diligence?
A
Check other sources
4
Q
What is the fourth way we can carry out due diligence?
A
Check the internet, local press and trade associations
5
Q
What is due diligence?
A
Investigating the client to avoid committing a crime or tort
Assurance
flashcards
Decks in class (99)
# Cards
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Week 1 - Journey6
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Week 1 - Company Set up10
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Week 1 - What is Assurance8
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Week 1 - Users4
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Week 1 - What is a Statutory Audit3
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Week 1 - Who needs an Audit3
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Week 1 - Criteria used in a Statutory Audit3
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Week 1 - Who can provide the assurance / audit?2
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Week 1 - Roles of assurance providers in society9
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Week 1 - Sustainability3
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Week 1 - Impact of sustainability for an assurance engagement5
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Week 1 - Rights, Duties and Responsibilities of an Auditor4
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Week 1 - Role of Shareholders as Key User3
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Week 1 - Levels of Assurance9
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Week 1 - Expectation Gap4
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Week 1 - Closing the Expectation Gap5
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Week 1 - Audit Process - Pre-audit Activities2
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Week 1 - Audit Process - Planning5
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Week 1 - Audit Process - Fieldwork3
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Week 1 - Audit Process - Completion6
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Week 2 - Recap5
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Week 2 - Limitations of Assurance11
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Week 2 - Assurance, Key Elements7
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Week 2 - Engagement3
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Week 2 - Engagement - Preconditions2
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Week 2 - Ensuring Appointment is Valid4
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Week 2 - Due Diligence5
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Week 2 - Engagement - Pre-conditions Mnemonic8
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Week 2 - Engagement - Replacing a Previous Auditor6
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Week 2 - Money Laundering Regulations4
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Week 2 - Resignation of Previous Auditor / Appointment as Auditor5
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Week 2 - The Letter of Engagement6
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Week 2 - When to Send an Engagement Letter4
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Week 2 - Planning - Relevant ISAs4
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Week 2 - Why Plan?6
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Week 2 - Benefits of Planning3
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Week 2 - Planning - Timings, Team Members and Skills4
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Week 2 - Planning - Understanding the Business5
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Week 2 - Understanding the Entity and its Environment5
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Week 2 - Understanding the Client's Systems and Processes7
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Week 2 - Materiality6
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Week 2 - Materiality Levels - Quantitative6
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Week 2 - Setting Materiality Levels5
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Week 2 - Materiality Levels - Qualitative7
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Week 2 - Performance Materiality2
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Week 2 - Using Materiality5
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Week 3 - Audit Risk10
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Week 3 - Inherent Risk3
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Week 3 - Control Risk3
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Week 3 - Detection Risk5
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Week 3 - Audit Risk Calculation3
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Week 3 - Detection Risk Challenges3
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Week 3 - Links to Planning Procedures2
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Week 3 - Potential Sources of Inherent Risk4
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Week 3 - Significant Risks5
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Week 3 - Why is There a Need for Ethics4
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Week 4 - Audit Independence and Objectivity4
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Week 4 - Threats to Independence8
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Week 4 - Safeguards to Objectivity Threats5
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Week 4 - Ethical / Independence Scenario Possible Actions7
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Week 5 - Internal Controls5
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Week 5 - Components of Internal Control6
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Week 5 - Responsibilities of the Audit Committee1
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Week 5 - Internal Control Objectives5
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Week 5 - Controls Classification 14
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Week 5 - Categorising Internal Controls15
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Week 5 - Limitations of Internal Controls3
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Week 5 - The Auditor and Internal Control4
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Week 5 - How to Review a Client's System7
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Week 5 - Ascertain the System5
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Week 5 - Recording the System8
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Week 5 - Steps 3 and 42
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Week 5 - Testing the System6
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Week 5 - Which Controls Should we Test7
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Week 5 - Evaluate the Reliability of Controls6
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Week 5 - Steps to Assessing Control Risk6
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Week 5 - What do we call...2
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Week 6 - 5 Components Updated9
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Week 6 - Recap Internal Control Objectives5
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Week 6 - Fraud Triangle3
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Week 6 - Controls Classification Recap8
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Week 6 - Limitations of Internal Controls Recap7
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Week 6 - Payroll System6
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Week 6 - Example Control Procedures Payroll4
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Week 6 - Payroll System Process1
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Week 6 - Responsibilities of the Audit Committee8
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Week 6 - Three Lines of Defence9
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Week 6 - Internal Audit, Role and Function5
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Week 6 - Requirement4
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Week 6 - Key Differences Between Internal and External Audit11
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Week 6 - Internal and External Audit1
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Week 6 - How Independent is IA8
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Week 6 - Relying on the Work of IA3
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Week 6 - Benefits of Relying on IA Work3
