Week 2 - Key Elements Flashcards
(11 cards)
1
Q
What is the word use to remember the key elements?
A
CREST
2
Q
C
A
Criteria
3
Q
R
A
Report
4
Q
E
A
Evidence
5
Q
S
A
Subject matter
6
Q
T
A
Three party relationship
7
Q
Criteria
A
- Is it ethical? Is the company okay?
- Is it legal?
- Is it practical? Have I got the resources?
8
Q
Evidence
A
Sufficient, appropriate evidence
Sufficient - enough
Appropriate - relevant
9
Q
Report
A
Written report
10
Q
Subject matter
A
The financial statements - what we need to give opinion on
11
Q
Three party relationship
A
- auditor
- user (client)
- responsible party (management)
