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By:
Verity Russell
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Decks in this class (114)
Week 2 - Why is Assurance Necessary?
Why is assurance over the financi...,
What does the assurance ensure th...,
What is the point of auditing for...
3
cards
Week 2 - Why are Shareholders Considered to be the Most Important Stakeholder?
What is the first reason sharehol...,
What is the second reason shareho...,
What is the order of payments if ...
4
cards
Week 2 - Assurance System
Who prepares the financial statem...,
What do external auditors do 2,
What do the audit committee do 3
7
cards
Week 2 - Limitations of Assurance
What is the first limitation of a...,
What is the second limitation of ...,
What is the third limitation of a...
9
cards
Week 2 - Key Elements
What is the word use to remember ...,
C 2,
R 3
11
cards
Week 2 - Getting a New Client
What can you not do 1,
What can you do 2
2
cards
Week 2 - Engagement
What does engagement risk ensure 1,
What is the first thing we need t...,
What is the second thing we need ...
4
cards
Week 2 - Preconditions
How many things need to be in pla...,
What is the first thing that must...,
What is the second thing that mus...
3
cards
Week 2 - To Consider Before Accepting an Audit Engagement
What is the first thing to consid...,
What is the second thing to consi...,
What is the third thing to consid...
4
cards
Week 2 - Due Diligence
What is the first thing to do to ...,
What is the second thing to do to...,
What is the third thing to do to ...
4
cards
Week 2 - Engagement Preconditions
How do you remember the engagemen...,
R first 2,
A first 3
16
cards
Week 2 - Replacing a Previous Auditor
What is the first thing to do 1,
What should you do if the client ...,
What should you do if the client ...
6
cards
Week 2 - Money Laundering Regulations
What is the first money launderin...,
What is the second money launderi...
2
cards
Week 2 - Subsequent to Accepting Nomination
What is the first step to ensure ...,
What is the second step to ensure...
2
cards
Week 2 - Once Appointed
What is the first thing an audito...,
What does the letter of engagemen...,
What is the second thing an audit...
3
cards
Week 2 - Letter of Engagement
What does the letter of engagemen...,
What is the first term of the aud...,
What is the second term of the au...
6
cards
Week 2 - When to Send an Engagement Letter
What is the first example of when...,
What is the second example of whe...,
What is the third example of when...
5
cards
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0
cards
Week 3 - The Audit Process
What is the first part of the aud...,
What is the second part of the au...,
What is the third part of the aud...
4
cards
Week 3 - Pre-audit Activities
What is the first pre audit activ...,
What is the second pre audit acti...
2
cards
Week 3 - Planning
What is the first step in planning 1,
What is the second step in planni...,
What is the third step in planning 3
4
cards
Week 3 - Fieldwork
What is the main objective of fie...,
What is the first step of fieldwo...,
What is the second step of fieldw...
6
cards
Week 3 - Completion
What is the first step of complet...,
What is the second step of comple...,
What is the third step of complet...
6
cards
Week 3 - Audit Risk
What is audit risk 1,
What are the potential repercussi...,
What is the first way audit risk ...
8
cards
Week 3 - Inherent Risk
What is inherent risk 1,
What are the first 3 inherent ris...,
What are the other 3 inherent ris...
3
cards
Week 3 - Control Risk
What is control risk 1,
What are the first 3 examples of ...,
What are the other 3 examples of ...
3
cards
Week 3 - Detection Risk
What is detection risk 1,
How is detection risk different f...,
How do we improve detection risk 3
5
cards
Week 3 - Detection Risk Challenges
What is the first challenge of de...,
What is the second challenge of d...,
What is the third challenge of de...
3
cards
Week 3 - Links to Planning
What is the first way proper plan...,
What is the second way proper pla...,
What is the third way proper plan...
5
cards
Week 3 - Potential Sources of Inherent Risk
What are the first 3 potential so...,
What are the second 3 potential s...,
What are the third 3 potential so...
4
cards
Week 3 - Factors that make up Theft/Fraud
What is the first factor that mak...,
What is the second factor that ma...,
What is the third factor that mak...
3
cards
Week 3 - Significant Risks
What are significant risks 1,
What do significant risks often r...,
What are analytical procedures 3
3
cards
Week 3 - Why is There a Need for Ethics
What is the first need for ethics 1,
What is the second need for ethics 2,
What is the third need for ethics 3
6
cards
Week 3 - Professional Ethics Hope to Provide
What does professional ethics hop...,
Indepedence of the mind 2,
Independence in appearance 3
3
cards
Week 3 - Ethical Guide
What is the ethical guide we foll...,
What does a set of principles rat...,
Why are principles better than ru...
6
cards
Week 3 - ICAEW Five Fundamental Principles
What is the word to remember the ...,
P first 2,
I 3
11
cards
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0
cards
Week 4 - Substantive Procedures
What are substantive procedures 1
1
cards
Week 4 - Independence and Objectivity
Objectivity 1,
Independence 2,
What is the first reason why inde...
4
cards
Week 4 - Approach to Independence Question
What is the first step to approac...,
What is the second step to approa...,
What is the third step to approac...
4
cards
Week 4 - Threats to Independence
What are the six threats to indep...,
What is the word to remember the ...,
M 3
14
cards
Week 4 - To Make Ethical Decisions
What is the first step to take to...,
What is the second step to take t...
2
cards
Week 4 - What to do to Protect Independence
What is the first way to protect ...,
What is the second way to protect...,
What is the third way to protect ...
11
cards
Week 4 - Other Safeguards
What are the first 3 other safegu...,
What are the final 2 other safegu...
2
cards
Week 4 - Ethical / Independence Scenario Possible Actions
What is the first action to take ...,
What is the second action to take...,
What is the third action to take ...
6
cards
Week 4 - Approach to Answering Question about Ethical Independence
Step 1 1,
Step 2 2,
Step 3 3
3
cards
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0
cards
Week 5 - Internal Controls
What are internal controls 1,
What is the first reason companie...,
What is the second reason compani...
9
cards
Week 5 - Who is Responsible for Internal Control
What does the corporate governanc...,
What should the board do 2,
What should the monitoring and re...
7
cards
Week 5 - Components of Internal Control
What are the five components of i...,
Control environment 2,
Risk assessment process 3
6
cards
Week 5 - Internal Control Objectives
What is the first internal contro...,
What is the second internal contr...,
What is the first result of the t...
5
cards
Week 5 - Controls Classification
What is the first class of control 1,
What is the second class of contr...,
What is the third class of control 3
3
cards
Week 5 - Categorising Controls
What is the word to remember how ...,
S first 2,
O 3
16
cards
Week 5 - Limitations of Internal Controls
What are the first three limitati...,
What are the next two limitations...,
What are the final two limitation...
3
cards
Week 5 - The Auditor and Internal Control
Isa315 the auditor is required to...,
Isa315 the auditor is required to...,
Isa315 the auditor is required to...
4
cards
Week 5 - How to Review a Client's System
How to review a client s system a...,
1 2,
2 3
8
cards
Week 5 - Ascertain the System
What are the four ways to ascerta...,
Enquiry 2,
Observation 3
6
cards
Week 5 - Walk-Through Tests
What is a walk through test 1,
What does a walk through test ena...,
Initial assessment if 3
4
cards
Week 5 - Recording the System
What are the three ways to record...,
Narrative 2,
How good is narrative to record t...
6
cards
Week 5 - Corroborate with the Client
What is corroborating with the cl...,
Why do we corroborate with the cl...
2
cards
Week 5 - Review Overall System of Controls for Reliability
What is reviewing overall system ...,
Example 2
2
cards
Week 5 - Test the System
What are the ways to test the sys...,
Enquiring 2,
Observing 3
6
cards
Week 5 - Which Controls Should we Test
Which controls we test depends on...,
Which controls we test depends on...,
To test for compliance 3
3
cards
Week 5 - Evaluate the Reliability of Controls
Why do we evaluate the effectiven...,
If we find controls are not worki...,
If we find controls are not worki...
4
cards
Week 5 - Steps to Assessing Control Risk
What is the first step to assessi...,
What is the second step to assess...,
What is the third step to assessi...
9
cards
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0
cards
Week 6 - Components of Internal Control
What is the way to remember the c...,
C 2,
R 3
10
cards
Week 6 - General Knowledge
Who should have an internal audit 1,
Who is the audit committee made u...,
Who appoints the internal audit a...
3
cards
Week 6 - What is the Audit Committee Responsible for?
What is the first thing the audit...,
What is the second thing the audi...,
What is the third thing the audit...
7
cards
Week 6 - Three Lines of Defence
What do the three lines of defenc...,
What is the first line of defence 2,
Where is the first line of defence 3
8
cards
Week 6 - Requirements
What is not a strict legal requir...,
For listed companies what is requ...,
Who is internal audit mandatory f...
5
cards
Week 6 - Key Differences Between Internal and External Audit
What are the first 5 main key dif...,
What are the other 4 key differen...,
Objectives 3
13
cards
Week 6 - Relationship between Internal and External Audit
Using the work of internal audito...,
What can external auditors do to ...,
Scope and pattern 3
13
cards
Week 6 - Consider Planned Internal Audit Work
What are the first three things t...,
What are the second three things ...,
What are the final three things t...
4
cards
Week 6 - Benefits of Relying on Internal Audit Work
What is the first benefit of rely...,
What is the second benefit of rel...,
What is the third benefit of rely...
3
cards
---------------------------------------------------
0
cards
Week 7 - Management Assertions
Management assertions 1,
What can you do with certain asse...
2
cards
Week 7 - Accounting System DO THIS
0
cards
Week 7 - Journals
0
cards
Week 7 - Controlling a Set of Accounts
When we have a set of accounts we...,
When we have a set of accounts we...,
What do all these things need to ...
4
cards
Week 7 - What is Missing
What can make auditing really dif...,
What are key tools to check for a...,
What is an example of an analytic...
4
cards
Week 7 - Work We Do Before Year End
What is the first bit of work we ...,
What is the second bit of work we...,
What is the third bit of work we ...
3
cards
Week 7 - Work We Do At Year End
What is the first bit of work we ...,
What is the second bit of work we...,
Why is cut off important 3
3
cards
Week 7 - Work We Do After Year End
What is the first bit of work we ...,
What is the second bit of work we...,
What is the third bit of work we ...
3
cards
Week 7 - Test on Balances/Controls
What are the five tests on balanc...,
What is the saying to remember th...,
Analytical procedures 3
8
cards
Week 7 - Re-call: Preconditions for an Audit
What is the first precondition fo...,
What is the second precondition f...
2
cards
Week 7 - Assertions When Looking at Statement of Financial Position - Balances at the Period End
What are the five assertions when...,
What is the word to remember thes...,
Completeness 3
6
cards
Week 7 - Assertions that Relate to Income Statement / Profit or Loss Account
What are the five assertions that...,
What is the word to remember the ...,
Cut off 3
3
cards
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0
cards
Week 8 - Year end Testing/Substantive Testing
What is the difference between ye...,
What is substantive testing 2,
What is compliance testing 3
4
cards
Week 8 - Audit Evidence
What does audit evidence need to ...,
What should the auditor do for th...,
What is the point of getting evid...
4
cards
Week 8 - Presentation and Disclosure
What is the word for remembering ...,
C first 2,
O 3
5
cards
Week 8 - Audit Evidence
What is very strong evidence 1,
When very weak evidence what are ...,
If no other evidence what do we do 3
3
cards
Week 8 - If the Evidence is Less Reliable
What is the first thing you can d...,
What is the second thing you can ...,
What does additional testing invo...
3
cards
Week 8 - Types of Audit Test
What are the two types of audit t...,
Compliance test 2,
Substantive test 3
5
cards
Week 8 - Analytical Procedures
When would you use analytical pro...,
What do auditing standards say 2
2
cards
Week 8 - Analytical Procedures at Testing
What is the first step 1,
What is the second step 2,
What is the third step 3
7
cards
Week 8 - Mandatory Audit Tests
What is the first mandatory audit...,
What is the second mandatory audi...,
What is the third mandatory audit...
3
cards
Week 8 - How to Test - Directional Testing
0
cards
Week 8 - Journals
What is a journal entry 1,
What are the first 3 common sourc...,
What are the other 4 common sourc...
3
cards
Week 8 - Test Journals
Journals entries can include miss...,
How often are journals posted 2,
What do we need to ensure about j...
7
cards
Week 8 - Dealing with Deviations
What are deviations in this conte...,
What do we need to do regarding m...,
What do we need to question about...
5
cards
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0
cards
Week 9 - Re-call - Assertion Test
What is the assertion test for ba...,
What does crave stand for 2
2
cards
Week 9 - Recall - Testing Procedures
What is the word for testing proc...,
What are the testing procedures 2
2
cards
Week 9 - Evidence
What kind of evidence is better 1 1,
What kind of evidence is better 2 2,
What kind of evidence is better 3 3
5
cards
Week 9 - Non-current Assests
What do we audit 1,
What do we consider when we audit 2,
How would we value them 3
5
cards
Week 9 - NCA - Completeness
What is the first procedure to ch...,
What is the second procedure to c...,
What is the third procedure to ch...
5
cards
Week 9 - NCA - Rights and Obligations
What is the first procedure to ch...
1
cards
Week 9 - NCA - Valuation
What is the first procedure to ch...,
What is the second procedure to c...,
What is the third procedure to ch...
4
cards
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0
cards
Week 15 - Integrity, Objectivity and Independence
Why do independence and objectivi...,
What should happen when independe...,
What should happen if the risks a...
7
cards
Week 15 - Why do Independence and Objectivity Matter?
What is the first reason independ...,
What is the second reason indepen...,
What can the auditor do to preser...
4
cards
Week 15 - Integrity
Acting with integrity means not k...,
Acting with integrity means not k...,
Acting with integrity means not k...
3
cards
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