Block 2 - Practice Management Flashcards by Izi Unknown

Q

Ethical matter

A

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Q

Code of conduct

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Q

Threats to independence

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Q

Confidentiality

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Q

Conflicts of interest

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Q

Profesisonal matters

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Q

Practice management

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Q

Client screening

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Q

Quality Conteol

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Q

Audit services

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Q

Non-audit services

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Q

Client integrity

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Q

Previous auditor correspondence

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Q

Decision

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Q

Accept

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Q

Reject

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Q

Audit partner

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Q

Careful process

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Q

Due diligence

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Q

New audit client

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Q

Unfamiliarity

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Q

Knowledge

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Q

Assignment

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Q

Engagement

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Existing client

Comfortable

Habitual

Advantages

Disadvantages

Checklist

Risk factors

Negative

Positive

Tender

Invite from client management to audit

Appointment

Acceptance

No appointment

Rejection

Specialized industry

Extra audit considerations - knowledge is required

New client

CDD/KYC

Negative

Publicity

Reputation

Law - money laundering, fraud

Involvement

Evaluate

Supersede

Correspondence

Previous auditor

Previous auditor

Knowledge source

Alert

“Previous auditor resigned”

Professional courtesy

Permission

Correspond

Receive

Information

Refuse

Reject

Concealing

Relationship

Preconditions

Management responsibilities

Towards audit

Time of acceptance

Financial statements

Applicable financial framework

Sound system

Internal control system

Error

Fraud

Part-qualified accountant

Part-qualified accountant

Silent

Auditor access

Information

Explanations

Deadline

Realistic

Quality

Quality

Effectively

Efficiently

Amount of work

Performed

Size

Complexity

Different deadlines

Tight

Panic/stress

Auditor negligence

Realistic/ reasonable

Realistic/ reasonable

Competence

Limiting factor

Industry specialization

Broad/narrow

Court case

Importance of audit planning

Expert

Ethical issues

Safeguards

Industry-specialized engagement partner

Fees

Fair and reasonable

Opportunity to earn

Motivation

Driving force

Quality

Quoted

Rationale

Justifiable

Work (scale of audit, number of hours performed).

Documented

Existing client

Competence vs. nature of service

Shorter process

Realistic deadline va nature/complexity of service

Self-interest income threat

No safeguard = refuse service

Ethical dilemmas

Fees

Fees

Fair/reasonable

Nature/complexity of service offered

Additional source of income

Self-review threat

Component of financial statements

Reluctant to review

Advice

Advocacy threat

Promoting the client’s business interest

Non-audit services

Professional matters

Fees, competence, deadlines

Transactions