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Verity Russell
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Decks in this class (68)
1.1 - Definition
Define an assurance engagement 1,
What are the five key elements of...,
Three people or groups of people ...
7
cards
1.2 - Levels of Assurance
What is the icaew a member of 1,
What are the two types of assuran...,
Reasonable assurance 3
7
cards
2.1 - Users
Are users always shareholders 1
1
cards
2.2 - Benefits of Assurance
What is the key benefit of assura...,
What subsidiary benefits does ass...,
What subsidiary benefits does ass...
5
cards
3.1 - 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
3.2 - The Expectations Gap
How does the expectation gap come...,
What also may be misunderstood by...,
What is the gap 3
5
cards
4.1 - The Statutory Audit
Why is an audit historically the ...,
Define audit of financial stateme...,
What is the key outcome of the st...
6
cards
4.2 - Audit Exemption in the UK
Who is not required to have an au...,
What tells us whether a company i...,
How many of the criteria must a c...
7
cards
4.3 - Legal and Professional Requirements
Where can all the legal requireme...,
What does the companies act requi...,
Rsbs are required to have rules t...
8
cards
4.4 - International Standards on Auditing
Statutory audits conducted in the...,
What four things are isa standard...
2
cards
4.6 - Stages of an Audit
What are the five stages of an au...,
Before the engagement even begins...,
What are designed at the planning...
3
cards
4.7 - Overall Objectives of an Auditor
What is the first objective of an...,
What is the second objective of a...,
In order to achieve these objecti...
9
cards
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0
cards
1 - Obtaining an Engagement
What are accountants permitted to...,
Accountants are often invited to ...
2
cards
2.1 - Appointment Considerations
Before a new audit client is acce...,
What are the four acceptance proc...,
Ensure professionally qualified 3
11
cards
2.1 - High and Low Risk Clients
Prospects 1,
Finance 2,
Controls 3
10
cards
2.1 - Appointment Considerations Cont
Why will an audit firm generally ...,
Conflicts of interest can be a pr...,
The impact of taking on a project...
11
cards
2.1 - Sources of Information about New Clients
What are the first two sources of...,
What are the other two sources of...,
Enquiries of other sources 3
6
cards
2.3 - Money Laundering Regulations
How do assurance firms keep in co...,
When is it mandatory to check the...,
How should the identity of a clie...
6
cards
3.0 - Agreeing Terms of Engagement
What is the first purpose of an e...,
What is the second purpose of an ...,
What happens if an engagement let...
6
cards
3.1 - Audit Engagement Letters
What does isa uk 2010 agreeing th...,
When should auditors send an enga...
2
cards
3.1 - Items Included in an Engagement Letter
What is the first item to be incl...,
What is the second item to be inc...,
What is the third item to be incl...
6
cards
---------------------------------------------------
0
cards
1.0 - Planning
Define audit strategy 1,
Define audit plan 2,
What does an audit plan show 3
6
cards
1.0 - Approach to Planning
Step 1 1,
Step 2 2,
Step 3 3
8
cards
1.0 - Key Contents of an Overall Audit Strategy
What is the first key content of ...,
What is the second key content of...,
What is the third key content of ...
12
cards
1.1 - Understanding the Entity
Why do auditors need an understan...,
What are the three reasons as to ...,
What are the first 2 things we ob...
6
cards
1.1 - Understanding the Applicable Financial Reporting Framework
Isa uk 315 requires the auditor t...,
Isa uk 315 requires the auditor t...,
The auditor should understand the...
4
cards
2.0 - Analytical Procedures
Define analytical procedures 1,
What does isa 520 analytical proc...,
What does isa 315 identifying and...
5
cards
2.1 - Analytical Procedures in Planning the Audit
When should analytical procedures...,
What are the first three possible...,
What are the next three possible ...
6
cards
2.1 - Key Ratio Formulas
Return on capital employed 1,
Return on shareholder s funds 2,
Gross profit margin 3
15
cards
2.1 - Purpose of Key Ratios
Return on capital employed 1,
Return on shareholder s funds 2,
Gross profit margin 3
15
cards
3.0 - Materiality
Define materiality 1,
What does the ifrs conceptual fra...,
Define performance materiality 3
4
cards
3.0 - Materiality in Audit Planning
How important are materiality con...,
What should the assessment of mat...,
What three things will materialit...
11
cards
3.1 - Performance Materiality
What does the concept of performa...,
Thinking in terms of performance ...,
Thinking this way provides the au...
6
cards
3.2 - Review of Materiality
How often must the level of mater...,
What is the first reason changes ...,
What is the second reason changes...
4
cards
4.0 - Audit Risk
Auditors follow what kind of appr...,
What happens in the risk based ap...,
Define audit risk 3
7
cards
4.1 - Risk of Material Misstatement in the Financial Statements
Define inherent risk 1,
What are the first 2 issues that ...,
What are the other 2 issues that ...
9
cards
4.2 - Risks at the Financial Statement Level and at the Assertion Level
What does isa uk 315 distinguish ...,
Risks at the financial statement ...,
How should risks at the assertion...
3
cards
4.3 - Risks the Auditor Will Not Detect a Material Misstatement in the Financial Statement
Define detection risk 1,
In what way do auditors have more...,
What do auditors want for their a...
4
cards
4.4 - Identifying and Assessing the Risks
What does isa uk 315 say is the o...,
What is the first step an auditor...,
What is the second step an audito...
5
cards
4.5 - Significant Risks
Define significant risk 1,
What must an auditor do when they...,
What 5 inherent risk factors shou...
6
cards
4.5 - Related Party Transactions
What is a related party 1,
Most financial reporting framewor...,
From the auditor s point of view ...
6
cards
4.6 - Risks in Relation to Climate Change
How are audit risks and climate c...,
The auditor may consider the impl...,
The auditor may consider the impl...
11
cards
4.6 - Physical Risks
Physical risks 1,
What is the first specific physic...,
What is the second specific physi...
3
cards
4.6 - Transition Risks
Transition risks 1,
What is the first specific transi...,
What is the second specific trans...
4
cards
4.6 - Climate Related Issues and the Possible Risks of Material Misstatement
If there are adverse weather even...,
If there are greenhouse gas emiss...,
If consumers demand for more rene...
5
cards
4.6 - Audit Procedures Designed to Address the Risks Associated With Possible Impairment due to Climate-related Risks
What is the first audit procedure...,
What is the second audit procedur...,
What is the third audit procedure...
6
cards
4.6 - Audit Procedures Designed to Address the Risks Associated With Going Concern Doubts due to Climate-related Risks
What is the first audit procedure...,
What is the second audit procedur...,
What is the third audit procedure...
5
cards
5.1 - Fraud and Error
Define fraud 1,
Define error 2,
Why can the financial statements ...
4
cards
5.2 - Characteristics of Fraud
What are the two types of fraud c...,
What does fraudulent financial re...,
What does misappropriation of ass...
3
cards
5.3 - Responsibilities in Relation to Fraud
Who is responsible for preventing...,
How do these people prevent and d...,
What is the auditor responsible f...
8
cards
5.4 - Auditor's Objectives
What is the first objective of an...,
What is the second objective of a...,
What is the third objective of an...
4
cards
5.5 - Requirements in Relation to Fraud
What is an auditor s first line o...,
What is professional scepticism a...,
What must the discussion that tak...
6
cards
---------------------------------------------------
0
cards
1.1 - Evidence
What is the objective of an assur...,
In a low level assurance engageme...,
Why do auditors gather audit evid...
10
cards
1.1 - Evidence Cont
What do the directors set up 1,
When the auditors carry out tests...,
What are the auditors required to...
10
cards
1.2 - Sufficient Appropriate Evidence
What does isa uk 500 audit eviden...,
Which tests for audit evidence re...,
Define sufficiency 3
6
cards
1.2 - Quality of Evidence
External 1,
Auditor 2,
Entity 3
6
cards
1.3 - Financial Statement Assertions
Define financial statement assert...,
What must the auditor identify ri...,
What are the six assertions used ...
4
cards
1.3 - Assertions about Classes of Transactions and Events, and Related Disclosures
Occurence 1,
Completeness 2,
Accuracy 3
6
cards
1.3 - Assertions about Account Balances, and Related Disclosures
Existence 1,
Rights and obligations 2,
Accuracy valuation and allocation 3
6
cards
1.4 - Tests of Control or Tests of Detail
What does isa uk 315 require audi...,
What does isa uk 330 require audi...,
The auditor must choose which kin...
13
cards
1.4 - Substantive Procedures
The auditor must always carry out...,
What substantive procedures must ...,
What two categories do substantiv...
7
cards
1.4 - Effect of Data Analysis
What are data analytics 1,
How has data analytics changed th...,
What does the auditor need to und...
3
cards
2.2 - Content of the Auditor's Report
Blank 1,
In this syllabus we are only conc...,
What is the first explicit opinion 3
7
cards
2.2 - Items Included Only by Exception
What does it mean if certain requ...,
What is the first item included o...,
What is the second item included ...
7
cards
2.2 - Auditor's Report Basic Elements
What 3 basic elements come first 1,
What 3 basic elements come second 2,
What 3 basic elements come third 3
4
cards
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Assurance - ICAEW
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