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Tanner Rasmussen
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Decks in this class (139)
Introduction and Preference
Code of professional conduct updates,
Three major parts to the of the c...,
The principles and rules in the p...
7
cards
MIPPS Introduction and Conceptual Framework
Who are mipps,
What are the three steps to apply...,
What are the seven types of threa...
4
cards
Conflicts of Interest, Directorships, and Gifts
T f conflicts of interest pose a ...,
What are the two types of conflic...,
Threats to objectivity are reduce...
8
cards
Reporting Income and Subordination of Judgement
When you are preparing and report...,
Subordination of judgement define,
How do you handle a disagreement ...
3
cards
Advocacy, Third Party Providers, General Standards, and Accounting Principles
Mipps may not advocate for their ...,
Use of third party service provid...,
General standards members must fo...
6
cards
Discreditable Acts
What are discreditable acts examp...,
Records request important area,
What is the aicpas guidance on th...
5
cards
Fees
When can a mipp not receive conti...,
What is a contingent fee,
When are you permitted contingent...
4
cards
Advertising and Confidentiality
What are the basic rules for adve...,
Important confidential informatio...,
What are the confidential informa...
10
cards
Form of Organization and Names
What are the basic forms of organ...,
What are the basic rules for name...,
What are the ownership rules of a...
6
cards
MIPPS Independence Rules
Mipps shall be independent when p...,
If the code of conduct doesnt res...,
What are the seven threats and sa...
7
cards
Network Firms and Affiliates
What are network firms,
T f network firms must comply wit...,
Can you use an nonindependent fir...
4
cards
Reissues, Engagement Letters, ADR, and Unpaid Fees
What are reissued reports what ar...,
What engagement contractual terms...,
What is alternative dispute resol...
4
cards
Overview and Unsolicited Financial Interests
Can a covered member own stock in...,
Define financial interest,
Define direct financial interest
6
cards
Mutual Funds and Retirement Plans
If a covered member or a person w...,
When are retirement plans a direc...
2
cards
Partnerships, 529s, Trust and Estates, Employee Benefit Plans
Define a general partnership how ...,
Define limited partnership how do...,
What are limited liability compan...
9
cards
Depository Accounts, Brokerage Accounts, and Insurance Policies
What are the rules for depository...,
What are the rules for brokerage ...,
What are the rules for insurance ...
3
cards
Loans, Leases, and Business Relationships
How does loans impact independence,
If a cm complies with the loan te...,
What are the rules for leases and...
5
cards
Family Relationships
What are the two categories of fa...,
What are the rules for immediate ...,
What are the rules for immediatel...
5
cards
Current Employment
What are the employment rules for...,
What are the rule for professors ...,
Can a pope join a board of a nfp ...
7
cards
Subsequent Employment
Important if an attest client com...,
What if one your colleagues has a...,
A firms independence will be impa...
5
cards
Other Associations and Relationships
If a cm belongs to a social club ...,
If a cm belongs to a trade associ...,
If a cm buys an interest in a con...
8
cards
Code Provisions
Important,
What does the nonaudit services c...,
Communications about the followin...
9
cards
Securities and Exchange Commission (SEC)
What qualifications does the sec ...,
Does the sec define family relati...,
Who is a covered member under the...
23
cards
Public Company Auditing Oversight Board
T f all pcaob rules need to be ap...,
T f aicpa rules are consistent wi...,
Do contingent fees and commission...
8
cards
Government Accountability Office (GAO)
Who has to comply with the requir...,
What does the yellow book require...,
What are the four key parts to th...
6
cards
Department of Labor
Is the coverage broader than the ...
1
cards
Accounting VS Auditing
Who are potential users of f s,
What do users do with the f s the...,
What are the two distinct aspects...
6
cards
GAAS and Principles
Aicpa replaced the 10 gaas with 7...,
For purpose and premise what are ...,
What is the one principle under r...
6
cards
Professional Standards
What is the primary responsibilit...,
What are the statements developed...,
What are the statements developed...
7
cards
Quality Control Standards
Do the standard quality control s...,
Do quality control standards appl...,
Quality control involve reasonabl...
8
cards
Overview of the audit process
What is the audit process under a...,
What is the difference between th...
2
cards
Overview of the auditors report
Unqualified report unmodified rep...,
What is current unmodified report...,
Standard of unmodified report man...
5
cards
Different Types of Engagements
What are other aicpa standards th...,
When do standards for attestation...,
What is the highest level of enga...
6
cards
PCAOB Responsibilities
What are the five responsibilitie...
1
cards
PCAOB on Engagement Quality Review
What is the purpose of the pcaob ...,
Pcaob requires engagement quality...,
What is an associated person
7
cards
Planning and Supervision
In planning for an audit what fac...,
Who should be involved in planning,
T f planning is on ongoing proces...
10
cards
Materiality
Define materiality,
The determination of materiality ...,
During what phases of the audit i...
9
cards
Audit Risk
Define audit risk,
Audit risk is a probability and t...,
Define reasonable assurance
9
cards
Analytical Procedures
What are analytical procedures th...,
Analytical procedures might include,
What is the purpose of analytical...
9
cards
Audit Data Analytics
What are the 4 primary reasons fo...,
What is the five step approach to...,
In step 1 of the five step approa...
8
cards
Detecting Fraud
What is the basic responsibility ...,
What the two types of fraud,
What is the fraud triangle
12
cards
Fraud: Evaluation and Communication
Near the end of the audit what sh...,
If the misstatement is the result...,
Fraud is required for documentati...
4
cards
Detecting Illegal Acts
What are auditors responsibilitie...,
What are the auditors basic respo...,
During the audit what is the audi...
6
cards
Using the Work of a Specialist
What is auditors specialists exte...,
What factors should be used in de...,
Is the auditor responsible for al...
4
cards
Required Communications with Those in Charge of Governance
Who are those charged with govern...,
What is the auditors responsibili...,
What matters would not be appropr...
5
cards
PCAOB on Communications with the Audit Committee
What are the auditors objectives ...,
What is a critical accounting est...,
What are critical accounting poli...
6
cards
Obtaining and Understanding of Internal Controls
What is the auditors responsibili...,
How does an auditor obtain an ini...,
What is a transaction cycle
7
cards
Evaluating Internal Controls
If an auditor deems that the inte...,
If the auditor perceives the inte...,
When determining that the control...
9
cards
Assessing Control Risk under AIPCA Standards
Internal control consists of 5 in...,
What is the control environment,
What are the 7 specific elements ...
12
cards
Performing Procedures in Response to Audit Risks
In the situation that the auditor...,
Is it okay to revise risk assessment,
Define overall responses
8
cards
Required Communications related to control Deficiencies
When is the auditor required to c...,
Define significant deficiency,
Define material weakness
8
cards
Using the work of an Internal Audit Function
Define internal audit,
When would an external auditor us...,
When using an internal auditor to...
8
cards
Specific Transaction Cycles
Define transaction cycle,
What are some examples of transac...,
Why do auditors focus on these tr...
9
cards
Revenue/Receipts- Sales
What are the key documents in the...,
What are the control actives scare
2
cards
Revenue/Receipts- Cash
What are the separation of duties...,
What are the controls physical co...,
What are the authorization of tra...
5
cards
Expenditures/Disbursements
What is the process for expenditu...,
What is the disbursement process,
What are the segregation of dutie...
13
cards
Payroll Cycle
What is the overview of the payro...,
What are the control activities w...,
What are the control activities w...
7
cards
Miscellaneous Cycles
What are transaction cycles that ...,
What are the 5 control activities...
2
cards
Overview of Substantive Procedures
What does substantive mean,
What are the main pieces of an au...,
What are the two categories of su...
7
cards
The Nature of Audit Evidence
Define audit evidence,
T f underlying accounting records...,
What is considered other informat...
13
cards
Assertions and Types of Audit Procedures
What are the auditors basis for c...,
What is the menu of specific subs...,
T f the auditor is required to li...
5
cards
PCAOB Risk Assessment Audit Standards
Audit risk defined by the pcaob i...,
What is the auditors objective fo...,
What is the pcaob standard on sup...
7
cards
Evaluate Misstatements identified During the Audit
What is the auditors objectives w...,
Definition of misstatement,
What should the auditor do with i...
9
cards
Audit Documentation
What is audit documentation,
What are the auditors objective f...,
Who owns the documentation
13
cards
PCAOB on Audit Documentation
What is the basic audit documenta...,
What must the auditors document,
What is the engagement completion...
5
cards
Confirmation
What is external confirmation,
T f the auditor does not need to ...,
What are the two types of confirm...
9
cards
Accounting Estimates
Objective,
Define accounting estimate,
Define estimation uncertainty
8
cards
Fair Value Estimates
What are examples of afar value e...,
Are auditors in the prediction bu...,
Do we have to obtain an understan...
10
cards
Lawyer's Letter
When are contingent losses realiz...,
How does an auditor identify the ...,
Management would like to verify c...
8
cards
Management Representation Letters
T f auditors should always docume...,
What if management is unwilling t...,
Who should the management represe...
8
cards
Related Party Transactions
What is a related party,
What is an arms length transaction,
What are the responsibilities rel...
10
cards
PCAOB on Related Parties
What needs to be communicated wit...,
Does the auditor needs to evaluat...,
Do auditors need to make sure the...
6
cards
Subsequent Events and Related Issues
What are the auditors objectives ...,
Define subsequent events,
What are subsequently discovered ...
9
cards
Going Concern
What are the auditors objectives ...,
Define reasonable period of time,
What if management did not evalua...
10
cards
Audit Evidence: Specific Audit Areas
What are the four assertions gene...,
What is existence,
What is the completeness assertion
6
cards
Cash
What is the formula for determini...,
What is the formula for determini...,
How do you test the pieces of the...
6
cards
Accounts Receivable
What is the first thing you will ...,
What is the second step in testin...,
Define positive confirmation
9
cards
Inventory
Why is inventory a dual purpose test,
What is the number one assertion ...,
What are count tags
9
cards
Investments in Securities and Derivative Instruments
What is the auditors objective,
What are the best evidence of fai...,
If quoted prices are not availabl...
3
cards
Fixed Assets
How does an auditor test the exis...,
How do you test disposal,
How do you test completeness
5
cards
Current Liabilities
What assertion is the primary con...,
How do you search for unrecorded ...,
How do you inspect existence for ...
6
cards
Long-Term Liabilities
What is the assertion that is the...,
How do you address any decreases ...,
How do you address any increases ...
6
cards
Stockholder's Equity
How would you test existence of s...,
How would you address completenes...,
How would you test rights and obl...
4
cards
Payroll
What are the assertions for incom...,
How are income statement elements...,
How would you test occurence and ...
6
cards
Audit Sampling
Define sampling,
What are the two types of sampling,
What is another name or phrase fo...
10
cards
Attributes Sampling
What is attributes sampling,
What is a deviation or occurence,
How do you decide how a sample is...
4
cards
Variables Sampling
Variables sampling relies heavily...,
When performing statistical sampl...,
T f for variable sampling you can...
6
cards
Probability-Proportional-to-size (PPS) Sampling
What is pps sampling,
What are the advantages of pps,
What is the disadvantage of pps
9
cards
IT (Computer) Auditing
What is a disadvantage to it what...,
What are the two major categories...,
What are the 5 categories of gene...
8
cards
IT Controls- Application Controls
What are application controls,
What are the three types of appli...,
What are some input controls
6
cards
IT Evidence- Gathering Procedures
What is generalized software,
What is customized audit software,
What are computer assisted audit ...
3
cards
Other IT Considerations
Define hardware,
Define software,
Define compiler
10
cards
Introduction to Audit Reports
What are the five main sections o...,
What changes when the auditors re...,
What is the correct title of the ...
8
cards
PCAOB Audit Reports
What is the structure of the pcao...,
What is stated in the opinion sec...,
What is contained in the basis fo...
16
cards
Audits of Group Financial Statements
What are the auditors objectives ...,
What is the group engagement part...,
Does the group team determine com...
6
cards
Emphasis-Of-Matter and Other-Matter Paragraphs
Define emphasis of matter,
Define other matter paragraph,
Where is the emphasis of matter p...
8
cards
Qualified for Scope Limitation
What type of opinions would be co...,
Define a qualified opinion,
Define a disclaimer of opinion
7
cards
Qualified for Misstatement
When would you issued a qualified...,
What are the changes to the audit...,
What are the three types of modif...
3
cards
Adverse Opinion
Define pervaisive,
Three types of modified options,
What is the only reason for an ad...
4
cards
Disclaimer of Opinion
When would you issue a disclaimer...,
What are the effects of a disclai...,
If you issue a disclaimer of opin...
4
cards
Consistency in the F/S
When comparability has been mater...,
What would cause a comparability ...,
What boxes need to be check if th...
4
cards
PCAOB on Evaluating Consistency of Financial Statements
What affects consistency
1
cards
Opening Balances- Initial Audits
What should the auditors do if pr...,
If the new auditors discover poss...,
T f the new auditor should refere...
5
cards
Other Information Along with Financial Statements
What should auditors do with othe...,
If management refuses to make adj...,
If management refuses to make adj...
5
cards
Supplementary Information Related to Financial Statements
What is the auditors primary obje...,
What should the auditor determine...,
The auditor should obtain managem...
5
cards
Required Supplementary Information
What are the audit procedures for...,
T f the auditor would include a o...,
What is required to be stated in ...
4
cards
PCAOB on Auditing Supplemental Information
T f the auditors can either combi...,
T f if the auditors issue a quali...
2
cards
Alert to Restrict Report
What is an alert to restrict report,
Where is the alert to restrict re...,
What is the typical language used...
5
cards
Financial Statements Using Another Country's Framework
What are the auditors objectives ...,
If the f s are going to be used o...
2
cards
Reporting on the Summary Financial Statements
What are summary financial statem...,
T f the auditors must have been e...,
Summary of financial statements m...
6
cards
Interim Financial Information
Define interim financial information,
When accepting the engagement the...,
What are the basis for conclusion...
6
cards
Reports on Application of Requirements of Framework
Define hypothetical transaction,
Define specific transaction,
Define reporting accountant
7
cards
F/S with Special Purpose Frameworks
Define special purpose framework,
When presented with an engagement...,
T f the audit report should inclu...
6
cards
Audits of Single F/S and Specific Elements, Accounts, or Items
Before accepting the audit engage...,
T f if the auditor is asked to au...,
T f if the auditor is asked to pr...
6
cards
Reporting on Compliance with Requirements in an F/s Audit
When issuing a negative opinion o...,
If the compliance negative opinio...,
T f a restricted use related to t...
3
cards
Service Organizations- User Auditors
Define service auditor,
Define service organization,
What is a user auditor
10
cards
Service Organizations- Service Auditors
0
cards
Comfort Letters
Who are comfort letters used for,
T f comfort letters are required ...,
T f a comfort letter should be re...
4
cards
Government Auditing Standards
An important difference between g...,
If a significant deficiency is no...,
The auditors should report on com...
7
cards
Compliance Audits
T f one of the auditors objective...,
What standards does sas 117 incor...,
In a compliance audit the auditor...
4
cards
SSARS- General Principles
Ssars covers what three types of ...,
Under ssars there are two broad c...,
When would an accountant deviate ...
5
cards
SSARS- Preparation of Financial Statements
When obtaining an agreement on th...,
At the top of each financial stat...,
If the financial statements prepa...
4
cards
SSARS- Compilation Engagements
Define a compilation report,
What should be stated in the term...,
What are the performance responsi...
9
cards
SSARS- Review Engagement
Define a review,
What needs to be included in the ...,
As apart of the pre engagement th...
10
cards
SSARS- Other Toptics
Define pro forma financial inform...,
What a cpa is asked to do a pro f...,
What are the procedures an accoun...
9
cards
AICPA on Reporting on Internal Control in an Integrated Audit
Define an integrated audit,
What is the key date when auditin...,
What are the preconditions of the...
14
cards
PCAOB on Reporting whether a Previously Reported Material Weakness Continues to Exsist
Define a material weakness,
What are key indicators of materi...,
If the auditors discover material...
7
cards
Auditing Employee Benefit Plans
Employee benefit plans are subjec...,
What are the two basic type of em...,
What are the pension plan eligibi...
20
cards
Introduction to Attestation Standards
What is an attestation engagement,
What are the three categories of ...,
In the preface to the attestation...
8
cards
Attestation Standards- Common Concepts
A written assertion is expected b...,
If the responsible party refuses ...,
If the responsible party refuses ...
13
cards
Examination Engagements
What is an examination,
Should there be an engagement let...,
What needs to be addressed in an ...
6
cards
Examination Reports
T f the aicpa does not give a sta...,
What are the required elements,
When would you add a restricted u...
4
cards
Review Engagements
What type of assurance is given i...,
What needs to be documented in th...,
What procedures need to be perfor...
6
cards
Review Reports
Under attestation review reports ...,
What should be included in the re...,
Can you have a qualified conclusi...
4
cards
Agreed Upon Procedure Engagements
What are agreed upon procedures,
What needs to be included in the ...,
T f the responsible party should ...
7
cards
Prospective Financial Information
What are prospective financial in...,
What type of engagements does a p...,
What are the two types of prospec...
10
cards
Pro Forma Financial Information
What is pro forma financial infor...,
What are the two types of attesta...,
What are the preconditions
6
cards
Compliance Attestation
Compliance attestation applies to...,
Define compliance wit specified r...,
Define material noncompliance
7
cards
Management Discussion and Analysis
Do auditors attest to mda,
When are mda applicable to attest...,
T f for an auditor to attest to m...
8
cards
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AUD
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