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BJ Waguespack
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Decks in this class (113)
MIPPs introduction and Conceptual Framework
What are the 3 safeguards in the ...,
What are the key concepts in the ...,
What are the 7 threats against mipps
3
cards
Conflicts of Interest, Directorships and Gifts
What are the two main types of co...,
Threats to objectivity with confl...,
Is objectivity threatened when a ...
4
cards
Reporting Income and Subordination of Judgment
What is subordination of judgment,
What should a member do if after ...,
What should a member do if she co...
3
cards
Advocacy, Third-party providers, General Standards and Accounting Principles
Members who may advocate for thei...,
What sorts of services is it gene...,
If a client objects to outsourcin...
9
cards
Discreditable Acts
Name two discreditable acts that ...,
Name the four categories of recor...,
How long do accountants have to p...
8
cards
Fees
What two conditions must be prese...,
For which kind of client may a me...,
List two permitted contingent fee...
5
cards
Advertising and Confidentiality
List some examples of false misle...,
List at least two exceptions to t...,
Besides their own whose advertisi...
6
cards
Overview and unsolicated financial interests
What is the ownership cutoff that...,
Under what two conditions will a ...,
If a covered member learns that h...
7
cards
Mutual Funds and Retirement Plans
Is a covered member more or less ...,
Allocated shares held in an emplo...,
If covered members or their immed...
5
cards
Partnerships, 529s, Trust and Estates, Employee Benefit Plans
Under what three circumstances co...,
A general partners interest in th...,
Why are the owners of 529 account...
5
cards
Loans, Leases, and Business Relationships
Name the three safeguards necessa...,
From which entities should a cove...,
Name two types of loans a covered...
4
cards
Family Relationships
What is a key position that an im...,
Under what conditions will a fina...,
May a close relative of another p...
7
cards
Current employment
If an officer of an attest client...,
Name three prohibited positions t...,
Who in an attest firm may not hol...
8
cards
Subsequent Employment
If a covered member learns that a...,
Which types of covered members ar...,
What time period is important in ...
5
cards
Other Associations and Relationships
What is the test to determine whe...,
Give an example of a common inter...,
Which types of covered members ma...
6
cards
Code Provisions
Name two kinds of communications ...,
Fill in the blank in performing n...,
Briefly summarize the general req...
5
cards
Specific Services
May a member serve as a benefit p...,
May a member post client coded tr...,
May a member present business ris...
10
cards
Members in business (MIBs)
What is a member in business,
Where do the conceptual framework...,
The code sets out seven threats f...
6
cards
Other Members
What is the main thing that other...,
Give two examples of other members
2
cards
Securities and Exchange Commission
How does sec define immediate fam...,
What is fror,
How does sec define close family ...
3
cards
PCAOB
Name three frors,
Number of companies audited to re...,
Three steps to obtaining approval...
6
cards
GAO
What does the acronym gao stand for,
What does the acronym ao stand for,
List the types of audit impairmen...
6
cards
Department of Labor (DOL)
What does the acronym erisa stand...,
What does the acronym ebsa stand for,
What two primary independence con...
4
cards
Accounting vs Auditing
What is the auditors primary role,
Define generally accepted account...,
What is meant by generally accept...
8
cards
GAAS and Principles
Identify the topics associated wi...,
Identify the topics associated wi...,
Identify the topics associated wi...
5
cards
Professional Standards
What type of professional require...,
What type of professional require...,
What is meant by the term interpr...
3
cards
Quality Control Standards (SQCS)
List the services for which a cpa...,
What is meant by the term engagem...,
List the six elements of a qualit...
4
cards
Overview of Audit Process
List the four basic steps in the ...,
What considerations should be giv...,
What are some considerations that...
5
cards
Overview of Auditor's Report
How is an auditors unmodified aud...,
List the reason s for which an en...,
List the reason s for which an en...
6
cards
Different Types of Engagements
To what services are statements o...,
What is a compilation,
What type of assurance is associa...
4
cards
Responsibilities of PCAOB
List the standard setting respons...,
The sarbanes oxley act of 2002 co...,
The sarbanes oxley act of 2002 co...
10
cards
PCAOB on engagement quality review
What are the requirements regardi...,
Ist the qualifications required o...,
Under public company accounting o...
7
cards
Pre-Engagement Planning Issues
What is meant by the term precond...,
What matters should be covered in...,
What is meant by the term initial...
5
cards
Planning and Supervision
Identify three planning related i...,
List several circumstances that i...,
What is the difference between an...
7
cards
Materiality
What four matters should be docum...,
The clarified auditing standards ...,
What is meant by the term tolerab...
7
cards
Audit Risk
Define control risk,
What audit risk model is applicab...,
List the variables of planned aud...
8
cards
Analytical Procedures
Define analytical procedures,
What three purposes might analyti...,
What matters must be documented i...
6
cards
Detecting Fraud
List the two types of financial s...,
What definition of fraud is relev...,
Identify the auditors responsibil...
4
cards
Fraud: Evaluation and Communication
Who should be informed when the a...,
When might an auditor have a duty...,
What are the auditors responsibil...
5
cards
Detecting Illegal Acts
What procedure can an auditor und...,
What matters should the auditor d...,
What is the auditors responsibili...
7
cards
Using the work of a specialist
What reference to a specialist ma...,
List some examples of specialists,
Define the term specialist
5
cards
Required communication with those charged with governance
Define what is meant by the term ...,
What matters are the auditor requ...,
What is the auditors basic respon...
4
cards
PCAOB on communications with audit committees
What are the four objectives of t...,
What specific matters should be c...,
Describe the pcaob requirements a...
7
cards
Obtaining an understanding of internal control
List the disadvantages of flowcha...,
List the disadvantages of interna...,
List the advantages of using flow...
10
cards
Evaluating Internal Control
Identify three inherent limitatio...,
Identify two reasons for assessin...,
When should the auditor assess th...
4
cards
assessing control risk under AICPA standards
What is meant by the term monitor...,
What is meant by the term control...,
Identify three risk assessment pr...
10
cards
Performing audit procedures in response to assessed risks
What is the auditors responsibili...,
When must tests of control be per...,
Define the term significant risks
5
cards
Internal Control - Required Communications
Define material weakness,
Describe the auditors requirement...,
Describe the timing of the requir...
6
cards
Using the work of an internal audit function
When using the internal audit fun...,
Why isnt a systematic and discipl...,
What are the two ways the externa...
4
cards
Specific Transaction Cycles
Why do auditors emphasize transac...,
What is meant by the term transac...,
List the three categories of inco...
4
cards
Revenue/Receipts - Sales
Identify the key accounting docum...,
List two access controls applicab...,
How should employee responsibilit...
5
cards
Revenues/Receipts - Cash
What comparison techniques can th...,
What control mechanisms can be us...,
List some procedures used to ensu...
5
cards
Expenditures/Disbursements
Identify the objectives of intern...,
List some procedures used to ensu...,
List two access controls applicab...
6
cards
Payroll
Identify three access controls ap...,
What comparisons should be made w...,
Describe managements role in the ...
3
cards
Miscellaneous Cycles
Identify the objectives of intern...,
Describe managements role in the ...,
Identify the objectives of intern...
5
cards
Overview of Substantive Procedures
What is the only component of the...,
Performing analytical procedures ...,
List the two broad categories of ...
9
cards
The nature of audit evidence
Describe what the existence occur...,
Describe what the completeness as...,
Describe what the rights and obli...
12
cards
Assertions and Types of Audit Procedures
List the three categories of audi...,
What are risk assessment procedures,
What are substantive procedures
4
cards
PCAOB Risk Assessment Standards
Describe what is meant by audit p...,
What is the auditors responsibili...,
List the matters to be evaluated ...
20
cards
Evaluation of Misstatements identified during the audit
Define misstatement,
What is meant by the term factual...,
What is meant by the term judgmen...
6
cards
Confirmations
List two alternative procedures f...,
What is meant by the term negativ...,
List the two general types of con...
5
cards
Accounting Estimates
List some audit procedures that m...,
What is the auditors basic respon...,
Define view only access
7
cards
Fair Value Estimation
What is the best evidence of fair...,
What is meant by the term observa...,
What is the auditors basic respon...
5
cards
Lawyer's letters
List the two types of letters inv...,
What is the effect of a limitatio...,
What is the lawyers responsibilit...
9
cards
Management Representation Letter
What would be the effect on an au...,
What periods should be covered in...,
List the members of management wh...
6
cards
Related Party Transactions
What is meant by the term arms le...,
What is meant by the term related...,
List audit procedures used to ide...
6
cards
PCAOB on related party transactions
Pcaob auditing standards require ...,
Pcaob auditing standards suggest ...,
Pcaob auditing standards require ...
8
cards
Going concern issues
Describe the auditors reporting r...,
What is meant by the term reasona...,
List routine audit procedures tha...
7
cards
Introduction to Auditing Individual Areas
Identify the 4 assertions for acc...,
Identify several substantive proc...
2
cards
Cash
What is the schedule of interbank...,
What is meant by the term kiting,
What does the proof of cash compare
6
cards
Accounts Receivable
What is meant by the term lapping...,
Identify several audit procedures...,
Identify 2 audit procedures that ...
6
cards
Inventory
Identify a few audit procedures t...,
How might the auditor address the...,
Describe how the auditor might ad...
5
cards
Investments
What is meant by the term derivative,
What is meant by the term hedge,
What is usually considered to be ...
8
cards
Current Liabilities
Give an example of an analytical ...,
Describe the basic steps that com...,
Identify an audit procedure that ...
6
cards
Long-term liabilities
Give an example of an audit proce...,
Identify a few audit procedures t...,
Identify a few audit procedures t...
4
cards
Stockholder's Equity
Identify a few audit procedures t...,
Identify an audit procedure that ...,
Identify an audit procedure that ...
4
cards
Payroll
When is the detailed testing of p...,
List the 5 assertions related to ...
2
cards
Introduction to sampling
Define nonsampling risk,
Define type i error,
List the two general approaches t...
7
cards
Attributes Sampling
List the eight steps in attribute...,
List the two sampling approaches ...,
Define random sampling
11
cards
Variables Sampling
What is the formula to obtain the...,
List the items that are inversely...,
List the items that are directly ...
8
cards
Probability-Proportional-to-size (PPS) sampling
What is the relevant sampling uni...,
What is the primary advantage of ...,
What is the primary disadvantage ...
7
cards
IT Controls - General Controls
Define general controls,
List the types of physical safegu...,
List some internal control implic...
6
cards
IT Controls - Application Controls
List the three types of control t...,
Define application controls,
Define hash totals
13
cards
IT Evidence - gathering procedures
Define integrated test facility itf,
Define parallel simulation,
Define tagging transactions
7
cards
Other IT Issues
Define local area network lan,
Define online processing,
Define database system
8
cards
Introduction to Audit Reports
What basic responsibility does th...,
List the items comprising ie the ...,
List the three alternatives to th...
10
cards
PCAOB on audit reports
What interim standards were adopt...
1
cards
Group Financial Statements
Describe the responsibilities of ...,
When the group engagement partner...,
When the group engagement partner...
11
cards
Emphasis of matter and other matters paragraph
Identify the three issues for whi...,
What is meant by the term emphasi...,
Where should an emphasis of matte...
4
cards
Qualified for Scope Limitation
What type of report should the au...,
What type of report should the au...,
Give an example of the language u...
5
cards
Qualified for misstatement
What is the meaning of a qualifie...,
What type of report should the au...,
What type of report should the au...
4
cards
Adverse Opinion
What is the effect of an adverse ...,
What is the one underlying cause ...,
What conclusion is expressed by a...
4
cards
Disclaimer of Opinion
What is the effect of a disclaime...,
What is the fundamental reason fo...,
What conclusion is expressed by a...
6
cards
Consistency of F/S
What four specific matters should...,
What is the auditors responsibili...,
What is the effect on the auditor...
5
cards
PCAOB on Consistency of F/S
What effects on the auditors repo...,
What effects on the auditors repo...,
List the four criteria the audito...
5
cards
Opening Balances - Initial Audits
What effect would it have on the ...,
What is meant by the term success...,
What is meant by the term initial...
6
cards
Other information along with financial statements
What is meant by the term inconsi...,
What is meant by the term misstat...,
If management is unwilling to mak...
6
cards
Supplementary information related to financial statements
If the auditor has expressed an a...,
When engaged to report on whether...,
What are the requirements for an ...
4
cards
Required Supplementary Information
What is meant by the term require...,
Describe the procedures to be per...,
How does required supplementary i...
4
cards
PCAOB on auditing supplemental information
When is the pcaob auditing standa...,
What are the two primary matters ...,
When the auditor issues an advers...
5
cards
Alert to restrict report
What is the auditors responsibili...,
Give an example of the language t...,
Identify two general circumstance...
4
cards
Financial Statements Using another country’s framework
When engaged to audit financial s...,
When engaged to audit financial s...,
To what extent must the auditor c...
6
cards
Reporting on Summary Financial Statements
What is meant by the term summary...,
What is meant by the term applied...,
Identify the only two opinion cho...
4
cards
Interim Financial Statements
Identify the four paragraphs norm...,
Identify the evidence gathering p...,
The agreement on engagement terms...
6
cards
Reports on Application of Requirements of Framework
Identify the procedures an audito...,
What is meant by the term hypothe...,
What is meant by the term specifi...
8
cards
F/S with Special Purpose Frameworks
Which special purpose frameworks ...,
What is meant by the term special...,
When should the auditors report o...
6
cards
Audits of Single F/S and specific elements, accounts, or items
What is the impact on the auditor...,
What are the reporting requiremen...,
When deciding whether to accept a...
5
cards
Reporting on compliance with requirement in a F/S audit
Identify the three paragraphs nor...,
Identify the three requirements b...,
Is an auditor permitted to commen...
4
cards
Service Organizations – User Auditors
When the user auditor has relied ...,
What is meant by the term service...,
According to aicpa professional s...
10
cards
Government Auditing Standards
When do the general and specific ...,
Who is the issuer of government a...,
List the three main differences i...
6
cards
Compliance Audits
Define governmental audit require...,
Describe the auditors responsibil...,
Under what two circumstances woul...
7
cards
SSARSs—General Principles
What aicpa standards are applicab...,
List the two categories of requir...,
When can an auditor depart from a...
7
cards
SSARSs—Preparation of Financial Statements
What should an accountant documen...,
When the accountant has prepared ...,
What are the accountants responsi...
5
cards
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