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James Boyd
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Decks in this class (26)
Ratio Analysis
Inventory turnover increased from...,
Return on equity dropped from 8 to 5,
Current ratio dropped from 2 to 14
11
cards
Adjusting Journal Entries
At the end of year 2 a major cust...,
In the last week of year 2 the co...,
Employee overtime pay for hours w...
5
cards
Internal Control Deficiencies
Sales clerk receives customer orders,
Sales clerk has a copy of sales o...,
Sales clerk prepares sales order ...
20
cards
Ratio Analysis Rule
If the total ratio is above 1 and...,
If the total ratio is below 1 and...
2
cards
Internal control compliance
Corporate restructuring,
Authorization of transactions,
Operating performance reviews
15
cards
Fraud Risk Factors
Management failing to correct kno...,
Inadequate monitoring of controls,
Management has significant financ...
11
cards
Fraudulent Financial Reporting Basics
Incentive pressure,
Opportunity,
Attitude rationalization
5
cards
Internal Control Communication - Non Issuer vs Integrated
Identified control deficiency,
Identified significant weakness,
Identified material weakness
8
cards
Quality Control
Quality control catagories,
Partner in charge will take appro...,
All permanent audit files will be...
4
cards
EDI Computer system Likely Effects
In a computerized environment tra...,
Processing consistency in a compu...,
In a computerized environment una...
7
cards
Permanent File vs Current File
Whats included in the permanent file,
Whats included in the current file
2
cards
IFAC vs AICPA Independence
Gifts received test,
Tax return preparation,
Providing bookkeeping payroll ser...
6
cards
AICPA Code of Professional Conduct
Acts discreditble rule,
Exception to acts discreditble rule,
Contingent fees preparing origina...
4
cards
Ratio Analysis 2
Explanation that would not effect...,
Explanation for higher a r turnov...,
Explanation for lower a r turnove...
3
cards
CAAT
Application program that collects...,
Test controls for bad data,
Dummy transactions posted to a te...
4
cards
Independence
Lawsuit for immaterial amount for...,
Bank account held at an instituti...,
Unsolicited inheritance does not ...
3
cards
Attest engagements
Prospective financial statements,
Financial projection
2
cards
Compliance Audit Report & what to include
Statement that audit was conducted,
Statement that compliance audit i...,
Statement that compliance audit d...
8
cards
Review Engagement Procedures
0
cards
Ratio Formulas
Profitability ratio,
Gross margin,
Operating profit margin
22
cards
Audit Testing
Confirming opening balance to pri...,
Examining consignment agreements ...,
Examine subsequent cash disbursem...
10
cards
Errors
Client bought property to be held...,
Cash confirmation shows an outsta...,
Auditor was unable to locate sele...
8
cards
Government Auditing
0
cards
Inventory Testing
Inventory included at the balance...,
Pledge or assignment of inventory...,
Entity has legal title
10
cards
Assurance
Compilation,
Compliance,
Agreed upon procedures
4
cards
Engagement
If asked to review of interim f s...,
Review includes,
Investees subsidiaries obtain rep...
3
cards
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Audit Simulation
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