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22 Cards in this Set
- Front
- Back
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Occurrence |
PnL |
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Completeness |
PnL SOFP |
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Accuracy |
PnL |
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Cut-off |
PnL |
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Classification |
PnL SOFP |
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Presentation |
PnL SOFP |
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Existence |
SOFP |
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Rights and obligations |
SOFP |
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Valuation, accuracy, allocation |
SOFP |
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Occurrence |
Trans and events that have been recorded or disclosed have occured and pertain to the entity |
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Completeness |
PnL: all transactions, events and disclosures that should have been recorded have been recorded SOFP: all assets, liabilities and equity interests that should have been recorded have been recorded and disclosures that have been included have been included |
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What describes the financial statement assertions |
The representations made by management that are embodied in the financial statements |
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Types of procedures that can be used in carting out tests of control |
Inquiry Inspection Reperformance |
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What is substantive testing |
Audit procedures designed to detect material misstatements at the assertion level Contain Tests of details Substantive analytical procedures |
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What is tests of control |
Audit procedures designed to evaluate the operating effectiveness of controls in preventing, or detecting and correcting material misstatements at the assertion level |
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Accuracy |
Amounts and other data relating to recorded transactions and events have been properly appropriately and disclosures accurately described |
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Cut off |
Transactions and events have been recorded in the correct accounting period |
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Classification |
PnL: transactions and events have been recorded in the proper accounts SOFP: assets, liabilities, and equity interests have been recorded in the proper accounts |
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Presentation |
PnL: transactions are appropriately aggregated or disaggregated. Disclosures are understandable in line with IFRS requirements SOFP: Same but for assets, liabilities and equity |
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Existence |
Assets, liabilities and equity interests exist |
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Rights and obligations |
The entity holds or controls the rights to assets and liabilities are the obligations of the entity |
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Valuation, accuracy, and allocation |
Assets, liabilities, and equity interests and any related disclosures are included in the financial statements at appropriate amounts |
