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28 Cards in this Set
- Front
- Back
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Auditing
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process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of corresponsance between those assertions and established criteria and communicating the results to interested users
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attest
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practitioner is engaged to issue a report on subject matter or an assertion about subject matter that is the responsibility of another party
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assurance
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independent professional services that improve the quality of information or its context for decision makers
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corporate governance
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he behavior and actions of the board of directors to ensure proper stewardship of investor assets
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compensation, audit, governance
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3 committees of corporate governance
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internal controls over financial reporting
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ICOFR
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willingness to challenge management
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boards are falling short in which area
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10 k
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annual corporate report which included staff comments and the SEC double checks through and issues a letter is problems
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10q
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quarterly corporate report
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Managements dicsussion and analysis (MD&A)
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letter to shareholders to "interpret" what has happened over the year. not audited
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/A
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amended
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8k
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when an event happens between filings a __is issued
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60
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10k must be filed within __days of FYE
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40
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10q must be filed within ___ days of QE
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4
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8k must be filed within ___ days of event
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the signature of the CEO and CFO on 10k and 10q
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section 302 of SOX is
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intro paragraph
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who, what, and when, of the audit report
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scope paragraph
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how and what an audit is of the audit report
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how management accounts for things
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1st footnote
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qualified opinion
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some string attached to the opinion "except for"
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adverse opinion
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opinion that states the F/S do not fairly represent
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disclaimer
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we do not present an opinion on the financials
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private
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AICPA is for ___ companies
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public
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PCAOB is for ___ companies
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independent in fact
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am i actually independent? "actions"
independence of thinking |
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independent in appearance
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auditor must avoid actions which would be perceived to 3rd parties as a lack of independence
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immaterial indirect
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only ____ transactions allowed
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summary of unadjusted audit differenced
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SUAD
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