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6 Cards in this Set
- Front
- Back
- 3rd side (hint)
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6 steps in Audit Process |
1. Plan 2. Obtain Understanding of Client and Environment 3. Assess Risk 4. Perform Further Proceedures 5. Complete Audit 6. Form Opinion/Issue Report |
POAPCF |
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What does Planning the Audit Involve? |
Determine -Tasks to be completed, -Responcibilities of each party, and -Estimated time of engagement |
3 things |
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Describe Obtaining an Understanding |
Having a general grasp of internal processes and controls in order to identity potential areas of risk of material misstatements. |
Description |
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Describe Performing Further Audit Proceedures |
-Tests of controls -Tests of balances |
2 items (performing the audit) |
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Describe Completing the Audit |
-search for missing items -obtain management representation -evaluate findings for GAAP |
3 things |
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Describe Issuing the Audit Report |
Give formal statement of findings from the Complete Audit step |
Obvious |
