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9 Cards in this Set
- Front
- Back
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Attest engagement |
Examination, review, or agreed upon procedures that report on a subject matter or assertion about a subject matter |
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Steps of an audit |
1. Plan audit 2. Obtain understanding of client and environment (including IC) 3. Assess risks of misstatement and design further audit procedures 4. Perform tests of controls 5. Perform substantive procedures 6. Complete audit 7. Audit report |
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Plan audit |
Engagement letter Continue planning throughout the audit |
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Obtain understanding of client and environment |
Risk assessment procedures |
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GAO independence requirements |
Similar to AICPA but you can't perform nonattest services unless it isn't significant or material |
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AICPA membership can be suspended without a hearing if a member does what? |
(1) Felony/crime punishable by imprisonment for more than one year (2) Willfully didn't file taxes (3) Filing or aid in preparing fraudulent taxes |
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Six principles of the Code of Professional Conduct |
(1) Responsibilities (2) Public Interest (3) Integrity (4) Objectivity/independence (5) Due care (6) Scope and nature of service |
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Financial relationships of a covered member which impair independence of both the member and the firm |
All direct financial interests
Material indirect financial interests Material joint closely held investment held with an attest client Immediate family of covered members are subject to the same requirements Exceptions: Non-key positions and benefit plans related to client |
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PCAOB standards extra from the Code |
Not independent if you perform any service for a contingent fee or commission |
