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16 Cards in this Set
- Front
- Back
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What is the Mnemonics for GAAS General Standards?
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T: Trianing
I: Indepedence in Fact and Appearance P: Professional Care |
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What is the Mnemonics for GAAS Standards of Fieldwork?
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P : Planning and Supervision
I : Internal Control, Entity and Enviroment - sufficient E: Evidence - Obtain for reasonable basis opinion |
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What is the Mnemonics for GAAS Standards of Reporting?
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A: GAAP and Explicit. Must state presented GAAP
C: Consistency and Implicit D: Disclosure and implicit coverage O: Opinion and Explicit |
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What is the Mnemonics for Attestation Services?
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T: Training
I: Independence P: Performance and due care in Planning P: Professional, adequate knowledge of the subject Y: Your belief that the subject matter is capable of evaluation against criteria that are suitable and available for use P: Planning and Supervision A: Appropriate evidence S: Subject Matter identified or assertion S: Significant Reservations disclosed or issues not resolved E; Express conclusions about the matter R: Restrict Use ; limited number of parties;reporting on a subject and written assertion has not been provided; Reporting on an agreed upon procedure |
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What is the Mnemonics for Agreed Upon Procedures.
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I: Independence of The Practitioner
A: Agreement of the Parties M: Measurability and Consistency S: Sufficiency of the Procedures U: Use of the Report is Restricted to the specified Parties R: Responsibilty for the Subject Matter E; Engagements to Perform Agreed - Upon Procedures on Prospective Financial Statements - Prospective financial statements must include a summary of significant assumptions |
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5 components of Internal Control
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C ontrol Environment - sets tone, discipline, ethic value
R isk Assessment - Mngt analysis and achievement of risk I nformation and Communication - I.D., capture timely info M onitor - assess control over time E xisting Control - policies and procedures to ensure |
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Control activities in a strong system of internal control
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P renumbering Documents
A uthorization of Transactions I ndependent checks to maintain asset accountability D ocumentation T Timely and Appropriate Performance Budget vs Act. I Info Processing Controls - transactions are valid P hysical controls for safeguarding assets S egregation of Duties |
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Segregation of Duties
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A uthorizing transactions
R ecording transactions C ustody of Assets |
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Independent Audit Report
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RR: Intro - Responsibility Mngt and Auditor
AA: Scope - audit, accordance GAAS PP: Scope - planned and performed MM: Scope - Material Misstatement EE:: Scope - Examine Evidence AA: Scope - Assessing the Accounting Principles MM: Scope - Made by Management |
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Going Concern Mnemonics
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A nalytical Procedures
D ebt Compliance M inutes I nquiry of client's counsel T hird parties confirmation S ubsequent event review |
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Mnemonics for Compilation report
Third Party - Report required? CPA reproduces statements , report? |
A AICPA
L Limited to Presenting A udit Not R eview NOT D isclaimer of Opinion Does not reference representation of Mngmt ( review ) Third party - report necessary Third party no - Written communication - eng ltr restrict |
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What is not covered under Attest engagements?
ACRAPO How different from GAAS? |
A udits
C ompilations and Reviews R eturn Prep A dvocation ( litigation Services ) P roviding consulting /Advisory services O perational Audits normally performed by Internal Auditor No reference to FS No reference to GAAP assurance below GAAS Audit Limited Use when Agreed upon Procedures Limited Use when subject matter and written assertion not present |
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What are the three conclusions possible for Attestation services. ERA
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E xamination - Opinion Positive
R - eview - Negative Assurance A - greed upon Procedures - No assurance |
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How to record Contingencies?
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1. Estimated - record
2. Cannot estimate - Disclose |
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Opinion on Contingencies?
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Agree with Mngmt? Unqualified
No evidence - Qualified or Disclaimer Non-GAAP - Disagrees with Mngmt - Qualified or Adverse |
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Control Environment Factors
PHMOM |
P articipation and Governance
H R policies & procedures M ngmt Philosophy O rg Structure M ethods to assigning authorization and responsiblity |
