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    2013 AUD Mnemonics

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    nwasquad
    The document discusses several topics related to auditing standards and procedures: 1) It outlines the general standards that auditors must follow including independence, professional care, planning and supervision, and standards of reporting. 2) It describes the responsibilities of accountants in compilation and review engagements, noting they provide limited or no assurance compared to an audit. 3) Common audit procedures are listed such as analytical procedures, inquiries, subsequent events reviews, and obtaining management representation letters. 4) Key concepts in internal control and segregation of duties are defined.

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    2013 AUD Mnemonics

    Uploaded by

    nwasquad
    433 views3 pages
    The document discusses several topics related to auditing standards and procedures: 1) It outlines the general standards that auditors must follow including independence, professional care, planning and supervision, and standards of reporting. 2) It describes the responsibilities of accountants in compilation and review engagements, noting they provide limited or no assurance compared to an audit. 3) Common audit procedures are listed such as analytical procedures, inquiries, subsequent events reviews, and obtaining management representation letters. 4) Key concepts in internal control and segregation of duties are defined.

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    AUD Mnemonics

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    The document discusses several topics related to auditing standards and procedures: 1) It outlines the general standards that auditors must follow including independence, professional care, planning and supervision, and standards of reporting. 2) It describes the responsibilities of accountants in compilation and review engagements, noting they provide limited or no assurance compared to an audit. 3) Common audit procedures are listed such as analytical procedures, inquiries, subsequent events reviews, and obtaining management representation letters. 4) Key concepts in internal control and segregation of duties are defined.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    433 views3 pages

    2013 AUD Mnemonics

    Uploaded by

    nwasquad
    The document discusses several topics related to auditing standards and procedures: 1) It outlines the general standards that auditors must follow including independence, professional care, planning and supervision, and standards of reporting. 2) It describes the responsibilities of accountants in compilation and review engagements, noting they provide limited or no assurance compared to an audit. 3) Common audit procedures are listed such as analytical procedures, inquiries, subsequent events reviews, and obtaining management representation letters. 4) Key concepts in internal control and segregation of duties are defined.

    Copyright:

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    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    of 3

    GENERAL AUDIT STANDARDS T TRAINING I INDEPENDENCE P PROFESSIONAL care STANDARDS OF FIELDWORK P PLANNING & supervision I INTERNAL Control E EVIDENCE

    STANDARDS OF REPORTING A ACCOUNTING = GAAP C CONSISTENCY D DISCLOSURE O express OPINION

    COMPILATION ENGAGEMENT SHOULD INCLUDE A stmt comp performed in accord w/SSARS and AICPA L stmt comp LIMITED in presenting mgmt info A acct has not AUDITED stmts R acct has not REVIEWED stmts D DISCLAIMER of opinion that gives assurance CPA PERFORMANCE REQUIREMENT - REVIEW U UNDERSTANDING w/ client L LEARN and/or obtain knowledge of entity biz I INQUIRIES A ANALYTICAL procedures R REVIEW C CLIENT rep letter P PROFESSIONAL judgment A ACCOUNTANT should communicate results

    AUDITOR'S STD REPORT - UNQUALIFIED OPINION R RESPONSIBILITY R A AUDIT A P PLANNED P M MATERIAL M E EXAMINING E A ASSESSING A M MADE M PROCEDURES - GOING CONCERN A ANALYTICAL procedures D DEBT compliance M MINUTES I INQUIRY of client's legal counsel T THIRD Parties S SUBSEQUENT events review

    RESPONSIBILITY ACCORDANCE PERFORMED MISSTATEMENT EVIDENCE ACCTG principles MANAGEMENT

    ACCTS REPORT IN REVIEW ENGAGEMENT A review performed in accord w/SSARS & AICPA M stmt representation of MGMT I stmt review consists principally of INQUIRIES A stmt review consists of ANALYTICAL procedures S stmt review is SUBSTANTIALLY less in SCOPE than audit A D stmt no opinion expresses - DISCLAIMER issued

    ID CONDITIONS & EVENTS - SUBSTANTIAL DOUBT F FINANCIAL difficulties I INTERNAL matters ATTESTATION STANDARDS N NEGATIVE trends T TRAINING & proficiency E EXTERNAL matters I INDEPENDENCE P PERFORMANCE/due care planning/performance EXPLANATORY PARAGRAPH DISCLOSURES P PROFESSIONAL adequate knowledge of subj matter D DATE of auditors previous report Y YOUR belief O OPINION type prev. issued P PLANNING and supervision R REASON for prior opinion A APPROPRIATE, sufficient evidence C CHANGES that have occurred S ID SUBJECT matter S STATEMENT that opinion is different S disclose SIGNIFICANT reservations E EXPRESS conclusions SUBSEQUENT EVENT R RESTRICT use of reports to specified parties P POST bal sheet transactions R REPRESENTATION letter AGREED UPON PROCEDURES ATTESTATION AGREEMENTS I INQUIRY I INDEPENDENCE M MINUTES of stockholders A AGREEMENT of parties E EXAMINE latest avail interim F/S M MEASURABILITY & consistency S SUFFICIENCY of the procedures INTERRELATED ELEMENTS OF QC U USE of report is restricted H HUMAN resources R RESPONSIBILITY for subj matter E ENGAGEMENT acceptance E ENGAGEMENTS to perform agreed upon procedures L LEADERSHIP responsibilities P PEFORMANCE of the engagement STANDARD AUDITING PROCEDURES USED M MONITORING F FOOTING, cross footing and recalc E ETHICAL requirements I INQUIRTY V VOUCHING INCLUDE IN EACH AUDIT STEP E EXAMINATION / inspection N NATURE C Confirmation E EXTENT A ANALYTICAL procedures T TIMING R REPERFORMANCE R RECONCILATION INTERNAL CONTROL COMPONENTS O OBSERVATION C CONTROL environment T TRACING R RISK assessment S SUBSEQUENT events review I INFORMATION and communication systems M MONITORING E EXISTING control activities WHAT FUNCTIONS SHOULD BE SEGREGATED A AUTHORIZING transactions CONTROL ACTIVITIES RELEVANT TO AUDIT R RECORDING transactions P PRENUMBERING documents C maintaining CUSTODY of related assets A AUTHORIZATION of transactions I INDEPENDENT checks to maintain asset accountability D DOCUMENTAION T TIMELY and appropriate performance reviews I INFORMATION processing general & applicable controls P PHYSICAL controls for safeguarding assets S SEGREGATION of duties

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