Term
| What must be considered in Field Work Strategy? |
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Definition
Personnel
Outside resources?
Structure
Timing
Methods of documentation
Report Prep
Contingency Plans |
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Term
| What does SAS 80 and SAS 94 do? |
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Definition
SAS 80 (AU 326) and SAS 94 (AU 319)
provide guidance for auditors of entities that transmit, process, maintain, or access significant information electronically. |
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Term
| What are some Impacts of Information Technology on Audit Testing? |
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Definition
- Computer assisted audit techniques may be used to test automated controls or data.
-Reports produced by IT may be used to test the effectiveness of IT general controls.
-Program change controls
- Access controls |
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Term
| What are the Five Key Evidence-Related Terms? |
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Definition
- Phases of the audit process
- Audit objectives
- Types of tests
- Evidence decisions
- Types of evidence |
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Term
| What are the 4 Phases of the Audit Process? |
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Definition
1. Plan and design an audit approach.
2. Perform tests of controls
3. Perform analytical procedures and tests of details of balances.
4. Complete the audit and issue an audit report. |
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Term
| What are some Transaction-related audit objectives? |
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Definition
1. Existence
2. Completeness
3. Accuracy
4. Classification
5. Timing
6. Posting and summarization |
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Term
| What are some Balance-related audit objectives? |
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Definition
1. Existence
2. Completeness
3. Accuracy
4. Classification
5. Cutoff
6. Detail tie-in
7. Realizable value
8. Rights and obligations
9. Presentation and disclosure |
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Term
| What are some Types of Tests? |
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Definition
1. Procedures to obtain an understanding of internal control
2. Tests of controls
3. Tests of transactions
4. Analytical procedures
5. Tests of details of balances |
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Term
| What are the 7 Types of Evidence? |
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Definition
1. Physical examination
2. Confirmation
3. Documentation
4. Analytical procedures
5. Observation
6. Inquiry of the client
7. Reperformance |
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