AUD by the numbers….

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  • #177832
    Almost Done
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    This might help some people….

    One of my study methods is to find anomalies within the material or items that stand out as being against the norm, and memorize those items. Usually there aren’t many, which makes them easy to remember. In Audit I found that there aren’t a lot of things based on numbers; its more theory and applying the theory. BUT I found a few number-based items and here they are:

    -If a partner/manager unrelated to an audit provides 10 or more non-attest hours to an audit client, they become a covered member

    -PCAOB audits your firm if you audit 100 or more public firms

    -In an integrated audit, you have 60 days to issue a report on internal control (if the reports aren’t issued together)

    -Every 3rd audit must test internal control (if the IC doesn’t change before then)

    -Credit cards in excess of $10,000 impairs independence with that credit card company or bank (as do unsecured credit so the point is almost moot)

    -5 years to retain working papers; unless PCAOB or SOX applies, then its 7 years

    -60 days to change information in the audit file (current or permanent), unless PCAOB, then its 45 days

    -SOX applies to companies with market cap greater then $75,000,000

    Does anyone have any more? Odds are low that you’ll need this stuff, but hey it doesn’t hurt to glance over it. Good Luck

    BEC: Passed
    REG: Passed
    FAR: Passed
    AUD: Passed

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