[CPAlife04]

Every time I read a MCQ about Controls my mind jumps to the IRON acronym, but the answer never includes reperformance. Here is an explanation:

According to AU-C 315.A69, risk assessment procedures to obtain audit evidence about the design and implementation of relevant controls include the following:

Inquiry of entity personnel

Observing the application of specific controls

Inspecting documents and reports

Tracing transactions through the information system relevant to financial reporting.

Can someone please tell me what I am missing? I feel I am not connecting the dots with the acronym.

Audit: 11/28/15 (72) April 2016
Regulation: 2016
Financial: 2016
Business: 2016
NINJA

"The CPA exam is not a test of my ability, it is a test of my will. I have the will!"

[ruggercpa2b]

Tracing transactions through the financial reporting would be similar to reperforming I believe.

AUD - NINJA in Training
BEC - NINJA in Training
FAR - NINJA in Training
REG - NINJA in Training

AUD - 1/6/18
FAR - TBD
REG - TBD
BEC - TBD

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[tuanxn]

Yup. Reperform “the transactions through the information system.”

[Author]

Replies