AUD, Last minute review (Cheat Sheet)

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  • #2911245
    AndreA
    Participant

    I made it for myself my exam in 3 days, most of the mnemonics are useless for others, because I speak three languages, but it may help you to refresh your memory before the exam, just use your own mnemonics.

    Preface (PIDROS)
    Public Interest
    Integrity
    Due care
    Responsibilities
    Objectivity and Independence
    Scope and Nature

    Threats (SASA-FUM)
    Self interest
    Adverse interest
    Self Review
    Advocacy interest
    Familiarity
    Undue influence
    Management participation

    Principles underlying audit (PR-PR)
    Purpose/Premise
    Responsibilities
    Performance
    Reporting

    Quality Control (HELC-ME)
    Human resources
    Engagement performance
    Leadership
    Client Acceptance
    Monitoring
    Ethical requirements

    Audit Data Analytics (PP.RPER)
    Plan
    Prepare
    Relevance/Reliability
    Perform
    Evaluate

    Fraud (POR)
    Pressure/Incentives
    Opportunity
    Rationalization/Attitude

    Understanding the Entity Environment (CRIC-M)
    Control environment
    Risk Assessment
    Information Technology
    Control Activity
    Monitoring

    Control Activity (SCARE)
    Segregation of duties – (CARR)
    Custody
    Authorization
    Review performance
    EDT / IT

    Assertions AICPA
    B.S (VERC)
    Valuation and Allocation
    Existence
    Right and Obligation
    Completeness

    I.S.(CACOC)
    Completeness
    Accurace
    Cut-off
    Occurrence
    Classification

    Presentation and Disclosure
    Occurrence/Right and Obligation
    Completeness
    Accuracy and Valuation
    Classification and Understandability

    Assertions PCAOB (VERCP)
    Valuation and Allocation
    Existence
    Right and Obligation
    Completeness
    Presentation and Disclosure

    IT General control (PASAD)
    Program change
    Access security
    System software acquisition
    Application system acquisition
    Data center and Network operation
    (System analyst, Programmer, Operator, Librarian, Security)

    IT Application control (POI)
    Input control
    Process control
    Output control

    Attribute Sampling (Test of Control)
    Sample size – increase
    Expected error rate – increase
    Tolerable rate – decrease
    Control risk too high – decrease

    Sample error rate = #of errors found / sample size
    Sample error rate + Allowance for Sampling risk = Upper Deviation rate

    Variable Sampling (Substantive Procedures)
    Sample size – increase
    Expected error – increase
    Population size – increase
    Tolerable Misstatement – decrease
    Risk of incorrect acceptance – decrease

    Difference estimation
    Ratio estimation
    Mean-per-unit estimation

    PPS Sampling
    Disadvantage – zero or negative balances
    Advantage – smaller sample size, overstatement

    Sample size = Reliability factor * Population Book Value / Tolerable misstatement (net of expected misstatements)
    Sample Interval = Population Book Value / Sample size

    Projected Misstatement
    If Book value < Sample interval = Actual Misstatements
    If Book value < Sample interval = Tainting %
    Tainting % = (Book value – Audit value) / Book value * Sample interval

    Discovery Sampling

    Detect Fraud

    FAR - 73, 78 (WileyCPAexcel 3,000+ MCQs, 50 SIMs)
    AUD - 73, 81 (WileyCPAexcel 3,000+ MCQs, 40 SIMs)
    BEC - 71, 71, 74, 84 (WileyCPAexcel 3,000+ MCQs, 10 SIMs)
    REG - 84 (WileyCPAexcel 2,000 MCQs, 15 SIMs)

    CA Ethics Exam - 94%

    NEVER GIVE UP.

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  • #3315904
    H
    Guest

    AUD cheat sheet notes

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