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22 notecards = 6 pages (4 cards per page)

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ACCT402 - C1 Vocab

front 1

Business risk

back 1

risk that an entity will fail to meet its objectives

front 2

Conditions that would increase demand for reliable & relevant info

back 2

  • (1) Complexity, (2) Remoteness, (3) Time sensitivity, (4) Consequences

front 3

Information risk

back 3

  • probability that the info circulated by a company will be false or misleading

front 4

Assurance

back 4

  • lending of credibility to information

front 5

Assurance services

back 5

  • independent professional services that improve the quality of info, or its context, for decision makers

front 6

Attestation

back 6

  • assurance is provided for specific assertions made by management

front 7

Attestation engagement

back 7

  • service where a practitioner is requested to examine whether management’s assertations about some type of subject matter can be relied upon

front 8

Auditing

back 8

  • systematic process of objectively obtaining & evaluating evidence regarding assertions about economic actions & events to ascertain the degree of correspondence between the assertions & established criteria & communicating the result to interested users

front 9

Sarbanes-Oxley Act of 2002

back 9

  • Management team is responsible for the financial reporting process & the financial statements
  • Key company officials must certify financial statements

front 10

Rights & obligations

back 10

  • Entity has a legal claim on all assets & revenues reported & has a legal responsibility for all liabilities & expenses

front 11

Cutoff

back 11

  • management’s need to account for revenue, expenses, & other transactions in the proper period

front 12

valuation & allocation

back 12

  • Balances are reported at the proper amount in accordance with GAAP

front 13

PCAOB

back 13

  • Existence OR occurrence
  • Completeness
  • Valuation OR allocation
  • Rights & obligations
  • Presentation & disclosure

front 14

ASB - Assertions about Classes of Transactions & Events, & Related Disclosures

back 14

  • Occurrence
  • Cutoff
  • Completeness
  • Accuracy
  • Rights & Obligations
  • Classification
  • Presentation

front 15

ASB - Assertions about Account Balances & Related Disclosures

back 15

  • Existence
  • Completeness
  • Accuracy
  • Rights & obligations
  • Presentation

front 16

relevant assertion

back 16

  • reasonable possibility that a material misstatement exists related to that assertion for the significant account or footnote disclosure being audited

front 17

significant accounts

back 17

  • chance that the financial statement account or footnote disclosure could contain a material misstatement

front 18

Professional Skepticism

back 18

  • Attitude that “includes a questioning mind & a critical assessment of evidence”

front 19

Professional Judgment Process

back 19

  1. Clarify the issues & objectives.
  2. Consider the possible alternatives.
  3. Gather & evaluate the relevant evidence.
  4. Reach an audit conclusion.
  5. Carefully document rationale for the professional judgment reached.

front 20

Auditing & Assurance Services

back 20

  • Financial Statement Auditing Services, Non-audit & Attestation Engagements, Compilations, Reviews
  • Public

front 21

Internal Auditing

back 21

  1. Reviews of internal control systems to ensure compliance with company policies, plans, & procedures
  2. Compliance with laws & regulations
  3. Appraisals of the economy & efficiency of operations
  4. Reviews of effectiveness in achieving program results compared to established objs & goals

front 22

Operational auditing

back 22

  • study of business operations for the purpose of making recommendations about the efficient and effective use of resources, effective achievement of business objectives, and compliance with company policies