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by: Carmella Hagenes IV


Carmella Hagenes IV
GPA 3.59

Raymond Johnson

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About this Document

Raymond Johnson
Class Notes
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This 4 page Class Notes was uploaded by Carmella Hagenes IV on Wednesday September 2, 2015. The Class Notes belongs to ACTG 492 at Portland State University taught by Raymond Johnson in Fall. Since its upload, it has received 79 views. For similar materials see /class/168313/actg-492-portland-state-university in Accounting at Portland State University.




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Date Created: 09/02/15
Key Terms page 1 Following is a summary of key terms related to the chapters that we are studying for the final This is a shorted list of terms that might be tested related to Chapters 1 through 5 Terms are not repeated but they may relate to more than one chapter For each key term you should be able to 1 identify what larger topic the individual item is a part of 2 define the item and 3 illustrate the item with an example Chapter 1 Adverse Opinion Audit risk Auditing Disclaimer of Opinion Evidence Information Asymmetry Qualified Opinion Reasonable Assurance Risk of material misstatement Sampling Standard Report with Explanatory Language Unqualified audit report Chapter 2 Adequacy of disclosure Compilation Compliance audits Consistency Due professional care Forensic audits Generally accepted auditing standards Independence Integrated audit Nonaudit services Operational audits Planning and supervision Reference to generally accepted accounting principles Review Sufficient appropriate evidence Training and proficiency Understanding the entity and its environment including its internal control Key Terms page 2 Chapter 3 Audit Strategy Business Risk Client acceptance and continuance Dual purpose tests Direct and material illegal acts lndirect illegal acts lnternal auditor competence and objectivity Known misstatements Likely misstatements Materiality Related parties Risk assessment procedures Substantive tests Tests of controls Test of details risk Chapter 4 Assertion level risks Attitudes Rationalizations Audit risk Business risk Control risk Detection risk Errors Engagement Risk Extent of audit procedures Financial statement level risks Fraud Fraudulent nancial reporting lncentives Pressures Inherent risk Known misstatements Likely misstatements Misappropriation of assets Nature of audit procedures Opportunities Risk of material misstatement Significant risks Staffing for audit procedures Timing ofaudit procedures Key Terms page 3 Chapter 5 Accuracy Accuracy and valuation Allocation Analytical procedures Analytical procedures risk Appropriateness of evidence Audit program Authorization Classification Classification and understandability Completeness Computer Assisted Audit Techniques CAATs Confirmation Current files Cutoff Existence Inquiry Inspection of documents or records Inspection of tangible assets Observation Occurrence Occurrence and rights and obligations Permanent les Recalculation Reliability of evdence Reperformance Rights and obligations Scanning Sufficiency of evidence Tracing Valuation and allocation Valuation at historical cost Valuation at net realizable value Vouching Chapter 6 Access security controls Application systems acquisition development and maintenance controls Assignment ofauthority and responsibility Authorization controls Commitment to competence Communication of internal control related matters Computer application controls Computer general controls Control activities Control environment Key Terms page 4 Data capture controls Data center and network operations controls Data validation controls Error controls Human resource policies and procedures Information and communication Information processing controls Inherent limitations of internal controls Integrity and ethical values IT Benefits IT Risks Management s philosophy and operating style Material weakness Monitoring Organizational structure Output controls Participation ofthose charged with governance Performance reviews Physical controls Processing controls Reliance strategy Risk assessment Segregation of duties Service organization Significant deficiency Substantive strategy System software acquisition change and maintenance controls Understanding the system of Internal Control


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