Congrats Casagarber on passing FAR and…I don't know how long your excitement for Audit will last :).
I'm in my final review stage and am trying to consolidate all my info down to small snipits for quick recall – my method for this is mnemonics. I am a strong advocate for them as they have helped me so much on REG and BEC. I thought I would put out a few of the ones I've started compiling for you all. If you have any that you use/did use that were helpful for you then please throw them out.
Standard Report = TAISOND (Hard to do one for this but I think of “Raisoned” and it works for some reason)
Title – “Independent”
Addressed – Board or stake; not manag
Intro – What was audited and resp of manag/auditor
Scope – GPEA (Like GPA but with an E) – GAAS, Performed and planed to reasonable assure no mat mistate, Examine evidence/assumptions for manag assertions, Audit basis for opinion
Opinion – ROC – Repeat what audited in intro, opinion, conformity w GAAP
Name
Date
Reasons for Explanatory paragraph to modify standard unqualified = DRESNG (Like “Dressing”)
Document in other info has audited FS info that is inconsistent w info in FS
Required SEC documents omitted/not reviewed
Emphasis of matter
Supplementary required GAAP info omitted/not reviewed
Necessary departure from GAAP/lack of consistency
Going concern issue
AICPA Code of Conduct on Quality Control = HELPME (from Becker but I think its good)
HR – Right people in right place
Engagement/Client Acceptance – Only manag w integrity
Leadership Resp – Tone @ the top
Performance – Supervised/Reviewed adequately
Monitoring – How can we be better?
Ethical Req – Maintain public confidence; Independence
Hopefully these are helpful for you all. Throw some others out there.
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