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AUD > Module 4 - Audit Evidence Nemonics > Flashcards

Module 4 - Audit Evidence Nemonics Flashcards

1
Q

What are the 13 Assertions made by management on the Financial Statements?

A

UPERCV

Understandibility and Classification
Presentation and Disclosure
Existence or Occurrence
Rights and Obligations
Completeness and Cutoff
Valuation, Allocation, and Accuracy
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2
Q

What are the substantive procedures?

A

ICORRIIA

Inquiry
Confirmation
Observation
Recalculation
Reperformance
Inspection of Tangible Assets
Inspection of Records and Documents
Analytical Procedures
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3
Q

What are the tests of account balances

A

RACE

Rights and Obligations
Allocation and Valuation
Completeness
Existence

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AUD (31 decks)

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