[falahuddinsheryar]

can u also plz send it me at
falahuddinsheryar@yahoo.com

[falahuddinsheryar]

plz also share urs………hope this can help

[falahuddinsheryar]

PEEDO Audit Activities
1. Planning
2. Evidence gathering
3. Evidence evaluation
4. Decision making
5. Other activities (delegation, supervision and review- required continious throughout the audit engagement)

[falahuddinsheryar]

CACSO Audit stages

Client acceptance/retention stage
Audit planning stage
Control testing stage*
Substantive testing stage
Opinion formulation stage

* only applicable where the audit approach includes reliance on one or more control procedures.

[falahuddinsheryar]

A,E,I,O,U i.e. vowels (Audir Procedures)

Analytical procedures
Enquiry
Inspection
Observation
recalcUlation and reperformance

[falahuddinsheryar]

ACCAMAPS
A= Authorisation
C= Comparison
C= Computer Controls
A= Arithematic Controls
M= Maintaining a trial balance & Control
A =Accounting & Reconciliations
P =Physical Controls
S=Segregation of duties

PAIDSAP
P= Pre-numbering
A= Authorisation
I= Independent Checks
Documentation
S =Segregation of Duties
A =Analysis & Performance Analysis
P=Physical Control

MARKSAT for steps in an audit plan/ strategy
Materiality Levels
Analytic Procedures- Ratios
Risk (Audit)-Ir X Cr X Dr
Knowledge Of Business
Staffing- Number And Skills Required.
Audit Approach- Procedural Or Risk Based
Timing- After Year End.

FAT SIS threats to auditor’s independence
Financial
Advocacy
Threats
Self Review
Intimidation
Self Interest

[falahuddinsheryar]

PRADA Mnemonic for Audit Opinion Implication
P-roper accounting records have been kept
R- all returns adequate to the audit have been received from branches not visited
A- all explanations and information have been received from the officers
D- irectors report is consisent with the f/s and directors remun. and all other benefits hvae been properly disclosed
A-ccounting records are consistent with the f/s

SPAM SOAP Internal Controls
S – segregation of duties
P – physical controls
A – authorization and approval
M – management controls
S – supervisory controls
O – organization as a control
A – arithmetical and accounting controls
P – personnel controls

INSIDE A CRAB UK Combined code…
I=Internal audit – essential 4 listed co.
N=Nomination comitee – sub commitee of main board
S=Shareholders
I=Internal controls – sound system of int controls (Turnbull)
D=Disclosure of compliance and non compliance
E=Effective board – through continuous training, regular meetings
A=Audit commitee – main
C=Chairman & Ceo roles distinguished seperatly
R=Remeneration commitee made up of @ least 3 NEDs
A=Accounting
B-Balanced Board – between exec & non exec directors

[falahuddinsheryar]

CAIRO
C=confirmation
A=analytical procedures
I=inspection of assets/records
R=recalculation/reperformance
O=observation

ASTOP for control objectives in general can use
A-Accuracy
S- Safeguarding asset
T-Timing Reporting
O- Orderly efficient business conduct
P- Prevention fraud or non compliance of law

POPCI Mnemonic for Fundamanetal Principles
P-rofessional behaviour
O-bjectivity
P-rofessional competence and due care
C-onfidentiality
I-ntegrity

[falahuddinsheryar]

ACCA COVER for Audit Assertions
A = Accuracy
C = Completeness
C = Classification
A = Allocation

C = Cut off
O = Occurrence
V = Valuation
E = Existence
R = Rights & Obligations

For management assertions we already know that ACCA COVER
but further classifying them into Transactions , Accounts, Presentation & Disclosures

T A P
T = Transactions ACCA CO
A = Accounts RECV
P = Presentation & Disclosure CAR CO

1. Transactions: ACCA CO (to remember it is ACCA Company)

Authorization — all transactions were properly authorized
Cutoff — the transactions have been recorded in the correct accounting period
Classification — the transactions have been recorded in the proper accounts
Accuracy — the transactions were recorded at the appropriate amounts
Completeness — all transactions that should have been recorded have been recorded
Occurrence — the transactions actually took place

2. Accounts: RECV (short form of Receiving)

Rights and Obligations — the entity holds or controls the rights to its assets and owes obligations to
its liabilities
Existence — assets, liabilities and equity balances exist
Completeness — all assets, liabilities and equity balances that should have been recorded have
been recorded.
Valuation and Allocation — assets, liabilities and equity balances are included in the financial statements at appropriate amounts and any resulting valuation or allocation adjustments are appropriately recorded.

3. Presentation and disclosure: ( CAR CO) ie CAR Company

Classification and Understandability — financial statements are appropriately presented and described, and information in disclosures are clearly expressed.
Accuracy and Valuation — financial and other information is disclosed fairly and at appropriate amounts.
Rights and Obligations — the transactions pertained to the entity
Completeness — all disclosures that should have been included in the financial statements have been included
Occurrence — the transactions have occurred

[falahuddinsheryar]

I have only this:
COSO provide a framework which is used to assess the effectviness of the system of internal control. It consists of 5 elements (CRIME)
1. Control activities
2. Risk assesment
3. Information and communication
4. Monitoring
5. Environment (control environment)

plz hurry up and post ur mnemonics…….

[Author]

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