Get Get Aww-dit!

Let's start easy....

Complete the lyrics: Risky risky wiggy ______

• This is an emergency

• Help me Help me

• somebody stop me

• 'cause I know I can't stop me

Totoo na 'to

What kind of threats are created by virtue of a close business relationship with assurance clients?

• Self-interest threat

• Self-interest and intimidation threat

• self-interest and self-review threat

• Familiarity threat

If the valuation services involves the valuation of matters material to the financial statements and the valuation involves a significant degree of subjectivity, the self-review created .... (choose the incorrect one)

• Could not be reduced to an acceptable level by the application of any safeguard

• Could be reduced to an acceptable level by the application of safeguards

• Such valuation services should not be provided

• The assurance team should withdraw from the audit engagement, if the team opted to perform the valuation services.

The provision of services by a firm or network firm to an audit client that involve the design and implementation of financial information technology systems that are used to generate information forming part of a client's financial statements may most likely create

• Self-review threat

• Self-interest threat

• Intimidation threat

• Familiarity threat

The recruitment of senior management for an assurance client, such as those in a position to affect the subject of the assurance engagement may least likely create

• Familiarity threat

• Intimidation threat

• Self-interest threat

• Advocacy threat

Ice breaker!!!

BTS' first concert in the Philippines was held on what year?

• 2015

• 2014

• 2013

• 2016

One of the major parts of audit planning is pre-planning. Which of the following is NOT involved during the pre-planning phase?

• Obtaining an engagement letter

• Deciding whether to accept or continue this client

• Selecting staff for the engagement

• Obtaining information about client's legal obligations

Which of the following matters is least likely to be discussed in an engagement letter?

• The fact that the financial statements are the responsibility of the management

• Assistance to be provided by the client personnel

• The fact that an auditor does not plan to detect material irregularities

• Timing of the performance of the examination

A CPA may reduce the audit work on a first time audit by reviewing the working papers of the predecessor auditor. The predecessor should permit the successor to review working papers relating to matters of continuing significance such as those that relate to...

• Analysis of contingencies

• Extent of reliance on the work of specialists

• Fee arrangements and summaries of payments

• staff hours required to complete the engagement

To obtain an understanding of a continuing client's business in planning an audit, an auditor most likely would

• Reevaluate client's internal control environment

• Read specialized industry journals

• Review prior-year working papers and the permanent file for the client

• Perform test of details of transactions and balances