AUD Exam Mnemonics Questions & Answers 2023/2024

AUD Exam Mnemonics Questions & Answers 2023/2024 NET - assessing audit procedures - ANSWER-N - Nature E - Extent T - Timing For each CAM identified the audti report shoudl include: IPAD - ANSWER-I: Identification of CAM P: Principal considerations that led to auditor to determine that the matter was a CAM A: how CAM was Adressed in the audit D: reference relevant f/s accounts or Disclosures Emphasis-of-matters paragraph is required when you GAASP - ANSWER-G: Going concern A: Accounting principle (justified change) A: Audit opinion change due to subsequently discovered facts SP: Special purpose framework is being used Updated opinion differs from the previous opinion the paragraph should disclose DORCS - ANSWER-D: Date of the auditor's previous report O: Opinion type previously issued R: Reason for the prior opinion C: Changes that have occured S: Statement that the "opinion ... is different" Auditor's Responsibility for Subsequent Events (PRIME) - ANSWER-P: Post balance sheet transactions R: Representation Letter I: Inquiry M: Minutes