General Standards- TIP

T – Training
I – Independence
P – Due Professional Care
Standards of fieldwork – PIE
P- Planning and supervision
I – Internal Control
E – Evidentual Matter
Reporting Standards – ACDO
A – Accounting = GAAP
C – Consistency
D – Disclosures are adequate
O – Opinion is stated
Going Concern considerations – ADMITS
A – Analytical Procedures
D – Debt Compliance
M – Read minutes of board member minutes
I – Inquiry
T – Third party transactions
S – Subsequent events
Going concern conditions – events – FINE
F – Financial difficulty
I – Internal matters
N – Negative trends
E – External matters
Updating or changing prior opinions – DORCS
D – Date of initial opinion
O – Opinion that was initially issued
R – Reason for the prior opinion
C – Changes that have occurred
S – Statement that our new opinion is different from first
Subsequent event fieldwork – PRIME
P – Post balance sheet transactions
R – Representation letter
I – Inquiry (legal)
M – Minutes of board meeting
E – Examine interim financial statements
Quality control standards – AICPA
A – Acceptance & continuous of clients
I – Independence, integrity & objectivity
C – Continous monitoring
P – Personnel management
A – Assurance regarding engagement performance
Review of financials – U LIAR CPA
U – Understanding with the client
L – Learn about entity’s business
 I – Inquiry of entity’s personnel
A – Analytical procedures
R – Review other procedures
C – Client representation letter
P – Professional judgment to evaluate results
A – Accountant’s review report
Management’s Financial Statement Assertions – COVER
C – Completeness
O – Obligations & rights
V – Valuation & allocation
E – Existence
R – Report – Presentation & Disclosure
Considerations of internal control – CRIME
C – Control environment (heavily tested)
R – Risk assessment
I – Information & communication
M – Monitoring
E – Existing control activities (heavily tested)
Strong system of internal control – PAID TIPS
P – Pre-numbered documents
A – Authorization of transactions
I – Independent checks
D – Documentation
T – Timely & appropriate performance review
I – Information processing controls
P – Physical controls
S – Segregation of duties
Segregation of duties - ARC
A – Authorization
R – Recording
C – Custody
IT segregation of duties – COPAL
C – Control group
O – Operator
P – Programmer
A – Analyst
L – Librarian
Fix IT segregation of duties weaknesses – CONTROL
C – Closer supervision
O – Organizational rotation of personnel
N – Note independent document controls
T – Totals of significant fields reconcile to control totals
R – Restricted access to EDP
O – Outside control group (internal auditors)
L – Library controls tightened
Audit steps (Five steps in evaluating internal control) – U CPAS
 U – Understand internal control
C – Control risk assessment
P – Perform test of controls
A – Assess results
S – Substantive testing
Ways to document control risk assessment – FIND
F – Flowcharts
I – Internal control questionnaire
N – Narratives
D – Decision tables or trees
Substantive testing – NET
N – Nature
E – Extent
T – Timing
Test of controls – Audit technology – RIVIOT
R – Re-performance
I – Inquires
V – Vouch
I - Inspection
O – Observation
T – Trace