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Segregation of duties is a detective control. False/True
False — it’s a preventive control.
A strong control environment can eliminate all audit risk. False/True
False — it only reduces it.
Which type of control is being described? A manager reviews and approves transactions after system failure.
Compensating
Which type of control is being described? A password policy prevents unauthorized access.
Preventive
I’m the outsider who checks the books. I give opinions, not guarantees. My signature can make or break investor confidence. Who am I?
External auditor
I’m a test, but not the kind you study for. I check if controls are working as intended. Auditors love me. Who am I?
Control Testing
I come after the fact. I detect issues that already occurred. Think of me as the security camera of the audit world. Who am I?
Detective Control
Types of controls?
Preventive Controls Detective Controls Corrective Controls Compensating Controls
Someone Who Does Precision Guesswork based on Unreliable Data Provided by those of Questionable Knowledge.
Auditor
Crash & Eddie. Who are they in our group?
Bahrom & Dilziyod
Shenzi, Banzai & Ed. Who are they in our group?
Suhrob, To'lqin & Murod
Where is audit evidence obtained?
From various documents, interviews and observations
The auditor’s role is to design the client’s control system. False/True
False
What is EQCR in auditing?
Engagement Quality Control Reviewer
You are lucky?!
Some Big Four firms spend 20-25% of total audit hours just on the completion and review stage. False/True
True
