1. FIVE CARROT CARS - ANS ✓Same a C the Carrot wars:
Footing
Inquiry
Vouching
Examination
Confirmation
Analytical procedures
Reperformance
Reconciliation
Observation
Tracing
Cut-off
Auditing related accounts simultaneously
Representation letter
Subsequent events review
2. Directional Testing - ANS ✓Trace forward = completeness
Vouch Backwards = existence
AUD CPA Exam mnemonics
, 2
AUD
3. Account Balance Assertions - ANS ✓CVER
Completeness
Valuation, allocation, and accuracy
Existence and Occurrence
Rights and Obligations
4. Transactions and Events Assertions - ANS ✓CCVEU
Completeness
cut-off
Valuation, Allocation, and Accuracy
Existence and Occurrence
Understandability
5. Presentation and Disclosure Assertions - ANS ✓CVRU
Completeness
Valuation, Allocation, and Accuracy
Rights and Obligations, and Occurrence
Understandability and Classification
6. ADMITS - ANS ✓audit procedures to address going concern
uncertainty
Analytical procedures
Debt compliance: review terms
Minutes review
Inquiry of legal counsel
AUD CPA Exam mnemonics
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