Unit 17 Learning audit procedures?

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:26AM in AAT student discussion
Anyone stuck on Unit 17?

My tutor said that COMP and CRAPE acronyms are really good methods of learning audit procedures.

COMP for Income Statement items
CRAPE for Balance Sheet items

By learning these, you can apply them to any audit area, instead of trying to remember every possible test by rote.

Can send more info if anyone needs it.

LittleSaj

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 17 Learning audit procedures?

    I have recently taken the IAP devolved assessment...fingers crossed I passed.

    I have come across the following acronym for remembering control objectives: (CAVE)
    Completeness
    Accuracy
    Validity
    Existence

    I also learnt the following acronym for what we are trying to ensure when we audit the financial (COD RACE) statements:
    Completness
    Occurrence
    Disclosure and presentation
    Rights and disclosures
    Accuracy and valuation
    Cut off
    Existence

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