Mnemonic: ACCA MAPS

Topic: Internal Controls

Approval, Computer Controls, Comparison, Arithmetic Controls, Maintain and Review,
Account reconciliation, Physical Control, Segregation of duties.

Mnemonic: FLOMPS
Topic: Items of an engagement letter
Fee and billing arrangements, Letters to be issued to client, Objective of audit, Management’s
responsibility for FS’s, Planning arrangements, Scope of audit
Fees, Letters, Objective, Mgt responsibility, Planning, Scope
Here’s two more items:
Access to relevant books and records, Management representation letter

Mnemonic: COIRRA
Topic: Types of audit evidence
Confirmation, Observation, Inspection, Recalculation, Reperformance, Analytical Procedures
You can also have Inquiry

Mnemonic: QERPAA
Topic: Factors that you should consider when taking on an external consultant
Qualifications, Experience, References, Project management skills, Access to information,
Acceptance from other staff

Mnemonic: CHLOR FCCL

Topic: Self-Interest threats
Contingent fees, High percentage fees, Low balling, Overdue fees, Recruiting staff on behalf of
a client, Financial, Close business relationships, Close family relationships, Loans and
guarantees
Mnemonic: FISSAO
Topic: Ethical threats
Familiarity, Intimidation, Self-interest, Self-review, Advocacy, Other services

Mnemonic: TARA
Topic: Risk management
Transfer, Avoid, Reduce, Accept

Mnemonic: MARKSAT
Topic: Audit Plan/Strategy
Materiality levels, Analytical procedures (e.g. ratios), Risk (IR x CR x DR), Knowledge of
business, Staffing (number and skills required), Audit approach (procedural or risk based),
Timing (after year end)

Mnemonic: SCI FIC’N (Science Fiction)

Topic: To meet corporate governance requirements
Shareholder contact, Chairman and CEO different people, Internal Audit Department, Financial
Experience for at least one NED, Internal Control System is appropriate, Committees – Audit,
Remuneration, Appointments etc., Non-Executive Directors.

Mnemonic: EGON
Topic: Control Objectives of wages system
Employees paid only for work done, Gross pay calculated correctly, Only correct employees
paid, Net pay calculated correctly
Mnemonic: SS JR MUSH
Topic: Sampling
Systematic, Sequential, Judgemental, Random, Monetary Unit Sampling, Haphazard

Mnemonic: IOPCP
Topic: Code Of Ethics and Conduct
Integrity, Objectivity, Professional competence and due care, Confidentiality, Professional
behaviour

Mnemonic: ACCA COVER

Topic: Types of assertion
Accuracy, Completeness, Cut-Off, Allocation, Classification, Occurence, Valuation, Existence,
Rights & Obligations
Certain assertions for certain areas
For Stock, strictly cut-off, valuation and existence
For creditors, Rights and obligations, valuation and allocation, Completeness and Existence

Mnemonic: CACCO
Topic: Assertions about classes of transactions and events at the period end
Completeness, Accuracy, Cut-off, Classification, Occurrence

Mnemonic: CRAVE
Topic: Assertions about account balances at the period end
Completeness, Rights and obligations, Allocation and Valuation, Existence
Mnemonic: RAVOCC
Topic: Presentation and disclosure
Rights and obligations, Accuracy, Valuation, Occurrence, Completeness, Classification

Mnemonic: ASTOP
Topic: Control objectives
Accuracy, Safeguarding assets, Timing of reporting, Orderly efficient business conduct,
Prevention of fraud or non compliance of law

Mnemonic: AEIOU
Topic: Audit Procedures
Analytical procedures, Enquiry, Inspection, Observation, RecalcUlation

Mnemonic: CASCO
Topic: Audit stages
Client acceptance/retention, Audit planning, Substantive testing, Control testing, Opinion
formulation

Mnemonic: PEEDO
Topic: Audit activities
Planning, Evidence gathering, Evidence evaluation, Decision making, Other activities
(delegation, supervision or review)

Mnemonic: WORDS
Topic: Quality of evidence
Written, Originals, Records with strong controls, Direct from the auditor, Sources (External)