Page 14 - Internal Auditing Standards

Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities Volume 1—Core Concepts

1.4 Acronyms Used in the Guide

AR Accounts receivable
Assertions
(combined) C= Completeness
E = Existence
A = Accuracy and cutoff
V = Valuation
CAATs Computer-assisted audit techniques
CU Currency units (standard currency unit is referred to as “Є”)
FS Financial statements
HR Human resources
IAASB International Auditing and Assurance Standards Board

IC Internal Control. The five major components of internal control are as follows:
CA = Control activities
CE = Control environment
IS = Information systems
MO = Monitoring
RA = Risk assessment
IESBA Code IESBA Code of Ethics for Professional Accountants
IFAC International Federation of Accountants
IFRS International Financial Reporting Standards
ISAs International Standards on Auditing
ISAEs International Standards on Assurance Engagements
IAPSs International Auditing Practice Statements
ISQCs International Standards on Quality Control
ISREs International Standards on Review Engagements
ISRSs International Standards on Related Services
IT Information technology
PC Personal computer
R&D Research and development
RMM Risks of material misstatement
RAPs Risk assessment procedures
SME Small- and medium-sized entities
SMP Small- and medium-sized (accounting) practices
TOC Tests of controls
TCWG Those charged with governance
WP Work papers, working papers

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