P1 mnemonics

P1 mnemonics

Quality/ characteristic of good information ACCURATE

Accurate

Complete

Cost benecial

User targeted

Releant

authoritatie

 Timely

Easy to use

 To  To remember !ray" #$en #$en and Adams in order% order%

Pristine capitalist

E&pedients

'ocial contract

'ocial ecologist

'ocialist

Radical feminist

(eep ecologist

Pretty Easy 'hedules 'top 'illy Random (eadlines

)also remember that the three *socials+ are in alphabetical order,

Airdrie or )-,airdrie)r, .deally" the a0 and the i0 $ould be reersed to be iardrie

but iardrie is not the name of a to$n in 'cotland $hereas Airdrie is

And Airdrie is the mnemonic for the $or2 of internal auditors and / or the ris2 committee

Analyse

.dentify

Report

(esign

Recommend

.mplement

Ealuate

Clarissa 3histle45lo$er 6 the role of the audit committee

Create an atmosphere of discipline and control

7end an air of credibility to the nancial statements

Assist the C8# by proiding a forum

Reie$ the nancial statements to see if presentation could be any clearer

.ndependent attitude brought to their o9ce

'trengthen the role of the internal auditor

'trengthen the role of the e&ternal auditor

Assist in dispute resolution bet$een e&ecs and e&ternal auditors

Clarissa+s maiden name $as 3histle and she married a guy called 5lo$er so she+s no$ Clarissa 3histle45lo$er 6

and she lends an ear to any of the company+s employees $ho $ant to blo$ the $histle on company actiities

.nternal Controls

spam soap

#rganisational Controls

: Control oer the organisation structure including managers haing specic

: Responsibilities and delegations tas2s

Authorisation

: Controls to ensure that transactions do not proceed until an appropriate indiidual has gien approal

Physical

: Protection of assets against theft" unauthorised access or use

'uperision

: #ersight of $or2 of other indiiduals to ensure tas2s are carried out correctly

Personnel

: Controls in place to ensure the suitable people are employed

Arithmetic Accounting

: Chec2ing accounting transactions for accuracy" includes use of accounts and reconciliations )eg ban2 reconciliation,

'egregation/rotation

: (i;erent people for each transaction to 6 Authorise" Record"