FCE - Crossword

4. Process ensuring related account balances
5. Illegal process of disguising the origins of criminal funds
7. State of a record before becoming documentary
10. What does internal audit function rely upon to gain assurance over financial controls?
12. In the Audit Firm Governance Code, which concept represents the shared principles that support integrity, objectivity, and public interest responsibilities within the audit firm?
14. Document that reduces misunderstanding and sets out audit terms
15. An audit that evaluates how effective an organisation’s purchasing operations are.
16. Which audit stage involves documenting internal controls?

1. In a three-party audit relationship, the auditor is known as the ________.
2. What do we call the mechanisms implemented by management to prevent financial errors, misstatements, and irregularities?
3. Which department provides independent assurance to the board that risk management, governance, and control processes are operating effectively?
6. In order to have independent internal audit or lessen the cost of employment and so on, company could take what action for its internal audit function
8. Approach used by auditors to prioritise significant risks
9. For a company to be exempt from statutory audit in the UK, one of the qualifying conditions is that its annual ________ must be below £10.2m.
11. External audits face five inherent limitations often remembered using the acronym ________.
13. Internal control that separates responsibilities to reduce fraud risk