Guidebook
Expedition:Audit
1 | Guidebook – Expedition:Audit
The Audit Academy
Mental model shifts
Personal
development
From being a student to being a service
professional
From hesitant to confident
Confidence
Team
development
From apprehensive individual to part of a
connected, highest performing team
From theory to application
Knowledge
transfer
Skills
development
2 | Guidebook – Expedition:Audit
From highly confident in an academic setting to
self-aware of gaps
The Audit Academy
Learning objectives
Identify how your role on the audit contributes to
the overall audit opinion
Personal
development
Apply ethical behavior and professional skepticism
during the execution of audit tasks
Identify how your work on the audit impacts the
quality and effectiveness of the audit
Confidence
Team
development
Knowledge
transfer
Skills
development
3 | Guidebook – Expedition:Audit
Recognize the importance of being resourceful and
self-starting
Apply the skills and behaviors needed to
successfully execute tasks within an audit
Identify the audit resources available and how to
find and use them
The Audit Academy
List of acronyms
Acronym
Definition
AAM
Audit Analytics Module is a data analytics tool that provides analysis of data to support
the performance of primary and other substantive procedures.
AQR
Audit Quality Review is a process within EY ensuring that Area/country practices are
maintaining and continually enhancing the quality of their assurance engagements.
AR
Audit Risk is the risk that we express an inappropriate audit opinion when the financial
statements are materially misstated. Audit risk is a function of inherent risk, control
risk and detection risk
ARM
Audit Risk Model demonstrates the relationship between inherent risk and control risk
and the level of detection risk we are willing to accept when performing our audit
procedures.
ASM
Audit Strategies Memorandum is a memorandum summarizing the results of our
planning procedures and the overall audit strategy, as discussed and agreed by the
engagement team at the Team Planning Event.
CR
Control Risk is the risk that a misstatement that could occur in an assertion about a
class of transactions, account balance or disclosure and that could be material, either
individually or when aggregated with other misstatements, will not be prevented, or
detected and corrected, on a timely basis by the entity’s internal control
CRA
Combined Risk Assessment is a combined assessment of inherent and control risks for
each of the relevant financial statement assertions of the significant accounts and
disclosures
CSF
Critical Success Factors are the key results that must be achieved for the entity to
conclude that a strategy has been implemented successfully
DR
Detection Risk is the risk that our procedures to reduce audit risk to an acceptably low
level will not detect a misstatement that exists and that could be material, either
individually or when aggregated with other misstatements
ELC
Entity Level Controls are entity’s internal controls that are pervasive to the
organization, generally operate at a high-level and establish a basis for the effective
operation of controls that address specific accounts and related assertions. Also a
name of a mandatory EY template.
ePSP
Executable Primary Substantive Procedures, i.e., more tailored and detailed version of
the PSPs.
4 | Guidebook – Expedition:Audit
The Audit Academy
List of acronyms
Acronym
Definition
EQR
Engagement Quality Reviewer is the professional who performs the responsibilities of
an engagement quality reviewer and signs the Review and Approval Summary in that
capacity in connection with an audit or a review of financial statements in accordance
with the GAPM chapter 2.5 “Engagement Quality Reviews”
ETD
Engagement Team Discussion. In the context of the risks of material misstatement due
to fraud or error, an exchange of ideas or “brainstorming” among the audit team
members about how and where they believe the entity's financial statements might be
susceptible to material misstatement due to fraud or error, how management could
perpetrate and conceal fraudulent financial reporting, and how assets of the entity
could be misappropriated.
EUC
End user computing tools are computer programs available to users that permit the
user to have complete control over the information in that tool. Examples of such tools
include Microsoft Access, Excel, and Word.
EY EAGLe
EY Enhanced Analysis of the General Ledger is an interactive data analytics tool that
uses general ledger data from EY Global Analytics to assist in all phases of the audit.
FCF
Fraud Consideration Form is a mandatory EY template used to document work done in
relation to identification risks of material misstatement due to fraud and audit
responses for the risks identified.
FR
Fraud Risk is the risk that the financial statements are materially misstated due to
fraud
FSCP
Financial Statement Close Process is the process where the results of various
transactions are summarized, reviewed, consolidated, edited and prepared into a
variety of regulatory and management financial reports
GAM
Global Audit Methodology is EY’s global framework, based on the International
Standards on Auditing, for the application of a consistent thought process to
all audits.
GAPM
Global Assurance Policy Manual is a set of EY’s global policies and procedures designed
to comply with or exceed International Standards on Auditing and Related Services
issued by the International Auditing and Assurance Standards Board (IAASB) of the
International Federation of Accountants (IFAC).
GL
General Ledger is central repository for accounting data transferred from all
subledgers.
5 | Guidebook – Expedition:Audit
The Audit Academy
List of acronyms
Acronym
Definition
GT&E
Global Time and Expense or Mercury is EY’s global system for recording of time charges
and expenses of employees (Link: https://gte.ey.net/)
Mercury
IPE
Information Produced by the Entity is any information created by the entity using the
entity’s IT applications, EUC tools or other means (including manually prepared
information)
IR
Inherent Risk is the susceptibility of an assertion about a class of transactions, account
balance or disclosure to a misstatement that could be material, either individually or
when aggregated with other misstatements, before consideration of any related controls
IRPR
Initiation, Recording, Processing and Reporting are the phases within the SCOT.
ITDM
IT-dependent manual is used in relation to controls. Control is categorized as ITDM when
it has both manual and automated aspects (e.g., a review of a computer-produced open
orders report to determine that all sales are invoiced).
ITGC
IT General Controls are controls that support the continued functioning of application
and IT-dependent manual controls and the production of complete and accurate
information produced by the entity.
JET
Journal Entry Testing is part of fraud identification procedures performed at every audit
engagement involving obtaining an understanding of the types of journal entries that
exist within the financial reporting process, the process by which each type is initiated,
authorized and recorded and the controls surrounding journal entries.
MUS
Monetary Unit Sampling is a sampling technique that uses probability proportional to
size to select a sample and express a conclusion on the population as a monetary value.
OAR
Overall Analytical Review. Analytical procedures performed during planning that help us
identify high-risk areas that may require increased audit emphasis, or low-risk areas
where we may minimize our audit efforts. Thus, our overall analytical procedures are
designed to highlight significant expected/unexpected changes, or the absence of
expected changes, in key financial statement amounts, performance indicators,
profitability trends, or financial relationships
OSP
Other Substantive Procedures are those procedures that are designed in addition to
PSPs when the audit evidence obtained from PSPs is not sufficient.
PIC
Partner In Charge of an audit is a member of the engagement team who takes overall
responsibility for the direction, supervision and performance of the engagement and for
the auditors’ report being appropriate in the circumstances.
6 | Guidebook – Expedition:Audit
The Audit Academy
List of acronyms
Acronym
Definition
PIE
Public Interest Entity is a category of an entity, which encompasses all listed entities;
and
•
Any entity:
•
Defined by regulation or legislation as a public interest entity; or
•
For which the audit is required by regulation or legislation to be conducted in
compliance with the same independence requirements that apply to the audit
of listed entities. Such regulation may be promulgated by any relevant
regulator, including an audit regulator.
PIE
Post Interim Event is a required team event when we perform procedures at an interim
date that is held prior to the commencement of period-end substantive procedures,
and preferably near the completion of tests of controls and interim substantive
procedures, to review the results of our tests of controls and any interim substantive
tests performed to date, determine if our original audit strategy continues to be
appropriate and whether additional, or different, tests of controls or substantive tests
should be performed in completing the audit and evaluate whether the results of
procedures to date affect our combined risk assessment, risks of material
misstatement due to fraud and our determination of significant risks
PM
Planning Materiality is the overall materiality level for the financial statements taken
as a whole
PPD
Professional Practice Director is a member of the Professional Practice, involved in the
formal consultations in accordance with the GAPM chapter 2.6 “Consultation and
Differences of Professional Opinion”
PSP
Primary Substantive Procedures are procedures that are required on all audits to
provide the primary substantive audit evidence regarding the fairness of the account
balances. Primary substantive procedures consist of both substantive analytical
procedures (SAP) and tests of details (TOD).
RAS
Review and Approval Summary is a required form for audit team members senior and
above to document the completion of the review of the audit and the conclusions of
audit executives
RP
Related Party (as defined by the applicable financial reporting framework)
7 | Guidebook – Expedition:Audit
The Audit Academy
List of acronyms
Acronym
Definition
SAD
Summary of Audit Differences is a required documentation that summarizes both
corrected and uncorrected (separated between factual, judgmental and projected)
misstatements, including reclassification misstatements, above the nominal amount,
identified during the audit.
The SAD nominal amount is an amount below which misstatements, whether individually
or accumulated with other misstatements, would not have a material effect on the
financial statements.
SAP
Substantive Analytical Procedures are analytical procedures designed and performed,
either alone or in combination with tests of details, as substantive procedures.
SCOT
Significant Class of Transactions is a class of transactions that materially affects a
significant account or disclosure and its relevant assertions, either directly through
entries in the general ledger or indirectly through the creation of rights or obligations
that may not be reported in the general ledger. It includes significant routine, nonroutine and estimation transactions from initiation, recording, processing, correcting as
necessary and reporting to the financial statements.
SOCD
Summary of Control Deficiencies is a form that serves as the primary documentation of
our conclusions regarding the evaluation of identified deficiencies.
SR
Significant Risk is an inherent risk with both a higher likelihood of occurrence and a
higher magnitude of effect should it occur and which requires special audit
consideration. Significant risks are a subset of higher inherent risks.
SRM
Summary Review Memorandum is a memorandum that provides the audit team with a
summary of our audit results and conclusions, and a description of the important
matters and significant findings and issues arising during the audit.
SSC
Shared Service Center is an organization within a Group that processes all or some
aspects of initiation, authorization, recording, processing and/or reporting of
transactions relevant to financial reporting for other entities within the group.
TCWG
Those Charged With Governance are those who are entrusted with the oversight and
strategic direction of the entity. Accountable for making sure that the entity achieves its
objectives regarding the reliability of financial reporting, effectiveness and efficiency of
operations, compliance with applicable laws and regulations and reporting to intended
users.
8 | Guidebook – Expedition:Audit
The Audit Academy
List of acronyms
Acronym
Definition
TE
Tolerable Error is the application of planning materiality at the individual account or
balance level.
TOC
Test of Controls is an audit procedure designed for a controls reliance strategy to
evaluate the operating effectiveness of controls in preventing, or detecting and
correcting, material misstatements at the assertion level throughout the period of
reliance.
TOD
Test of details represents the direct testing of data included in a class of transactions or
an account balance or disclosure.
TPE
Team Planning Event is a required, interactive, collaborative meeting, attended by the
key engagement team members, including the partner in charge of the engagement, at
which changes in the entity's business and the most critical audit issues are discussed
and the overall audit strategy is established.
UMT
Uncorrected Misstatement Threshold is equal to PM less TE.
UTB
Understand The Business is to obtain an understanding of the entity under audit and the
environment in which it operates by performing a number of audit procedures, including
reviews of relevant information, inquiries, analytical procedures, observations and
inspections. Also a name of a template.
WCGW
What Can Go Wrong is a risk of material misstatement at the assertion level that could
occur within a significant class of transactions and significant disclosure process that
has a likelihood of occurrence of misstatement and a magnitude that could result in a
material misstatement, individually or in the aggregate, on the related relevant financial
statement assertion(s)
9 | Guidebook – Expedition:Audit
The Audit Academy
Flow of transactions
Source
Documentation
Original
documents
• Checks
• Invoices
• Purchase
Orders
Subledger
General Ledger
Trial Balance
Database in which
inputs include
transaction level
data such as:
• Master set of
accounts that
summarizes all
transactions at
the entity
The trial balance
is a report run at
the end of an
accounting
period, listing the
ending balance in
each balance
sheet account and
the total amount
of activity in
income statement
accounts.
• Bank account
data
• Customer
account data
• Vendor
account data
10 | Guidebook – Expedition:Audit
• Inputs include
double-entry
accounting
(Journal
Entries)
• Information
needed to
prepare
financial
statements
Financial
Statements
• Income
statement
• Balance sheet
• Statement of
changes in
Equity
• Cash flow
statement
• Other local
statements
required
• Notes to the
financial
statements
(footnote
disclosures)
The Audit Academy
Financial statement
assertions
Balance sheet assertions
Income statement assertions
Existence*
Occurrence*
Completeness
Completeness*
Rights and obligations
Valuation
Measurement
Presentation and disclosure
Presentation and disclosure
•
Existence: A financial statement assertion that an asset or a liability exists at a given date.
•
Occurrence: A financial statement assertion that a recorded transaction or event that pertains to
the entity actually took place during the period.
•
Valuation: A financial statement assertion that an asset or liability is recorded at an appropriate
carrying value.
•
Measurement: A financial statement assertion that a transaction or event is recorded at the
proper amount and in the proper accounts.
•
Completeness: A financial statement assertion that there are no unrecorded assets, liabilities,
transactions or events, or undisclosed items.
•
Rights and Obligations: A financial statement assertion that an asset or a liability pertains to the
entity at a given date.
•
Presentation and Disclosure: A financial statement assertion that states an item is classified,
described and disclosed in accordance with the applicable financial reporting framework.
*Cutoff considerations are addressed within the occurrence and completeness assertions for accounts
and disclosures that accumulate over the period and within the existence and completeness assertions
for accounts and disclosures at the period end.
11 | Guidebook – Expedition:Audit
The Audit Academy
EY Global Audit
Methodology
Initial
planning
Conclude and
communicate
Global Audit
Methodology
Identify and
assess risks
Design
and execute
responses
to risks
12 | Guidebook – Expedition:Audit
The Audit Academy
Accounts, assertions,
WCGWs and controls
Linkages
Accounts selected based upon:
• Errors of importance*
• Size and composition
• Susceptibility to manipulation or loss
• High Transaction volume
• Transaction complexity
• Subjectivity in determining account balance
• Nature of the account
Financial
Implications
2003
Financial
Statements
?
Significant
Accounts
Financial
Statements
Process
Implications
Significant
Processes
Types:
Inherent and
Key Business
Risks
Management
Assertions
Financial Statement
Assertions:
• SCOTs
• Routine
• Non-Routine
• Estimation
• IT processes
• Existence (B/S) or
Occurrence (I/S)
• Business
processes
• Completeness
• Financial
• Valuation (B/S) or
Statement Close
Measurement (I/S)
Process
• Rights and
(Presentation
Obligations (B/S)
and Disclosure
assertion)
• Presentation and
Disclosures
13 | Guidebook – Expedition:Audit
What Can Go
Wrong?
Management
Report on
Internal
Control
Controls
For Each Assertion Ask:
Detect and correct:
Identify error and
• Where are the points in
correct them
the flow of transactions
where errors can occur? Prevent:
Prevents an error
Who Performs?
Evaluate/
Monitor
Report
Factors in Evaluation:
• Competence, integrity
of personnel
performing control,
degree of supervision,
extent of employee
turnover
Programmed
Control?
• Potential for mgmt.
override
• Identify processing
• Lack of segregation of
system
duties including within
computer applications
• Effect of changes in
controls
• Other specific risks
The Audit Academy
Accounts, assertions,
WCGWs and controls
Linkages: Hints and tips
•
Assertions are associated to significant accounts and are affected by Significant Classes of
Transactions (SCOT)
•
WCGWs describe the risk of material misstatement that may occur within a SCOT and are
associated to assertions.
•
One WCGW may be associated to more than one assertion.
•
Each assertion should have at least one WCGW.
•
When we decide to take a controls reliance strategy, or when we are required to do so, we
understand and test the controls that address the WCGWs.
•
Risks (IR, SR/FR) are associated to assertions and affect the IR assessment part of the CRA
•
Audit procedures are linked to assertions.
14 | Guidebook – Expedition:Audit
The Audit Academy
Critical path of a SCOT
SCOT and significant disclosure processes including correction of transactions
Initiation
Recording
Processing
Reporting
(through journal entries)
•
Initiation is the point where a transaction first enters the entity’s process and is prepared and
submitted for recording
•
Recording is the point where a transaction is first recorded in the books of the entity
•
Processing refers to any changes, manipulation or transfer of data in the books and records of
the entity
•
Reporting is the point when a transaction is reported (posted) in the
general ledger
15 | Guidebook – Expedition:Audit
The Audit Academy
The EY audit risk model and
combined risk assessment
Audit risk
=
Inherent
risk
x
Control risk
• Lower
• Rely on controls
• Higher
• Significant
• Not rely on controls
• Test management
procedures (small
businesses only)
x
Detection risk
Primary Substantive
Procedures (PSPs)
Other Substantive
Procedures (OSPs)
Substantive
analytical
procedures
Combined risk assessment
Control risk
Rely on controls
Test management procedures Not rely on
controls
(small businesses only)
Inherent risk
Key items
Lower
Minimal
Low
Moderate
Higher
Low
Moderate
High
Significant
risk
Representative
sampling
Special audit consideration
Refer to Combined Risk Assessment 3.1 Combined risk assessment table
16 | Guidebook – Expedition:Audit
Refer to SUBSTANTIVE: 1
Sufficiency and
appropriateness of audit
evidence 1.1 Hierarchy of
substantive procedures
The Audit Academy
Combination of procedures
dependent on CRA
Combination of procedures
Level of
confidence
95%
Assurance
from other
substantive
procedures
Assurance
from primary
substantive
procedures
Assurance
from tests of
control
Minimal
Low
Rely on controls
Moderate
High
Not rely on controls
Combined risk assessment
Refer to Combined Risk Assessment 3.2 The effect of CRAs on our substantive procedures
17 | Guidebook – Expedition:Audit
The Audit Academy
Combined Risk Assessments
diagram
The table below illustrates how we combine our assessments of inherent and control risks into one
CRA and what are example testing thresholds based on each CRA:
Control risk Rely on controls
Test management
procedures
(Small business)
Not rely on controls
Inherent
risk
Lower IR
Higher IR
Lower IR
Higher IR
Lower IR
Higher IR
CRA
Minimal
Low
Low
Moderate
Moderate
High
Example
testing
thresholds1
Asset/
Income
accounts:
75%–100%
of TE
Asset/Income
accounts:
50%–75% of TE
Asset/Income
accounts:
25%–50% of TE
Liability/Expense
accounts:
15%–25% of TE
Liability/Expense
accounts:
10%–15% of TE
Liability/E
xpense
accounts
25%–50%
of TE
Example
timing
period
Earlier in
the
reporting
period (up
to six
months
before
balance
sheet
date)
During the
later
portion of
the
reporting
period (up
to three
months
before the
balance
sheet date)
Asset/Income
accounts:
10%–25% of
TE.
Liability/Expen
se accounts:
5%–10% of TE
At or near the period end (up to one month before the
balance sheet date)3
We exercise professional judgment in setting testing thresholds. The determination of testing thresholds is first
dependent on the composition of the account balance being tested, considering the CRA of the assertion and the
nature of the procedure. The ranges provided are illustrative to indicate that, as the CRA increases, our testing
thresholds decrease to result in an increased extent of testing. For an example of setting testing thresholds refer
to SUBSTANTIVE Appendix 2.
Refer to SUBSTANTIVE Substantive Procedures 3.1 Customize primary substantive procedures (PSPs)
18 | Guidebook – Expedition:Audit
The Audit Academy
Audit evidence bucket model
Lower
Risks within
account/assertion
Higher
The size of the bucket for each assertions corresponds to the assessed level of inherent risk. The
greater the risk, the more evidence is required to address the risk, i.e., the larger the bucket, the
more evidence(qualitatively and quantitatively) we require to fill the bucket.
The evidence obtained in our risk assessment procedures can indicate a higher level of inherent risk
(i.e., increasing the size of the bucket) or a lower level of inherent risk
(i.e., decreasing the size of the bucket)
19 | Guidebook – Expedition:Audit
The Audit Academy
Audit evidence bucket model
How much evidence is needed?
Evidence obtained from
substantive procedures
CRA
Evidence obtained from
substantive procedures
Evidence obtained
from tests of controls
Evidence obtained
from tests of controls
Minimal
Low
Evidence obtained from
substantive procedures
Evidence obtained from
substantive procedures
Moderate
High
The size of the bucket is driven by the inherent risk. How the bucket begins can be tiled, however, is driven by a decision
as to whether or not we test and rely on controls.
Note: Tests of controls address control risk.
Substantive procedures address detection risk.
20 | Guidebook – Expedition:Audit
The Audit Academy
Minimum sample size
Tests of relevant controls
Nature
Frequency of
performance
Minimum number to test (Note 2)
Manual
Many times per day OR at
least daily (Note 1)
25 (or 60, if only one control per assertion is selected to
be tested)
Manual
Weekly
5
Manual
Monthly
2
Manual
Quarterly
2
Manual
Annually
1
Application
–
1 of each type of transaction if effective ITGCs;
otherwise > 25
ITGCs
–
Follow guidance for manual and automated aspects of
ITGCs
•
•
Note 1: The minimum sample size of 25 assumes that the population is large (i.e., greater than
250 occurrences). For certain types of controls (e.g., ITGCs), we may identify a small number of
control occurrences for a control type that operates frequently. In these circumstances, if the
number of control occurrences:
•
Ranges from 50 to 250 occurrences, our minimum sample size is 10% of the number of
occurrences
•
Is less than 50 occurrences, we select a minimum sample size of 5 items, or 100% examination
if the population is less than 5 occurrences
Note 2: The sample selected for our walkthrough of controls may be included as part of our
sample size. When we adopt this approach, our walkthrough includes all aspects of testing the
operating effectiveness of the control.
Refer to SAMPLE: Sampling for Tests of Controls: 3.3 Consider the minimum sample size
21 | Guidebook – Expedition:Audit
The Audit Academy
Workpaper index reference
Workpaper index reference
A section
Engagement deliverables, control and review
AA
Consolidation work papers
AA01
onwards
Workpapers in relation to the audit of the consolidation
BB
SCOTs, walkthroughs and tests of controls
B0.SCOT.1
System notes and flowcharts
B0.SCOT.2
Walkthrough templates
B0.SCOT.3
Test of controls documentation
Balance Sheet accounts
C
Cash, including bank balances
M
Notes payable
D
Marketable securities/short term
investments
N
Accounts payable, trade
E
Accounts receivable, trade
O
Income taxes, deferred taxes and
related income statement accounts
F
Inventories
G
Prepaid expenses, deferred
charges and other assets
H
Investments, including investments
in affiliates
PWA
I
Intercompany balances and related
party transactions
Q
Long-term debt, leases and related
income statement accounts
J
Long-term receivables, noncurrent deposits and other longterm financial assets
R
not used
K
Property, plant and equipment and
related income statement
accounts
S
Derivatives/hedging/commitments/cont
ingencies
L
Intangible assets, including
goodwill
T
Equity
22 | Guidebook – Expedition:Audit
OOT
P
Indirect taxes
Provisions, accrued and other liabilities,
deferred income
Warrantee accruals
The Audit Academy
Workpaper index reference
Workpaper index reference
Income Statement accounts
UA
Revenue/sales
UB
Other income
UC
Finance income
VA
Costs of sales
VC
Selling and distribution expenses
VD
Administrative and other expenses
VE
Finance expenses
VE
Finance expenses
W
Journal entry work
Z
Other accounts
23 | Guidebook – Expedition:Audit
The Audit Academy
Frequently used
Excel Shortcuts
Navigate Inside Worksheets
Navigation
Arrow Keys
Page Down/Up
Alt+Page
Down/Up
Tab/Shift+Tab
Ctrl+Arrow
Keys
Home (Pos1)
Ctrl+Home
(Pos1)
Ctrl+End
Ctrl+F
Ctrl+H
Move one cell up, down, left or right in a worksheet.
Move one screen down/up in a worksheet.
Move one screen to the right/to the left in a worksheet.
Move one cell to the right/to the left in a worksheet.
Move to the edge of next data region (cells that contains data)
Move to the beginning of a row in a worksheet.
Move to the beginning of a worksheet.
Move to the last cell with content of a worksheet.
Display the Find and Replace dialogue (with Find selected).
Display the Find and Replace dialogue (with Replace selected).
Work with data selection
Select Cells
Shift+Space
Ctrl+Space
Ctrl+Shift+*
Ctrl+A
Ctrl+Shift+O
Shift+Arrow
Keys
Ctrl+Shift+Arr
ow Key
Shift+Page
Down/Up
Shift+Home
(Pos1)
Ctrl+Shift+Ho
me (Pos1)
Select the entire row.
Select the entire column.
Select the current region around the active cell.
Select the entire worksheet or the data-containing area. Pressing Ctrl+A a
second time then selects entire worksheet.
Select all cells with comments.
Extend the selection by one cell.
Extend the selection to the last cell with content in row or column.
Extend the selection down one screen/up one screen.
Extend the selection to the beginning of the row.
Extend the selection to the beginning of the worksheet.
24 | Guidebook – Expedition:Audit
The Audit Academy
Frequently used
Excel Shortcuts
Insert and Edit Data
Undo/Redo Shortcuts
Ctrl+Z
Ctrl+Y
Undo last action (multiple sheets).
Redo last action (multiple sheets)
Work with Clipboard
Ctrl+C
Ctrl+X
Ctrl+V
Ctrl+Alt+V
Copy contents of selected cells.
Cut contents of selected cells.
Paste content from clipboard into selected cell.
If data exists in clipboard: Display the Paste Special dialogue.
Edit Inside Cells
F2
Alt+Enter
Enter
Shift+Enter
Tab/Shift+Tab
Esc
Ctrl+Delete
Ctrl+Shift+;
Ctrl+Shift+:
Edit the active cell with cursor at end of the line.
Start a new line in the same cell.
Complete a cell entry and move down in the selection.
Complete a cell entry and move up in the selection.
Complete a cell entry and move to the right/to the left in the
selection.
Cancel a cell entry.
Delete text to the end of the line.
Insert current date.
Insert current time.
Edit Active or Selected Cells
Ctrl+[-]
Ctrl+[-] with row/column
selected
Ctrl+Shift+[+]
Ctrl+Shift+[+] with
row/column selected
Alt+F1
F11
Ctrl+K
Enter (hyperlink cell)
Ctrl+[-]
Delete cell/row/column Menu
Delete row/delete column.
Insert cell/row/column Menu
Insert row/insert column.
Insert chart with data in current range as embedded Chart Object.
Insert chart with data in current range in a separate Chart sheet.
Insert a hyperlink.
Activate a hyperlink.
Delete cell/row/column Menu
Hide and Show Elements
Ctrl+9
Ctrl+Shift+9
Ctrl+0
Ctrl+Shift+0
Ctrl+6
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Hide the selected rows.
Unhide any hidden rows within the selection.
Hide the selected columns.
Unhide any hidden columns within the selection.
Alternate between hiding and displaying objects.
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Frequently used
Excel Shortcuts
Format Data
Format Cells
Ctrl+1
Ctrl+2 (or Ctrl+B)
Ctrl+3 (or Ctrl+I)
Ctrl+4 (or Ctrl+U)
Ctrl+5
Alt+Shift+'
Alt+H+A+C
Ctrl+L (or Alt+H+A+L)
Ctrl+R (or Alt+H+A+R)
Format cells dialogue.
Apply or remove bold formatting.
Apply or remove italic formatting.
Apply or remove an underline.
Apply or remove strikethrough formatting.
Display the Style dialogue box.
Center text (press Alt, then H, then A, then C).
Align text left.
Align text right.
Number Formats
Ctrl+Shift+$
Ctrl+Shift+%
Ctrl+Shift+!
F4
Apply the Currency format with two decimal places.
Apply the Percentage format with no decimal places.
Apply the Number format with two decimal places, thousands
separator, and minus sign (-) for negative values.
Repeat last formatting action: Apply previously applied cell
Formatting to a different cell.
Apply Borfers to Cells
Ctrl+Shift+&
Ctrl+Shift+_
Ctrl+1, then Ctrl+Arrow
Right/Arrow Left
Apply outline border from cell or selection.
Remove outline borders from cell or selection.
Access border menu in 'Format Cell' dialogue. Once border was
selected, it will show up directly on the next Ctrl+1.
Formulas
Alt+=
Shift+F3
Ctrl+A
Ctrl+Shift+A
Ctrl+Shift+Enter
F4
F9
Shift+F9
Ctrl+Shift+`
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Insert the AutoSum formula.
Display the Insert Function dialogue.
Display Formula Window after typing formula name.
Insert Arguments in formula after typing formula name.
Enter a formula as an array formula.
After typing cell reference (e.g., =E3) makes reference absolute
(=$E$4)
Calculate all worksheets in all open workbooks.
Calculate the active worksheet.
Toggle Show formula in cell instead of values
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Frequently used
Excel Shortcuts
Manage Multiple Worksheets
Shift+F11/Alt+Shift+F1
Ctrl+Page Down/ Up
Shift+Ctrl+Page Down/Up
Insert a new worksheet in current workbook.
Move to the next/previous worksheet in current workbook.
Select the current and next sheet(s)/select and previous sheet(s).
Various Excel Features
Ctrl+O
Ctrl+S
F12
Ctrl+P
F1
F7
Alt+F8
Alt+F11
Ctrl+O
Open File.
Save the active file with its current file name, location, and file
format.
Display the Save As dialogue.
Print File (Opens print menu).
Display the Excel Help task pane.
Display the Spelling dialogue.
Display the Macro dialogue.
Open the Visual Basic Editor to create Macros.
Open File.
Work with Excel Ribbons
Ctrl+F1
Alt/F10
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Minimize or restore the Ribbons.
Select the active tab of the Ribbon and activate the access keys.
Press Alt or F10 again to move back to the document and cancel the
access keys.
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Useful links
•
EY Atlas
https://live.atlas.ey.com
•
EY Canvas
https://eycanvas.ey.net
28 | Guidebook – Expedition:Audit
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29 | Guidebook – Expedition:Audit
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EY | Assurance | Tax | Transactions | Advisory
About EY
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advisory services. The insights and quality services we
deliver help build trust and confidence in the capital
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outstanding leaders who team to deliver on our promises to
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or more, of the member firms of Ernst & Young Global
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does not provide services to clients. For more information
about our organization, please visit ey.com.
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All Rights Reserved.
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This material has been prepared for general informational purposes
only and is not intended to be relied upon as accounting, tax or other
professional advice. Please refer to your advisors for specific advice.
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