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1、教学 目标知识目标：Explain the nature of accounting and its types;Understand the basic assumptions and principles of accounting 能力目标：Interpret the qualitative characteristics of accounting information;Identify the effects of business transactions on the accounting equation 素质目标：Apply the Double-Entry Bookkee
2、ping教学 重点Qualitative characteristics of accounting information;The Accounting Equation and Double-Entry Bookkeeping教学 难点The Accounting Equation and Double-Entry Bookkeeping教学 手段结合理论与案例 小组讨论教学 学时2课时教学 内容与 教学过 程设计注 释Chapter 1 Principle of Financial AccountingK理论知识Topic 1: Nature of accounting1. Accoun
3、ting is an Information SystemAccounting is often described as an information system that identifies, records, and communicates relevant, reliable, and comparable information about an organization business activities that can be expressed in monetary terms.2. The Purposes of AccountingThe primary pur
4、pose of accounting is to provide information to help people make decisions about economic activities.3. Types of Accounting Information(1) Financial AccountingFinancial accounting refers to information describing the financial resources, obligations and activities of an economic entity, either an or
5、ganization or an individual.(2) Management AccountingManagement accounting involves the development and interpretation of accounting information which is for internal use and provides special information for the managers of a company.(3) Tax AccountingTax planning means anticipating the tax effects
6、of business transactions and structuring these transactions in a manner that will minimize the income tax burden.4. Users of Accounting Information(1) IndividualsIndividuals often keeps accounting records lo make decisions.Discuss the types of account i ng i nformat io nandi nformat io n users.Journ
7、alDateAccounts titles and explanationPost.Ref.DebitCreditExhibit 2-2 General journal entryPage 1 Special JournalsIn the modern world, a business of any size enters into so many transactions that the use of a single journal would impose intolerable restrictions on its ability to maintain adequate rec
8、ords. It is, therefore, usual to break down or subdivide the journal into a number of specialized journals, each being used to record transactions of certain kind. It is much simpler and more efficient to group together those transactions which are repetitive such as sales, purchases, cash receipts
9、and cash payments and place each of them in a special journal.3. LedgersThe complete set of accounts for a business entity is called a ledger. It is the reference book of the accounting system and is used to classify and summarize transactions and to prepare data for financial statements. There are
10、two types of ledgers-general ledger and subsidiary ledger.(1) General LedgerA general ledger contains a specific account for each item listed on the financial statements and shows how each transaction changes the balances of these accounts. A companys size and diversity of operations affect the numb
11、er of accounts needed. A small company can get by with as few as 20 or 30 accounts; a large company can require several thousand. Exhibit 2-3 shows a partial chart of accounts for a small company.Exhibit 2-3 Charts of AccountsAccount NumberAccount Name101Cash106Accounts receivable126Supplies128Prepa
12、id insurance167Equipment201Accounts payable236Unearned revenue307Common Stock319Dividends403Fees revenue406Rental revenue622Salaries expense重点Know departure from generally accepted accounting principles Contrast the types of audit opinions教学 难点Learn how to preparation an auditing reporting教学 手段结合理论与
13、案例 小组讨论教学 学时2课时教学内容与教学过程设计注 释Chapter 17 Audit Report理论知识Topic 1: An overview of Audit ReportThe auditors report is a disclaimer thereof, issued by an independent external auditor as a result of an internal or external audit, as an assurance service in order for the user to make decisions based on th
14、e results of the audit.An auditors report is considered an essential tool when reporting financial information to users, particularly in business. Since many third-party users prefer, or even require financial information to be certified by an independent external auditor, many auditors rely on audi
15、tor reports to certify their information in order to attract investors, obtain loans, and improve public appearance. Some have even stated that financial information without an auditors report is essentially worthless for investing purposes.The typical audit report contains three paragraphs, which c
16、over the following topics: The responsibilities of the auditor and the management of the entity. The scope of the audit. The auditors opinion of the entitys financial statements.1. The Standard Audit ReportA standard audit report is the most common report issued. It contains an unqualified opinion s
17、tating that the financial statements present fairly in all material respects, the financial position, results of operations, and cash flows of the entity in conformity with generally accepted accounting principles. The standard unqualified report is used when the following conditions have been met:
18、All statements are included in the financial statements. Sufficient evidence has been accumulated and the auditor has conducted the engagement in accordance with auditing standards. The financial statements are presented in accordance withDiscuss the standard audit report andwhat parts a standardrep
19、ort containaccounting standards. There are no circumstances requiring the addition of an explanatory paragraph or modification of the wording of the report.Regardless of the auditor, the following eight parts of the standard audit report remain the same.Report title. Such as “audit report“，“independ
20、ent auditors report”，or “report of independent auditor”.Audit report addresses. The report is usually addressed to the stockholders of the company.Introductory paragraph. The first paragraph of the report does two things a simple statement that the CPA firm has done an audit and identify the entity
21、being audited a list of the financial statements and specify the date and period covered by the financial statements.Statement of respective responsibilities of management and auditors. The report must contain a statement that management is responsible for the presentation of the financial statement
22、s. This responsibility includes designing, implementing and maintaining internal controls, selecting appropriate accounting policies and making reasonable accounting estimates. The report must also state that the auditor is responsible for expressing an opinion on the financial statements. The repor
23、t should explain that the auditor adhered to auditing standards on auditing and that the auditor planned and performed the audit so as to obtain reasonable assurance that the financial statements are free from material misstatements.Scope paragraph. The scope paragraph is a factual statement about w
24、hat the auditor did in the audit. It states that the auditor followed general accepted auditing standards and describes important aspects of the audit.Opinion paragraph. The final paragraph in the standard report states the auditors conclusions based on the results of the audit examination.Name and
25、address of CPA firm. The name identifies the CPA finn or practitioner that has performed the audit. The location where the auditor practices must be included. This is usually the city where the auditor has the office. The report must contain the auditors signature.Audit report date. The appropriate
26、date for the report is the one on which the auditor has completed the most important auditing procedures in the field. This date is important to users because it indicates the last day of the auditors responsibility fbr the review of significant events that occurred after the date of the financial s
27、tatements.2. Departures from the Audit ReportCircumstance may arise when it is inappropriate for the auditor to issue a standard report Departures from ihe standard report fall into one of two categories: standard report with explanatory language; other types of opinionsStandard report with explanat
28、ory language. The distinguishing characteristic of this category of reports is that the opinion paragraph continues to express an unqualified opinion because the financial statements are in conformity with accounting standards. However, some circumstance exists that requires the auditor to add an ex
29、planatory paragraph or other explanatory language to the standard report. For example, when an entity elects to make a change in accounting principles such as changing depreciation methods and the entity can justify the change and make appropriate disclosures in the foolnotes, the auditor is require
30、d to add an explanatory paragraph to the standard report to call the readers attention to this circumstance. Other types opinions. The second category of departures results when either of the following circumstances occurs: the financial statements contain a material departure from accounting standa
31、rds; a the auditor has been unable to obtain sufficient competent evidence regarding one or more of managements assertions, and as a result does not have a reasonable basis for an unqualified opinion on the financial statements as a whole. Three main types of audit reports are issued under these con
32、ditions: adverse opinion; disclaimer of opinion and qualified opinion.Adverse opinion. An adverse opinion is used only when the auditor believes the overall financial statements are so materially misstated or misleading that they do not present fairly the financial position or results of operations
33、and cash flows in conformity with generally accepted accounting principles. This is not a common occurrence and thus the adverse opinion is rarely employed.Discuss how to preparation an auditing reportingDisclaimer of opinion. A disclaimer is issued whenever the auditor has been unable to satisfy hi
34、mself or herself that the overall financial statements are fairly presented. The necessity for disclaiming an opinion may arise because of a severe limitation on the scope of the audit examination. It prevents the auditor from expressing an opinion on the financial statements as a whole.Qualified op
35、inion. A qualified opinion report can result from a limitation on the scope of the audit or failure to follow generally accepted accounting principles. A qualified opinion report can be used only when the auditor believes that the overall financial statements are fairly stated. A disclaimer or an ad
36、verse report must be used if the auditor believes the condition being reported upon is highly material. For this reason, the qualified opinion is considered the least severe type of report disclosing departures from an unqualified report.3. Preparation of audit reportWhen the CPA issues an unqualifi
37、ed report, the report should begin with the phrase “in our opinion“ in the opinion paragraph and profession al language such as present fairly in all material respects, etc. should useIf the CPA prepares an audit report with a qualified opinion, an explanatory paragraph detailing the reasons for exp
38、ressing this opinion should be added before the opinion paragraph. The CPA should use professional language such as “except fbr the matters mentioned above”, “with the exception of the impact of the matters mentioned above”, “except for the previously disclosed matters awaiting determination，etc.in
39、the opinion paragraph.If the CPA prepares an audit report with an adverse opinion, an explanatory paragraph detailing the reasons for expressing language such as “due to the impact of the matters mentioned above，“due to the impact of the matters mentioned in the preceding paragraph”, etc. in the opi
40、nion paragraph.Contrast the types of audit opinionsA disclaimer of opinion should be expressed when the CPA cannot obtain the necessary audit evidence due to a severely limited audit scope impose by the client, the entity or other circumstances. The impact of such a limitation is so material that th
41、e CPA is unable to express an audit opinion on the financial statements as a whole.If the CPA prepares an audit report with a disclaimer of o opinion, an explanatory paragraph detailing the reasons for expressing this opinion should be added before the opinion paragraph. The CPA should use professio
42、nal language such as “because of the material limitation of the audit scope“，“ because of the impossibility of performing the necessary audit proceduresn, because of the impossibility of obtaining the necessary audit evidence，“we are not able to express an opinion on the financial statements mention
43、ed above as a whole，etc. in the opinion paragraph.The CPA should not issue an audit report with a disclaimer of opinion when a qualified or an adverse opinion should be expressed.Topic 2: Unqualified OpinionAuditors express an unqualified opinion on the clients financial statements when they have no
44、 material exceptions as to the fairness of the application of accounting principles, and there have been no unresolved restrictions on the scope of their engagement. The unqualified opinion is, of course, the most desirable report from the clients point of view. The client usually will make any nece
45、ssary adjustments to the statements to enable the auditors to issue this type of opinion.Under certain circumstances auditors add explanatory language to their audit report, even when issuing an unqualified opinion. Adding the additional language is not regarded as a qualification; rather, the langu
46、age merely draws attention to a significant situation. Auditors add explanatory language to (1) indicate that a part of the audit was performed by otherauditors, (2) point out an uncertainty about the companys ability to continues as a going concern , (3)describe an inconsistency in the application
47、of accounting principles, (4) emphasize a matter, and (5) describe a justified departure from officially recognized accounting principles.Topic 3： Qualified OpinionDiscuss departure from generally accepted accounting principlesA qualified opinion expresses the auditors reservations or uncertainty ab
48、out fair presentation in some areas of the financial statements. The opinion states that except for the effects of some deficiency in the financial statements, or some limitation in the scope of the auditors* examination, the financial statements are presented fairly. All qualified reports include a separate explanatory paragraph before the opinion paragraph disclosing the reasons for the qualification. The opinion paragraph of a qualified report includes the appropriate qualifying language and a reference to the explanatory paragraph.Qualifie