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1、审计的责任和目标审计的责任和目标2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-2Objective of Conducting an Audit of Financial Statements2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-3Steps to DevelopAudit Objectives
2、Understand objectives andresponsibilities for the audit.12Divide financial statementsinto cycles.3Know managementassertions about accounts.2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-4Steps to DevelopAudit ObjectivesKnow general audit objectives f
3、orclasses of transactions and accounts.45Know specific audit objectives forclasses of transactions and accounts.2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-5 ResponsibilitiesManagement is responsiblefor the financial statements,and for internal co
4、ntrol.Auditors issue anopinion on fairnessof the financial statements.2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-6Auditors ResponsibilitiesMaterial versus immaterial misstatementsReasonable assuranceErrors versus fraudProfessional skepticism2003
5、Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-7DefinitionsnFraudulent Financial Reporting-intentional or reckless conduct by act or omission that leads to materially misleading F/SnErrors-unintentional misstatements.nDirect-effect Illegal Acts-violations
6、 of laws or regulations that cause a direct material misstatement in F/S2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-8External Auditors and FraudThe following SASs relate to fraud:nSAS 99 and 82 Considerations of fraud in financial statementsnSAS 5
7、4 Illegal acts by clientsnSAS 57 Auditing accounting estimatesnSAS 61 Communications with audit committees2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-9SAS 82 Fraud Considerations nUnderstand fraud risk factorsnAssess fraud risks throughout auditnd
8、ocument assessment and response to risksnUse professional skepticism nDesign audits to provide reasonable assurance of detecting material fraud that would affect the financial statementsnReport fraud to appropriate personsnManagement one level above fraudnAudit committee if management is involved.20
9、03 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-10SAS 54 Illegal ActsnDistinguishes between direct-effect illegal acts and illegal actsnDirect-effect illegal acts have a direct affect on the F/S nTreat the same as errors and fraudnIllegal acts are those
10、 that are far removed from F/S2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-11Far Removed Illegal ActsnExamples-insider trading,OSHA violations,EEOC violations.nAuditor not responsible for detecting these types of errors.nThe auditor should use gene
11、ral awareness for these types of acts and be alert to possible contingent liabilities.2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-12SAS 57 Accounting for EstimatesnRelated to fraud though manipulation of earnings with estimates.nAuditors are respo
12、nsible for the reasonableness of the estimates.nAuditors should monitor:n managements estimaten reasonable estimate from audit evidence ntrack the differences for a systematic bias and other likely misstatements.2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/B
13、easley 6-13The Audit CommitteenSubcommittee of Board of DirectorsnComposed of Outside DirectorsnResponsible for Financial Reporting ProcessnSAS 60-Internal Control FindingsnSAS 61-Communications2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-14 Functi
14、ons of the Audit CommitteenMaintaining the integrity of financial reporting processnInternal Control SystemnCoordinated auditing programnInternal and External AuditorsnAddressing problems(illegal acts and fraud)2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Be
15、asley 6-15SAS 61 Communication with Audit CommitteesRequired communications to the audit committee include:nFraud involving senior managementnIllegal acts except those that are clearly inconsequentialnDisagreements with managementnSignificant accounting treatments and estimatesnInternal Control Defi
16、ciencies 2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-16Discovering FraudnMinor fraud by low level employees-report to management one level above fraud(clearly inconsequential)nFraud that causes a material misstatement or involves senior management
17、-report to audit committee.nIf management and directors do not act promptly and appropriately-auditor should withdraw from engagement.2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-17Reporting Fraud to OthersnDisclosures of fraud to outsiders is limi
18、ted.nAuditor is required to inform the SEC(except the clearly inconsequential type)nHas to answer to subpoenas nRequired by GAGAS to report on illegal acts to government agencies if applicable.2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-18Auditing
19、 CyclesnThe trial balance is divided into cycles to reduce the redundancy of audit proceduresnSales and Collection CyclenAcquisition and Payment CyclenPayroll and Personnel CyclenInventory and Warehouse CyclenFinancing and Investing Cycle2003 Prentice Hall Business Publishing,Auditing and Assurance
20、Services 9/e,Arens/Elder/Beasley 6-19Management AssertionsThere are five assertions that management makes about the financial statements:nOccurrence or existencenCompletenessnRights and obligationsnAllocation and valuationnPresentation and disclosure2003 Prentice Hall Business Publishing,Auditing an
21、d Assurance Services 9/e,Arens/Elder/Beasley 6-20Occurrence or existence Objective to gather evidence that items on the Balance Sheet exist and that revenues and expenses occurred as of the year end date.ExamplesnAccounts receivable existed as the end of the yearnRevenue occurred during that year.20
22、03 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-21Completenessnthat the assertions are complete and all inclusive of information that should be included.nNo missing expenses or liabilities.nCut-offs make sure all transactions included in right year2003
23、Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-22 Rights and ObligationsnThat the company has the rights to assets and that the obligations are those of the company;i.e.ownership.nThe assets are actually owned by the company.nExample-accounts receivable h
24、as not been sold and is still shown as an asset.2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-23 Valuation or Allocation n That proper values have been assigned to the assertions.Includes the proper application of GAAP.nMathematical accuracy,proper
25、estimatesnExamples-lower of cost or market for inventory,securities fair market value adjustments,bad debt expense2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-24 Presentation and DisclosurenDetermine that proper principles are selected and appliedn
26、 Disclosures are adequate.n Includes proper classification and summarization of accounts.2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-25Assertions AcronymnO-Occurrence or existencenC-CompletenessnR-Rights and obligationsnA-Allocation and valuationn
27、P-Presentation and disclosure 2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-26The compliance assertionnCompany is complying with applicable laws and regulations related to reporting.n Disclosure of noncompliance is usually necessary to fully comply
28、with GAAP.nImplied assertion-not one of the five auditing assertions.2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-27Transaction-RelatedAudit ObjectivesExistenceCompletenessAccuracyRecordedtransactions exist.Existing transactionsare recorded.Recorde
29、d transactionsare stated at thecorrect amount.2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-28Transaction-RelatedAudit ObjectivesClassificationTimingPosting andsummarizationTransactions areproperly classified.Transactions are recordedon the correct
30、dates.Transactions are includedin the master files andare correctly summarized.2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-29Transaction Related ObjectivesnA AccuracynC-CompletenessnC-ClassificationnE-ExistencenP-PostingnT Timing and summarization
31、2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-30Transaction-Related Audit Objectivesand Management AssertionsManagementAssertionsGeneral Transaction-Related Audit ObjectivesExistence or occurrenceCompletenessValuation or allocationRights and obligat
32、ionsPresentation and disclosureExistenceCompletenessAccuracy,Classification timing,Posting and summarizationN/AN/A2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-31General Balance-RelatedAudit ObjectivesExistenceCompletenessAccuracyAmountsincluded exi
33、st.Existing amountsare included.Amounts includedare stated at thecorrect amounts.2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-32General Balance-RelatedAudit ObjectivesClassificationCutoffDetail tie-inAmounts areproperly classified.Transactions are
34、recordedin the proper period.Account balances agreewith master file amounts,and with the general ledger.2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-33General Balance-RelatedAudit Objectives RealizablevalueRights andobligationsPresentationanddisclo
35、sureAssets are included atestimated realizable value.Assets must be owned.Account balances anddisclosures are presentedin financial statements.2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-34Balance ObjectivesnD Detail tie-innR Rights and Obligation
36、snA-AccuracynC-CompletenessnC-ClassificationnE-ExistencenP Presentation and DisclosurenT Timing/cut-offnR Realizable Value2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-35Assertions and Balance-Related Audit ObjectivesManagementAssertionsGeneral Bala
37、nce-Related Audit ObjectivesExistence or occurrenceCompletenessValuation or allocationRights and obligationsPresentation and disclosureExistenceCompletenessAccuracy,Classification,Cutoff,Detail tie-in,Realizable valueRights and obligationsPresentation and disclosure2003 Prentice Hall Business Publis
38、hing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-36How Audit ObjectivesAre MetAuditors plan the combinationof objectives and evidence byfollowing an audit process.An audit process is a methodologyfor organizing an audit.2003 Prentice Hall Business Publishing,Auditing and Assurance Serv
39、ices 9/e,Arens/Elder/Beasley 6-37Four Phases of an AuditPhase IPhase IIPhase IIIPhase IVPlan and designan audit approach.Perform tests ofcontrols andsubstantive testsof transactions.Perform analyticalprocedures andtests of detailsof balances.Complete theaudit and issuean audit report.2003 Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley 6-38End of Chapter 6