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1、Chapter 02 Professional Standards“In todays regulatory environment,its virtually impossible to violate rules.”Bernard Madoff,money manager,on October 12,2007,approximately one year prior to being arrested for embezzling$50 billion from investors in a Ponzi scheme.2-1第1页/共15页Auditing Standards for Pu
2、blic and Nonpublic EntitiesAudits of Public EntitiesAudits of Nonpublic EntitiesAICPA Statements on Auditing StandardsStandards issued by the Auditing Standards Board prior to April 2003 not amended or superseded by PCAOB standards(Interim Standards)All current standards issued by Auditing Standards
3、 BoardPCAOB Auditing StandardsAll current standards issued by PCAOBNot applicable2-2第2页/共15页Generally Accepted Auditing StandardsIdentify necessary qualifications and characteristics of auditors and guide the conduct of the auditPurpose of GAAS is to achieve the following objectives of an audit exam
4、inationObtain reasonable assurance about whether financial statements are free of material misstatementReport on the financial statements and communicate in accordance with auditors findings2-3第3页/共15页Comparison of AICPA GAAS to Principles:ResponsibilitiesGeneral StandardsResponsibilities Principle1
5、.Training and proficiency2.Independence in mental attitude3.Due professional careAuditors are responsible for:competence and capabilitiesethical requirements(independence and due care)professional skepticism and professional judgment2-4第4页/共15页Responsibilities Principle1.Competence and capabilitiesE
6、xperience and expertise2.IndependenceIndependence in fact vs.independence in appearanceFinancial and managerial relationships3.Due careLevel of performance by reasonable auditor in similar circumstances4.Professional skepticism and judgmentSkepticism:Appropriate questioning and critical assessment o
7、f evidenceJudgment:Application of training,knowledge,and experience in making informed decisions during audit2-5第5页/共15页Comparison of AICPA GAAS to Principles:PerformanceStandards of Field WorkPerformance Principle1.Planning and supervision2.Understanding of entity and environment to assess risk of
8、material misstatement3.Obtain sufficient appropriate evidenceTo obtain reasonable assurance:Plan work and supervise assistantsDetermine and apply appropriate materiality levelsIdentify and assess risks of material misstatementObtain sufficient appropriate evidence2-6第6页/共15页Performance PrincipleGoal
9、 is to provide reasonable assurance that financial statements do not contain material misstatements1.Planning and supervisionPreparation of audit plan2.MaterialityInfluences decisions of financial statement usersConsidered throughout the audit3.Risk assessment Understand entity and environment(inclu
10、ding internal control)Determine necessary effectiveness of substantive tests4.Audit evidenceSufficient=quantity(How many transactions or components?)Appropriate=quality(What level of reliability needed?Source?)2-7第7页/共15页Overview of EvidenceDetection RiskSufficiency(Quantity of Evidence)Relevance(Wh
11、at Does Evidence Tell the Auditor?)Reliability(Can the Auditor Trust the Evidence?)Appropriateness(Quality of Evidence)2-8第8页/共15页Sufficient evidenceRelated to quantity(number of transactions or components examined)Influenced by effectiveness of entitys internal controlEffective internal controlLowe
12、r level of control riskEvaluate less evidenceIneffective internal controlHigher level of control riskEvaluate more evidence2-9第9页/共15页Appropriate EvidenceRelates to the quality of evidenceRelevance:Does evidence address assertion(s)of interest?Reliability:Source of evidenceAuditors direct personal k
13、nowledgeExternal documentary evidenceExternal-internal evidenceInternal documentary evidenceVerbal evidenceHighLow2-10第10页/共15页Comparison of AICPA GAAS to Principles:ReportingStandards of ReportingReporting Principle1.Financial statements in accordance with GAAP2.GAAP applied consistently(only repor
14、t if not consistent)3.Adequacy of disclosures(only report if not adequate)4.Express or disclaim an opinionExpress an opinion or state that an opinion cannot be expressedOpinion is based on conformity of financial statements with applicable financial reporting framework2-11第11页/共15页Reporting Principl
15、eExpress an opinion(or indicate that an opinion cannot be expressed)on entitys financial statementsAssess financial statements against financial reporting frameworkSet of criteria used to determine the measurement,recognition,presentation,and disclosure of material items in the financial statementsE
16、xamples include GAAP,IFRS,or special purpose framework2-12第12页/共15页Types of Audit OpinionsUnqualifiedF/S are in conformity with GAAPQualifiedExcept for limited items,F/S are in conformity with GAAPCan issue for GAAP departure and scope limitationAdverseF/S are not in conformity with GAAPCan issue fo
17、r GAAP departure(more serious)DisclaimerAuditors do not express an opinionCan issue for scope limitation(more serious)or situation in which auditor is not independent2-13第13页/共15页System of Quality ControlProvides firm with reasonable assurance that the firm and its personnelComply with professional standards and regulatory/legal requirementsIssue reports that are appropriate in the circumstancesReviewed through either peer reviews(for firms auditing nonpublic entities)or PCAOB inspections(for firms auditing public entities)2-14第14页/共15页感谢您的观看。第15页/共15页