审计学-一种整合的方法.pptx

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1、6 - 1Audit Responsibilitiesand ObjectivesChapter 6Learning Objective 1Explain the objective ofconducting an audit offinancial statements andan audit of internal controls.Objective of Conducting an Audit of Financial StatementsThe objective of the ordinary audit of financialstatements is the expressi

2、on of an opinion ofthe fairness with which they present fairly, inall respects, financial position, result ofoperations, and its cash flows inconformity with GAAP.Steps to Develop Audit Objectives1. Understand objectives andresponsibilities for the audit.2. Divide financial statements into cycles.3.

3、 Know management assertions aboutaccounts.Steps to Develop Audit Objectives4. Know general audit objectives forclasses of transactions and accounts.5. Know specific audit objectives forclasses of transactions and accounts.Learning Objective 2Distinguish managementsresponsibility for the financialsta

4、tements and internal controlfrom the auditors responsibilityfor verifying the financialstatements and effectivenessof internal control. Managements ResponsibilitiesManagement is responsible for the financialstatements and for internal control.The Sarbanes-Oxley Act increases managementsresponsibilit

5、y for the financial statements.It requires the CEO and the CFO of publiccompanies to certify the quarterly and annualfinancial statements submitted to the SEC. Managements ResponsibilitiesThe Sarbanes-Oxley Act provides for criminalpenalties for anyone who knowingly falselycertifies the statements.L

6、earning Objective 3Explain the auditorsresponsibility for discoveringmaterial misstatements.Auditors Responsibilities Material versus immaterial misstatements Reasonable assurance Errors versus fraud Professional skepticism Fraud resulting from fraudulent financialreporting versus misappropriation o

7、f assetsAuditors Responsibilities for Discovering Illegal Acts Direct-effect illegal acts Indirect-effect illegal acts Evidence accumulation when there is no reasonto believe indirect-effect illegal act existsAuditors Responsibilities for Discovering Illegal Acts Evidence accumulation and other acti

8、onswhen there is reason to believe direct- orindirect-effect illegal acts may exist Actions when the auditor knows of an illegal actLearning Objective 4Classify transactions and accountbalances into financial statementcycles and identify benefits of acycle approach to segmentingthe audit.Financial S

9、tatements CyclesAudits are performed by dividing the financialstatements into smaller segments or components.Transaction Flow ExampleLedgers,Trial Balance,and FinancialStatementsGeneral ledgerand subsidiaryrecordsGeneral ledgertrial balanceFinancialstatementsAcquisitionof goodsand servicesSalesCashr

10、eceiptsTransactionsCash receiptsjournalSalesjournalAcquisitionsjournalJournalsTransaction Flow ExampleAllocationandadjustmentsCashdisbursementsPayrollservices anddisbursementsLedgers,Trial Balance,and FinancialStatementsGeneral ledgerand subsidiaryrecordsGeneral ledgertrial balanceFinancialstatement

11、sTransactionsPayrolljournalCashdisbursementsjournalGeneraljournalJournalsRelationships Among Transaction CyclesGeneralcashCapital acquisitionand repayment cycleSales andcollectioncycleAcquisitionand paymentcyclePayroll andpersonnelcycleInventory andwarehousingcycleLearning Objective 5Describe why th

12、e auditor obtainsa combination of assurance byauditing classes of transactionsand ending balances in accounts,including presentation anddisclosure.Balance and Transactions Affecting Balances ExampleBeginning balanceSales$ 17,521$144,328$137,087Cash receipts$ 1,242Sales returnsand allowancesCharge-of

13、f ofuncollectibleaccountsEnding balance$ 20,197$ 3,323Accounts Receivable (in thousands)Learning Objective 6Distinguish among the threecategories of managementassertions about financialinformation.Management Assertions1. Assertions about classes of transactions andevents for the period under audit2.

14、 Assertions about account balances a period end3. Assertions about presentation and disclosureManagement Assertions forEach Category of AssertionsOccurrenceExistenceOccurrence and rightsand obligationsCompletenessCompletenessCompletenessAccuracyValuation andallocationAccuracy andvaluationClassificat

15、ionClassification andunderstandabilityCutoffRights andobligationsLearning Objective 7Link the six general transaction-related audit objectives tomanagement assertionsfor classes of transaction.OccurrenceRecorded transactionsexistCompletenessExisting transactionsare recordedAccuracyRecorded transacti

16、onsare stated at thecorrect amountsGeneral Transactions-related Audit ObjectivesClassificationTransactions are properlyclassified.TimingTransactions are recordedon the correct dates.Posting andsummarizationTransactions are includedin the master files andare correctly summarized.General Transactions-

17、related Audit ObjectivesManagement Assertions andTransaction-related Audit ObjectivesOccurrenceOccurrenceRecorded sales are forshipments made tononfictitious customersCompletenessCompletenessExisting salestransactions are recordedAccuracyAccuracyRecorded sales are forthe amount of goodsshipped and a

18、re correctlybilled and recordedManagement Assertions andTransaction-related Audit ObjectivesAccuracyPosting andsummarizationSales transactions areproperly included in themaster file and arecorrectly summarizedClassificationClassificationSales transactions areproperly classifiedCutoffTimingSales tran

19、sactions arerecorded on the correctdates.Learning Objective 8Link the eight general balance-related audit objectives tomanagement assertionsfor account balances.ExistenceAmounts included existCompletenessExisting amounts areincludedAccuracyAmounts included arestated at the correctamountsGeneral Bala

20、nce-relatedAudit ObjectivesClassificationAmounts are properlyclassifiedCutoffTransactions are recordedin the proper periodDetail tie-inAccount balances agreewith master file amounts,and with the general ledgerGeneral Balance-relatedAudit ObjectivesRealizablevalueAssets are included atestimated reali

21、zable valueRights andobligationsAssets must be ownedGeneral Balance-relatedAudit ObjectivesManagement Assertions andTransaction-related Audit ObjectivesExistenceExistenceAll recorded inventory existsat the balance sheet dateCompletenessCompletenessAll existing inventory hasbeen counted and includedi

22、n the inventory summaryManagement Assertions andTransaction-related Audit ObjectivesValuation andallocationAccuracyInventory quantities on the clients perpetual records agree with items physically on handPrices used to value inventories are materially correctExtensions of price times quantity are co

23、rrect and details are correctly addedManagement Assertions andTransaction-related Audit ObjectivesValuation andallocationClassificationCutoffInventory items are properly classified as to raw materials, work in process, and finished goodsPurchase cutoff at year end is properSales cutoff at year end i

24、s properManagement Assertions andTransaction-related Audit ObjectivesValuation andallocationDetail tie-inRealizablevalueTotal of inventory items agrees with general ledgerInventories have been written down where net realizable value is impaired Rights and obligations Rights andobligationsThe company

25、 has title to all inventory items listedInventories are not pledged as collateralLearning Objective 9Link the four presentation anddisclosure-related audit objectivesto management assertions forpresentation and disclosure.Management Assertions and Presentation and Disclosure-related Audit Objectives

26、Occurrenceand rights andobligationsOccurrenceand rights andobligationsNotes payable as described in thefootnotes exist and areobligations of the companyCompletenessCompletenessAll required disclosures relatedto notes payable are included inthe financial statement footnotesManagement Assertions and P

27、resentation and Disclosure-related Audit ObjectivesValuation andallocationValuation andallocationFootnote disclosures related tonotes payable are accurate.ClassificationandunderstandabilityClassificationandunderstandabilityNotes payable are appropriatelyclassified as to short-term andlong-term oblig

28、ations andrelated financial statementdisclosures are understandableLearning Objective 10Explain the relationship betweenaudit objectives and theaccumulation of audit evidence.How Audit Objectives Are MetThe auditor must obtain sufficient appropriateaudit evidence to support all managementassertions

29、in the financial statements. An audit process has four specific phasesFour Phases of a Financial Statement AuditPhase IPlan and designan audit approachPhase IIPerform tests ofcontrols andsubstantive testsof transactionsPhase IIIPerform analyticalprocedures andtests of detailsof balancesPhase IVComplete theaudit and issuean audit report6 - 42End of Chapter 6