審計(jì)學(xué)-一種整合的方法-chapter6課件

1、審計(jì)學(xué)-一種整合的方法-chapter6,Audit Responsibilitiesand Objectives,Chapter 6,welcome,審計(jì)學(xué)-一種整合的方法-chapter6,ONE: OBJECTIVE OF CONDUCTING AN AUDIT OF FINANCIAL STATEMENTS TWO:MANAGEMENTS RESPONSIBILITIES THREE:AUDITORS RESPONSIBILITIES FOUR:FINANCIAL STATEMENT CYCLES FIVE:SETTING AUDIT OBJECTIVES,審計(jì)學(xué)-一種整合的方法-ch

2、apter6,Learning Objective 1,Explain the objective of conducting an audit of financial statements and an audit of internal controls.,審計(jì)學(xué)-一種整合的方法-chapter6,Objective of Conducting an Audit of Financial Statements,The purpose of an audit is to provide financial statement users with an opinion by the aud

3、itor on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial accounting framework.,審計(jì)學(xué)-一種整合的方法-chapter6,Auditors accumulate evidence in order to reach conclusions about whether the financial statements are fairly stated and to d

4、etermine the effectiveness of internal control, after which they issue the appropriate audit report.,審計(jì)學(xué)-一種整合的方法-chapter6,If the auditor believes that the statements are not fairlypresented or is unable to reach a conclusion because of insufficient evidence, the auditor has the responsibility respon

5、sibilityof notifying users through the auditors report.,審計(jì)學(xué)-一種整合的方法-chapter6,Steps to Develop Audit Objectives,1.Understand objectives and responsibilities for the audit.,2.Divide financial statements into cycles.,3.Know managementassertions about accounts.,審計(jì)學(xué)-一種整合的方法-chapter6,Steps to Develop Audi

6、t Objectives,4.Know general audit objectives for classes of transactions and accounts.,5.Know specific audit objectives for classes of transactions and accounts.,審計(jì)學(xué)-一種整合的方法-chapter6,ONE: OBJECTIVE OF CONDUCTING AN AUDIT OF FINANCIAL STATEMENTS TWO:MANAGEMENTS RESPONSIBILITIES THREE:AUDITORS RESPONS

7、IBILITIES FOUR:FINANCIAL STATEMENT CYCLES FIVE:SETTING AUDIT OBJECTIVES,審計(jì)學(xué)-一種整合的方法-chapter6,Learning Objective 2,Distinguish managements responsibility for the financial statements and internal control from the auditors responsibility for verifying the financial statements and effectiveness of inte

8、rnal control.,審計(jì)學(xué)-一種整合的方法-chapter6,The responsibility for adopting sound accounting policies,maintaining adequate internal control, and making fair representations in the financial statements rests with management rather than with the auditor.,審計(jì)學(xué)-一種整合的方法-chapter6,Managements responsibility for the

9、integrity and fairness of the representations (assertions) in the financial statements carries with it the privilege of determining which presentations and disclosures it considers necessary. If management insists on financial statement disclosure that the auditor finds unacceptable, the auditor can

10、 either issue an adverse or qualified opinion or withdraw from the engagement.,審計(jì)學(xué)-一種整合的方法-chapter6,Managements Responsibilities,The SarbanesOxley Act requires the chief executive officer (CEO) and the chief financial officer (CFO) of public companies to certify the quarterly and annual financial st

11、atements submitted to the SEC.,審計(jì)學(xué)-一種整合的方法-chapter6,ONE: OBJECTIVE OF CONDUCTING AN AUDIT OF FINANCIAL STATEMENTS TWO:MANAGEMENTS RESPONSIBILITIES THREE:AUDITORS RESPONSIBILITIES FOUR:FINANCIAL STATEMENT CYCLES FIVE:SETTING AUDIT OBJECTIVES,審計(jì)學(xué)-一種整合的方法-chapter6,Learning Objective 3,Explain the audit

12、ors responsibility for discovering material misstatements.,審計(jì)學(xué)-一種整合的方法-chapter6,When the auditor also reports on the effectiveness of internal control over financial reporting, the auditor is also responsible for identifying material weaknesses in internal control over financial reporting.,審計(jì)學(xué)-一種整合的

13、方法-chapter6,Auditors Responsibilities,Material versus immaterial misstatements,Reasonable assurance,Errors versus fraud,Professional skepticism,Fraud resulting from fraudulent financial reporting versus misappropriation of assets,審計(jì)學(xué)-一種整合的方法-chapter6,Misstatements are usually considered material if

14、the combined uncorrected errors and fraud in the financial statements would likely have changed or influenced the decisions of a reasonable person using the statements.,審計(jì)學(xué)-一種整合的方法-chapter6,Assurance is a measure of the level of certainty that the auditor has obtained at the completion of the audit.

15、,reasonable assurance is a high, but not absolute, level of assurance that the financial statements are free of material misstatements.,審計(jì)學(xué)-一種整合的方法-chapter6,Auditor s responsible for reasonable assurance, but not absolute assurance,Most audit evidence results from testing a sample of a population su

16、ch as accounts receivable or inventory. Accounting presentations contain complex estimates Fraudulently prepared financial statements are often extremely difficult,審計(jì)學(xué)-一種整合的方法-chapter6,Errors versus fraud,An error is an unintentional misstatement of the financial statements, whereas fraud is intenti

17、onal.,審計(jì)學(xué)-一種整合的方法-chapter6,Professional Skepticism,The audit must be planned and performed with an attitude of professional skepticism in all aspects of the engagement. Professional skepticism is an attitude that includes a questioning mind and a critical assessment of audit evidence.,審計(jì)學(xué)-一種整合的方法-ch

18、apter6,Fraud Resulting from Fraudulent Financial Reporting Versus Misappropriation of Assets,Fraudulent financial reporting harms users by providing them incorrect financial statement information for their decision making. When assets are misappropriated, stockholders, creditors, and others are harm

19、ed because assets are no longer available to their rightful owners.,fraudulent financial reporting is committed by management, sometimes without the knowledge of employees. Management is in a position to make accounting and reporting decisions without employees knowledge.,審計(jì)學(xué)-一種整合的方法-chapter6,The th

20、eft of assets and misstatements,Assets were taken and the theft was covered by misstating assets. Assets were taken and the theft was covered by understating revenues or overstating expenses. Assets were taken, but the misappropriation was discovered.,審計(jì)學(xué)-一種整合的方法-chapter6,Auditors Responsibilities f

21、or Discovering Illegal Acts,Direct-effect illegal acts,Indirect-effect illegal acts,Evidence accumulation when there is no reason to believe indirect-effect illegal act exists,審計(jì)學(xué)-一種整合的方法-chapter6,Auditors Responsibilities for Discovering Illegal Acts,Evidence accumulation and other actions when the

22、re is reason to believe direct- or indirect-effect illegal acts may exist,Actions when the auditor knows of an illegal act,審計(jì)學(xué)-一種整合的方法-chapter6,The first course of action when an illegal act has been identified is to consider the effects on the financial statements, including the adequacy of disclos

23、ures.,If the auditor concludes that the dis closures relative to an illegal act are inadequate, the auditor should modify the audit report accordingly.,審計(jì)學(xué)-一種整合的方法-chapter6,The auditor should also consider the effect of such illegal acts on the CPA firms relation ship with management.,The auditor sh

24、ould communicate with the audit committee or others of equivalent authority to make sure that they know of the illegal act.,審計(jì)學(xué)-一種整合的方法-chapter6,ONE: OBJECTIVE OF CONDUCTING AN AUDIT OF FINANCIAL STATEMENTS TWO:MANAGEMENTS RESPONSIBILITIES THREE:AUDITORS RESPONSIBILITIES FOUR:FINANCIAL STATEMENT CYC

25、LES FIVE:SETTING AUDIT OBJECTIVES,審計(jì)學(xué)-一種整合的方法-chapter6,Learning Objective 4,Classify transactions and account balances into financial statement cycles and identify benefits of a cycle approach to segmenting the audit.,審計(jì)學(xué)-一種整合的方法-chapter6,Financial Statements Cycles,Audits are performed by dividing

26、the financial statements into smaller segments or components.,The division makes the audit more manageable and aids in the assignment of tasks to different members of the audit team.,審計(jì)學(xué)-一種整合的方法-chapter6,After the audit of each segment is completed, includinginterrelationships with other segments, t

27、he results are combined. A conclusion can then be reached about the financial statements taken as a whole.,審計(jì)學(xué)-一種整合的方法-chapter6,Cycle Approach to Segmenting an Audit,Cycle approacha method of dividing an audit by keeping closely related types of transactions and account balances in the same segment,

28、To the extent that it is practical, the cycle approach combines transactions recorded in different journals with the general ledger balances that result from those transactions.,審計(jì)學(xué)-一種整合的方法-chapter6,Transaction Flow Example,Ledgers, Trial Balance, and Financial Statements,General ledger and subsidia

29、ry records,General ledger trial balance,Financial statements,Acquisition of goods and services,Sales,Cash receipts,Transactions,Cash receipts journal,Sales journal,Acquisitions journal,Journals,審計(jì)學(xué)-一種整合的方法-chapter6,Transaction Flow Example,Allocation and adjustments,Cash disbursements,Payroll servic

30、es and disbursements,Ledgers, Trial Balance, and Financial Statements,General ledger and subsidiary records,General ledger trial balance,Financial statements,Transactions,Payroll journal,Cash disbursements journal,General journal,Journals,審計(jì)學(xué)-一種整合的方法-chapter6,A trial balance is used to prepare finan

31、cial statements and is a primary focus of every audit.,審計(jì)學(xué)-一種整合的方法-chapter6,All general ledger accounts and journals for Hillsburg Hardware Co. are included at least once. Some journals and general ledger accounts are included in more than one cycle. The sales and collection cycle is the first cycle

32、 listed and is a primary focus on most audits. The capital acquisition and repayment cycle is closely related to the acquisition and payment cycle. The inventory and warehousing cycle is closely related to all other cycles, especially for a manufacturing company.,審計(jì)學(xué)-一種整合的方法-chapter6,Relationships A

33、mong Transaction Cycles,General cash,Capital acquisition and repayment cycle,Sales and collection cycle,Acquisition and payment cycle,Payroll and personnel cycle,Inventory and warehousing cycle,審計(jì)學(xué)-一種整合的方法-chapter6,Transaction cycles are an important way to organize audits.For the most part, auditor

34、s treat each cycle separately during the audit. Although auditors need to consider the interrelationships between cycles, they typicallytreat cycles independently to the extent practical to manage complex audits effectively.,審計(jì)學(xué)-一種整合的方法-chapter6,ONE: OBJECTIVE OF CONDUCTING AN AUDIT OF FINANCIAL STATEMENTS TWO:MANAGEMENTS RESPONSIBILITIES THREE:AUDITORS RESPONSIBILITIES FOUR:FINANCIAL STATEMENT CYCLES FIVE:SETTING AUDIT OBJECTIVES,審計(jì)學(xué)-一種整合的方法-c