獨(dú)立審計師在資本市場中的角色

1、行業(yè)發(fā)展研究資料（No.20137）獨(dú)立審計師在資本市場中的角色無論是在資本市場，還是在公共部門抑或私營部門，獨(dú)立審計師的角色以及他們對提高全球財務(wù)報告質(zhì)量所作出的貢獻(xiàn)，都已得到利益相關(guān)者的廣泛認(rèn)可。獨(dú)立審計已被公認(rèn)為是一個國家或地區(qū)監(jiān)督和監(jiān)管制度中不可或缺的一環(huán)。但是，社會公眾對獨(dú)立審計師和外部審計角色的理解不足，獨(dú)立審計師與利益相關(guān)者之間存在期望差距，已影響到獨(dú)立審計實(shí)務(wù)的執(zhí)行。本文旨在幫助讀者了解獨(dú)立審計對股東、董事會、管理層、監(jiān)管機(jī)構(gòu)和其他第三方等利益相關(guān)者的意義。本文闡述了獨(dú)立審計師的角色和職責(zé)，財務(wù)報表審計的目標(biāo)和范圍及財務(wù)報表審計的局限性，突出強(qiáng)調(diào)合理保證、獨(dú)立審計師的獨(dú)立性、職

2、業(yè)懷疑，以及審計報告等重要概念?，F(xiàn)予編發(fā)，供參考。中國注冊會計師協(xié)會編二一三年七月十八日獨(dú)立審計師在資本市場中的角色一、引言審計職業(yè)歷經(jīng)數(shù)百年，是一個歷史悠久的行業(yè)。無論是在資本市場，還是在公共部門抑或私營部門，獨(dú)立審計師（以下簡稱審計師）的角色以及他們對提高全球財務(wù)報告質(zhì)量所作出的貢獻(xiàn)，已得到利益相關(guān)者的廣泛認(rèn)可。獨(dú)立審計（以下簡稱審計）已被公認(rèn)為是一個國家或地區(qū)監(jiān)督和監(jiān)管制度中不可或缺的一環(huán)。本文旨在幫助讀者了解審計對股東、董事會、管理層、監(jiān)管機(jī)構(gòu)和其他第三方等利益相關(guān)者的意義。本文闡述了審計師的角色和職責(zé)，財務(wù)報表審計的目標(biāo)和范圍及財務(wù)報表審計的局限性，突出強(qiáng)調(diào)合理保證、審計師的獨(dú)立性、

3、職業(yè)懷疑，以及審計報告等重要概念。二、審計師的角色回顧歷史的發(fā)展，審計職業(yè)起源于公司所有者與接受委托管理公司的代理人之間的委托代理關(guān)系，這種關(guān)系的起源則與所有權(quán)和經(jīng)營權(quán)的分離有關(guān)。典型的公司結(jié)構(gòu)一般由董事會（代理人）和全體股東（所有者）組成。董事受公司所有者股東的委托，承擔(dān)管理公司事務(wù)的責(zé)任。由于股東不參與公司的日常經(jīng)營，他們需要設(shè)法監(jiān)督其代理人（即董事）的業(yè)績，而財務(wù)報表是實(shí)現(xiàn)這一目的的主要途徑之一。然而，即使有財務(wù)報表，由于信息不對稱、所有者與代理人的不同動機(jī)一般來說，公司一般來說，公司所有者的主要目標(biāo)是使公司以最低成本達(dá)到最佳績效，而董事的目標(biāo)是從所有者那里獲得最優(yōu)厚的薪酬福利，甚至有時

4、不惜犧牲公司利益。在這種情況下，就需要由獨(dú)立的外部機(jī)構(gòu)為股東驗(yàn)證董事提供的信息，以報告董事的業(yè)績，這就是現(xiàn)在所謂的審計。審計師執(zhí)行的外部審計可以維持股東的信心并加強(qiáng)股東對公司的信任，由此產(chǎn)生的收益已超過股東與董事之間的代理關(guān)系產(chǎn)生的成本。目前，全球很多國家或地區(qū)都強(qiáng)制要求上市公司進(jìn)行財務(wù)報表審計，尤其是年度財務(wù)報表審計，相關(guān)規(guī)定通常會納入當(dāng)?shù)氐姆煞ㄒ?guī)。在中國，相關(guān)規(guī)定已納入公開發(fā)行證券的公司信息披露內(nèi)容與格式準(zhǔn)則第2號（證監(jiān)公司字2007212號）第9條。將審計師的角色與投資銀行、承銷商、證券律師和顧問相比，盡管審計師接受公司的委托，但其獨(dú)立于董事會，并最終向公司的所有者和公眾投資者負(fù)責(zé)。其

5、他專業(yè)機(jī)構(gòu)卻是公司為達(dá)到特定目的，或達(dá)成預(yù)定結(jié)果而委托的，因而傾向于維護(hù)公司的利益，一個比較重要的區(qū)別是，這些機(jī)構(gòu)直接對公司負(fù)責(zé)，而不是對股東負(fù)責(zé)。三、財務(wù)報表審計審計的目的是提高被審計單位財務(wù)報表預(yù)期使用者對財務(wù)報表的信任程度。審計師就被審計單位的財務(wù)報表是否在所有重大方面按照適用的財務(wù)報告框架進(jìn)行公允反映，或作出真實(shí)且公允的表述發(fā)表意見，可以達(dá)到這一目的。在實(shí)施審計程序的過程中，審計師需要獲取充分、適當(dāng)?shù)膶徲嬜C據(jù)，以形成審計意見。（一）中國的審計。在中國，審計師（注冊會計師）按照中國注冊會計師審計準(zhǔn)則進(jìn)行審計，并以此為基礎(chǔ)發(fā)表審計意見。中國注冊會計師審計準(zhǔn)則由中國財政部發(fā)布，它闡明了審計師

6、的總體目標(biāo)，并規(guī)定了審計師為達(dá)到該目標(biāo)而執(zhí)行審計工作的性質(zhì)和范圍。中國注冊會計師審計準(zhǔn)則與國際會計師聯(lián)合會（IFAC）下屬的國際審計與鑒證準(zhǔn)則理事會（IAASB）制定的國際審計準(zhǔn)則（ISAs）實(shí)現(xiàn)了實(shí)質(zhì)性趨同。（二）審計師的總體目標(biāo)。為了對被審計單位的財務(wù)報表形成審計意見，審計師必須合理地確信財務(wù)報表整體不存在重大錯報。錯報是指某一財務(wù)報表項(xiàng)目的金額、分類、列報或披露，與按照適用的財務(wù)報告框架應(yīng)當(dāng)列示的金額、分類、列報或披露之間存在的差異。錯報可能是由于錯誤或舞弊導(dǎo)致的。審計師在財務(wù)報表審計中獲取的合理保證是一種高水平的保證。當(dāng)審計師已獲取充分、適當(dāng)?shù)膶徲嬜C據(jù)，將財務(wù)報表存在重大錯報而審計師發(fā)

7、表不恰當(dāng)審計意見的風(fēng)險降至可接受的低水平時，就獲取了合理保證。然而，值得注意的是，合理保證不是絕對保證，公眾對這個概念普遍認(rèn)識不足，已審計財務(wù)報表的使用者之間也存在期望差距。由于審計存在固有限制，審計師據(jù)以得出結(jié)論和形成審計意見的大多數(shù)審計證據(jù)是說服性而非結(jié)論性的。值得注意的是，審計師在計劃和執(zhí)行審計工作，以及評價識別出的錯報對審計的影響和未更正的錯報（如有）對財務(wù)報表的影響時，運(yùn)用重要性的概念。審計意見只針對財務(wù)報表整體，因而審計師沒有責(zé)任發(fā)現(xiàn)對財務(wù)報表整體影響并不重大的錯報。中國注冊會計師審計準(zhǔn)則包括目標(biāo)、要求和應(yīng)用指南，以幫助審計師獲取合理保證。審計的總體流程如下：1根據(jù)對被審計單位及其

8、環(huán)境，包括內(nèi)部控制的了解，識別和評估錯誤或舞弊導(dǎo)致的重大錯報風(fēng)險。2針對評估的風(fēng)險設(shè)計和實(shí)施恰當(dāng)?shù)膽?yīng)對措施，就是否存在重大錯報獲取充分、適當(dāng)?shù)膶徲嬜C據(jù)。3根據(jù)已獲取的審計證據(jù)得出結(jié)論，據(jù)以對財務(wù)報表形成審計意見。在獲取充分、適當(dāng)?shù)膶徲嬜C據(jù)，以對財務(wù)報表形成審計意見時，在某些情況下，審計師可能認(rèn)為需要利用其他方的工作。在審計集團(tuán)財務(wù)報表時，審計師可能利用對組成部分財務(wù)報表進(jìn)行審計的審計師的工作。此外，審計師還可能決定利用內(nèi)部審計部門的工作，或利用在會計或?qū)徲嬛獾钠渌I(lǐng)域具有專長的人員的工作。盡管如此，審計師需要對所發(fā)表的審計意見獨(dú)立承擔(dān)責(zé)任，而該責(zé)任不因?qū)徲嫀熇昧似渌降墓ぷ鞫鴾p輕。（三）審

9、計師的獨(dú)立性和職業(yè)道德。審計師需要遵守相關(guān)職業(yè)道德要求，包括與財務(wù)報表審計業(yè)務(wù)相關(guān)的獨(dú)立性要求。獨(dú)立性包括實(shí)質(zhì)上的獨(dú)立性和形式上的獨(dú)立性。在審計業(yè)務(wù)中，審計師獨(dú)立于被審計單位，可以保護(hù)審計師不受影響并且無偏見地發(fā)表審計意見的能力，這些影響或偏見可能損害審計意見。獨(dú)立性可以增強(qiáng)審計師誠信行事、保持客觀公正和職業(yè)懷疑態(tài)度的能力。這一要求符合公眾利益，因而是財務(wù)報表審計的一項(xiàng)重要特征。在中國，獨(dú)立性規(guī)則限制審計師與其上市公司審計客戶之間的經(jīng)濟(jì)關(guān)系、雇傭關(guān)系和業(yè)務(wù)關(guān)系，以及審計師向其客戶提供特定非審計服務(wù)的能力（見中華人民共和國注冊會計師法（主席令199313號）。審計師不僅要保持獨(dú)立，還要遵守職業(yè)道

10、德基本原則。中國注冊會計師職業(yè)道德守則規(guī)定了中國注冊會計師需要遵守的基本原則，即誠信、客觀和公正、獨(dú)立性、專業(yè)勝任能力和應(yīng)有的關(guān)注、保密，以及良好職業(yè)行為。上市公司的審計師還需要遵守1997年制定（2005年修訂）的中華人民共和國證券法。（四）審計師的職業(yè)懷疑和職業(yè)判斷。職業(yè)懷疑和職業(yè)判斷是財務(wù)報表審計的兩大基石。在計劃和執(zhí)行審計工作時,審計師保持職業(yè)懷疑以便意識到可能導(dǎo)致財務(wù)報表發(fā)生重大錯報的某些情況。近年來，總結(jié)全球金融危機(jī)的教訓(xùn)，一些利益相關(guān)者，如監(jiān)管機(jī)構(gòu)和政策制定者紛紛呼吁審計師在執(zhí)行審計工作時保持更高的職業(yè)懷疑。審計師應(yīng)當(dāng)仔細(xì)審查管理層的假設(shè)和判斷而不該過于依賴管理層提供并支持管理層

11、觀點(diǎn)的證據(jù)。會計師事務(wù)所也被鼓勵進(jìn)一步提倡一種培育更高水平職業(yè)懷疑的文化。審計師在執(zhí)行審計工作時還需要運(yùn)用職業(yè)判斷。審計師所受的培訓(xùn)、所擁有的知識和經(jīng)驗(yàn)?zāi)軌驇椭鷮徲嫀熖岣咦鞒龊侠砼袛嗨璧膶I(yè)勝任能力，并為采取適合審計業(yè)務(wù)具體情況的行動作出明智的決策。需要審計師運(yùn)用職業(yè)判斷的領(lǐng)域有：確定重要性水平和審計風(fēng)險；確定審計程序的性質(zhì)、時間安排和范圍；確定是否已獲取充分、適當(dāng)?shù)膶徲嬜C據(jù)；評價管理層運(yùn)用適用的財務(wù)報告框架作出的判斷。（五）審計意見。在為發(fā)表審計意見而實(shí)施必要的審計程序后，審計師可以得出下列結(jié)論中的一種：1如果審計師認(rèn)為財務(wù)報表在所有重大方面按照適用的財務(wù)報告框架編制，則發(fā)表無保留意見。2

12、如果審計師認(rèn)為財務(wù)報表整體存在重大錯報，或?qū)徲嫀煙o法獲取充分、適當(dāng)?shù)膶徲嬜C據(jù)以得出審計結(jié)論，則發(fā)表非無保留意見。下文將進(jìn)一步討論審計師在確定非無保留意見的具體類型時需要考慮的因素。3如果審計師根據(jù)判斷，認(rèn)為財務(wù)報表中列報或披露的某一事項(xiàng)對財務(wù)報表使用者理解財務(wù)報表非常重要，因而需要提醒使用者注意，則可以在發(fā)表審計意見時加入強(qiáng)調(diào)事項(xiàng)段。如果審計師認(rèn)為除上述事項(xiàng)外，還有必要溝通其他事項(xiàng)，則審計師可以加入其他事項(xiàng)段。下文將進(jìn)一步討論審計師加入這些段落的各種情況。（六）非無保留審計意見。如果確定有必要發(fā)表非無保留意見，則審計師需要在三種類型的非無保留意見中作出選擇，即保留意見、否定意見或無法表示意見。

13、如果審計師認(rèn)為錯報對財務(wù)報表重大但不具有廣泛性，或?qū)徲嫀煙o法獲取充分、適當(dāng)?shù)膶徲嬜C據(jù)但認(rèn)為未發(fā)現(xiàn)的錯報（如有）對財務(wù)報表可能產(chǎn)生的影響重大但不具有廣泛性，則發(fā)表保留意見。如果審計師認(rèn)為錯報單獨(dú)或匯總起來對財務(wù)報表重大且具有廣泛性，則發(fā)表否定意見。如果審計師無法獲取充分、適當(dāng)?shù)膶徲嬜C據(jù)以作為形成審計意見的基礎(chǔ)，并認(rèn)為未發(fā)現(xiàn)的錯報（如有）對財務(wù)報表可能產(chǎn)生的影響重大且具有廣泛性，則發(fā)表無法表示意見。審計師一般只在涉及多重不確定因素的極為罕見的情況下才會作出這種選擇。下表列示了審計師如何確定導(dǎo)致非無保留意見的事項(xiàng)的性質(zhì)以及這些事項(xiàng)產(chǎn)生影響的廣泛性對擬發(fā)表審計意見的影響：導(dǎo)致發(fā)表非無保留意見的事項(xiàng)的性

14、質(zhì)審計師就這些事項(xiàng)對財務(wù)報表產(chǎn)生或可能產(chǎn)生影響的廣泛性作出的判斷重大但不具有廣泛性重大且具有廣泛性財務(wù)報表存在重大錯報保留意見否定意見無法獲取充分、適當(dāng)?shù)膶徲嬜C據(jù)保留意見無法表示意見資料來源：應(yīng)用指南。（七）強(qiáng)調(diào)事項(xiàng)段和其他事項(xiàng)段。審計師只有在提及財務(wù)報表中列報或披露的信息時才使用強(qiáng)調(diào)事項(xiàng)段。審計師只有在獲取充分、適當(dāng)?shù)膶徲嬜C據(jù)，證明該事項(xiàng)并未構(gòu)成財務(wù)報表中的重大錯報時，才可以在審計報告中增加強(qiáng)調(diào)事項(xiàng)段。審計師可能增加強(qiáng)調(diào)事項(xiàng)段的例子包括：非常訴訟或監(jiān)管行動的未來結(jié)果存在不確定性；重大災(zāi)害對被審計單位的財務(wù)狀況產(chǎn)生重大影響。如果審計師認(rèn)為除財務(wù)報表列示或披露的事項(xiàng)外，有必要溝通其他事項(xiàng)，則審計

15、師可以增加其他事項(xiàng)段。（八）審計報告。審計師通過出具審計報告，對財務(wù)報表或?qū)徲嫓?zhǔn)則要求報告的其他事項(xiàng)發(fā)表審計意見。如果審計師發(fā)表無保留意見，則審計師按照中國注冊會計師審計準(zhǔn)則第1501號對財務(wù)報表形成審計意見和出具審計報告的規(guī)定，在審計報告中清楚地表述無保留意見。如果審計師對財務(wù)報表發(fā)表非無保留意見，則需要根據(jù)中國注冊會計師審計準(zhǔn)則第1502號在審計報告中發(fā)表非無保留意見的規(guī)定，在審計報告中加入一段文字，以描述導(dǎo)致審計師發(fā)表無保留意見的事項(xiàng)。根據(jù)前文所述的情況，審計報告還可增加強(qiáng)調(diào)事項(xiàng)段或其他事項(xiàng)段。除審計意見外，審計報告也提供與審計相關(guān)的背景信息。使用者對這些信息的理解非常重要，例如，管理層

16、和審計師各自應(yīng)負(fù)的責(zé)任，審計師在執(zhí)行審計工作中實(shí)施的程序，以及法律法規(guī)可能要求的其他責(zé)任。在大多數(shù)情況下，對外公布的審計報告是整個審計過程中公眾可見的主要部分，因此通常被認(rèn)為是審計過程最重要的一環(huán)。已審計的財務(wù)報表和審計報告通常會與其他未經(jīng)審計的信息一同發(fā)放給預(yù)期使用者。審計意見并不涵蓋這些其他信息，審計師也沒有責(zé)任確定這些信息是否得以恰當(dāng)表述。然而，審計師會閱讀這些其他信息，以確保已審計的財務(wù)報表與其他信息之間不存在重大不一致，避免這些其他信息可能影響已審計財務(wù)報表和審計報告的可信性。四、審計師與利益相關(guān)者之間的期望差距社會公眾對審計師這一角色和外部審計的理解不夠已影響到審計實(shí)務(wù)。審計師經(jīng)常

17、面臨一個進(jìn)退兩難的境地：既要遵守法律法規(guī)、職業(yè)規(guī)則和各種禁止性規(guī)定，又要努力去迎合客戶的需求。這些沖突（或期望差距）在很大程度上是由于審計師需要保持獨(dú)立性這是無法妥協(xié)的。以下列舉了對審計師和外部審計期望差距的一些例子。取決于所涉及的利益相關(guān)者，有些事例可以通過進(jìn)一步教育和溝通即可得以解決，而有些事例則會影響到人們對審計的未來價值以至整個審計職業(yè)的理解。其中的某些問題已在國際層面引發(fā)激烈的爭論。（一）保持獨(dú)立性意味著審計師不得承擔(dān)管理層的職責(zé)。就財務(wù)報告而言，審計師不應(yīng)為被審計單位編制財務(wù)報表。這是由于審計師接受委托就財務(wù)報表是否真實(shí)公允地反映被審計單位的財務(wù)狀況發(fā)表意見，如果財務(wù)報表由審計師編

18、制，審計師將處于驗(yàn)證自身工作的境地。盡管如此，被審計單位負(fù)責(zé)監(jiān)督財務(wù)報告過程的人員并不總是能夠始終如一地分清會計與審計之間的界限。例如，客戶可能希望審計師對某些會計處理的適當(dāng)性或準(zhǔn)確性提出見解。（二）審計師不得為審計客戶提供任何可能損害獨(dú)立性的非審計服務(wù)。此類服務(wù)例如編制財務(wù)報表、履行管理層職責(zé)或向管理層就財務(wù)報告事項(xiàng)提供建議。然而，站在客戶的角度，他們可能認(rèn)為這將使其失去從審計師執(zhí)行審計工作所獲取的了解中尋求協(xié)同效應(yīng)的機(jī)會。在實(shí)務(wù)中存在一些事例，如審計師草率地承接此類非審計服務(wù)，從而在實(shí)質(zhì)上或形式上導(dǎo)致審計質(zhì)量受到損害。（三）審計師對自身的角色認(rèn)識不足，加之對獨(dú)立性要求的意識薄弱、遵循程度不

19、高，已在跨國業(yè)務(wù)中引發(fā)不良后果。海外地區(qū)已多次發(fā)現(xiàn)未達(dá)標(biāo)審計案例，這些國家或地區(qū)的審計監(jiān)管機(jī)構(gòu)已開始對相關(guān)會計師事務(wù)所遵守獨(dú)立性要求，以及在跨國業(yè)務(wù)中的審計質(zhì)量提出質(zhì)疑。五、與時俱進(jìn)的審計師角色審計師防范股東與董事之間的代理關(guān)系可能帶來的潛在影響，保持獨(dú)立性以維護(hù)社會公眾利益，這一角色已經(jīng)在資本市場中得以確認(rèn)。盡管如此，執(zhí)行財務(wù)報表審計的方法正不斷演進(jìn)。只有這樣，審計職業(yè)才能在當(dāng)今瞬息萬變的市場環(huán)境中與時俱進(jìn)，滿足利益相關(guān)者的需求。（本文作者為畢馬威華振會計師事務(wù)所芮懷漣、王詩儀）Role of the Independent Auditor in the Capital Marketsby

20、Len Jui and Jessie Wong of KPMG Huazhen (Special General Partnership)IntroductionThe auditing profession has a long history dating back many centuries ago. The role of the independent auditor and the value of the external audit in supporting the quality of financial reporting globally, whether in th

21、e context of the capital markets, the public sector or the private or non-public sector are well established amongst stakeholders. The external audit is widely acknowledged as an essential part of a jurisdictions regulatory and supervisory infrastructure. This article aims to help readers understand

22、 what an audit means to stakeholders such as shareholders, boards of directors, management, regulators and other third parties. It describes the role and responsibilities of the independent auditor, and explains the purpose and scope, as well as the limitations, of audits of financial statements. In

23、 particular, it highlights important concepts such as reasonable assurance, auditor independence, professional skepticism and auditor reporting.Role of the Independent AuditorHistorically, the development of the audit finds its origination in the agency relationship that exists between owners of the

24、 company and agents who are charged with stewardship. Such a relationship has arisen due to the separation of these two roles. Typically the structure of a company is such that it has a board of directors (the agents) and a body of shareholders (the owners). The directors have been delegated respons

25、ibility for managing the affairs of the company by the shareholders as owners of the company. Because shareholders are removed from the companys daily operations, there needs to be ways in which they can monitor the performance of their agents (that is, the directors). Financial statements are the p

26、rimary mechanism for doing so. Notwithstanding this, information asymmetry and differing motivations of the owners and their agents Being that typically the main objective of the owners is to attain the best performance of the company at the lowest cost whereas directors are motivated to obtain the

27、most compensation and benefits from the owners and sometimes at the expense of the company.Such a situation created the need for independent external verification of information provided by the directors to the shareholders for the purpose of reporting performancereferred to as auditing today. The b

28、enefits to be had in the form of maintaining shareholders confidence and reinforcing trust in the company that are brought about by an external audit conducted by an independent auditor is perceived to outweigh the costs arising from the shareholder-director agency relationship. Globally in many jur

29、isdictions today audits of financial statements, typically annually, are mandatory at least for companies whose shares are publicly listed on the stock exchange. Such requirements are ordinarily prescribed in the local laws or regulations. In the Peoples Republic of China (PRC), the relevant rules a

30、re prescribed in “Article 9 of No. 212 2007 of the China Securities Regulatory Commission”. Contrast the role of the auditor to that of investment bankers, underwriters, securities lawyers and advisors: although engaged by the company, auditors are independent of the board of directors and are ultim

31、ately accountable to the owners of the company and the wider investing public. The others however are engaged by the company for a specific purpose(s) or to achieve a particular outcome(s) that had been predetermined by the company and as such they advocate the companys interests. An important disti

32、nction is that they are directly accountable to the company as opposed to the shareholders themselves.Audits of Financial StatementsThe purpose of the audit is to enhance the degree of confidence of intended users in the financial statements of the company that is being audited. The auditor achieves

33、 this purpose by the expression of an opinion on whether the entitys financial statements are presented fairly, in all material respects, or give a true and fair view in accordance with the applicable financial reporting framework. Through the performance of audit procedures, the auditor obtains suf

34、ficient appropriate audit evidence so as to form such an opinion. Audits in the Peoples Republic of ChinaIn the PRC, an audit conducted in accordance with China Standards on Auditing (CSAs) enables the auditor to form such an opinion. CSAs are issued by the Chinese Auditing Standards Board of the Ch

35、inese Institute of Certified Public Accountants (CICPA). The CASs sets out the overall objectives of the independent auditor, and explains the nature and scope of an audit designed to enable the auditor to meet those objectives. CSAs are based on the International Standards on Auditing (ISAs) prepar

36、ed and issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). Overall Objectives of the AuditorIn order to be able to form an opinion on the companys financial statements, the auditor is required to obtain reasonable assuranc

37、e about whether the financial statements as a whole is free from material misstatement. A misstatement is the difference between the amount, classification, presentation, or disclosure of a reported financial statement item and the amount, classification, presentation, or disclosure that is required

38、 for the item to be in accordance with the applicable financial reporting framework. Misstatements can arise from error or fraud. Reasonable assurance to be obtained by the auditor in an audit of financial statement is a high level of assurance. It is attained when the auditor has obtained sufficien

39、t appropriate audit evidence to reduce the risk that the auditor expresses an inappropriate opinion when the financial statements are materially misstated to an acceptably low level. However, it is important to recognize that reasonable assurance is not an absolute level of assurance; this concept i

40、s commonly not well understood and for which an expectation gap exists amongst users of audited financial statements. There are inherent limitations to an audit which result in most of the audit evidence on which the auditor draws conclusions and bases the auditors opinion being persuasive rather th

41、an conclusive. Notably, the auditor applies materiality to both the planning and performing of the audit, and in evaluating the effect of identified misstatements and of uncorrected misstatements, if any, on the financial statements. The auditors opinion deals with the financial statements as a whol

42、e and therefore the auditor is not responsible for the detection of misstatements that are not material to the financial statements as a whole.Auditing standards contain objectives, requirements and application and other explanatory material to help support the auditor in obtaining reasonable assura

43、nce. The auditors broad objectives are as follows:Identifying and assessing risks of material misstatement, whether due to fraud or error, based on an understanding of the entity and its environment, including the companys internal control.Obtaining sufficient appropriate audit evidence about whethe

44、r material misstatements exist, through designing and implementing appropriate responses to the assessed risks.Forming an opinion on the financial statements based on conclusions drawn from the audit evidence obtained.In obtaining sufficient audit procedures on which to form an opinion on the financ

45、ial statements, in some circumstances, the auditor may also determine that there is a need to use the work of others. In the case of auditing group financial statements, the auditor may decide to involve other auditors in the audit of financial statements of components. Separately the auditor may al

46、so decide that it is appropriate to use the work of the internal audit function or that expertise in a field other than accounting or auditing is necessary, and therefore, the auditor may decide it is necessary to use the work of an auditors expert. Notwithstanding this, the auditor has sole respons

47、ibility for the audit opinion expressed, and that responsibility is not reduced by the auditors use of the work of others.Auditor Independence and Ethical RequirementsThe auditor is subject to relevant ethical requirements, including those pertaining to independence, relating to financial statement

48、audit engagements. Independence is comprised of both independence of mind and independence in appearance. In the case of an audit engagement, the auditors independence from the company safeguards the auditors ability to form an audit opinion without being affected by influences and bias that might c

49、ompromise that opinion. Independence enhances the auditors ability to act with integrity, to be objective and to maintain an attitude of professional scepticism (see discussion below). This is in the interest of the wider public and therefore a vital attribute of an audit of financial statements. In

50、 the PRC, independence rules imposes restrictions on financial, employment, and business relationships between the auditor and their audit public company clients as well as on the auditor providing certain non-audit services to these clients (Law of the Peoples Republic of China on Certified Public

51、Accountants (1993, No.13).Auditors are not only required to be independent but are also obliged to comply with fundamental ethical principles. The Code of Ethics for Chinas Certified Public Accountants establishes fundamental principles that need to be complied by PRC auditors namely, integrity, obj

52、ectivity, professional competence and due care, confidentiality and professional behaviour. Auditors of public companies are also obliged to comply with ethical requirements set out in the 1997 (and 2005 revised) Securities Law. Professional Skepticism and Professional JudgementProfessional skeptici

53、sm and professional judgment are two cornerstones of the audit of financial statements. The auditor plans and performs an audit with professional skepticism recognizing that circumstances may exist that cause the financial statements to be materially misstated. In recent times, in the wake of the gl

54、obal financial crisis, auditors have been called by stakeholders such as regulators, and policy makers to exercise heightened levels of professional skepticism when conducting audits. Auditors are challenged to scrutinize management assumptions and judgments rather than being satisfied with the evid

55、ence obtained that provides support for managements views. Audit firms are also encouraged to further promote a culture that foster increased levels of professional skepticism.The auditor is also expected to exercise professional judgment during the conduct of the audit. The distinguishing feature o

56、f such judgments expected of an auditor is that the auditors training, knowledge and experience would assist the auditor in developing the necessary competencies to achieve reasonable judgments and to make informed decisions about the courses of action that are appropriate in the circumstances of th

57、e audit engagement. Examples of areas in which the auditor is expected to exercise professional judgments include the determination of: materiality levels and audit risk; the nature; timing and extent of audit procedures; whether sufficient appropriate audit evidence has been obtained, and evaluatio

58、n of managements judgments in applying the applicable financial reporting framework.The Auditors Opinion Having performed the audit procedures necessary for forming an opinion, the auditor then makes one of the following conclusions:The auditor expresses an unmodified opinion when the auditor conclu

59、des that the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework.The auditor modifies the opinion in the auditors report if the auditor concludes that the financial statements as a whole are not free from material misstatement;

60、 or the auditor is unable to obtain sufficient appropriate audit evidence to form a conclusion. The factors considered by the auditor is deciding which type of modified opinion is appropriate is further discussed below.The auditor includes an Emphasis of Matter paragraph if the auditor considers it