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MaterialityandRiskChapter9MaterialityandRiskChapter9LearningObjective1Applytheconceptofmaterialitytotheaudit.LearningObjective1ApplytheMaterialityItisamajorconsiderationindeterminingtheappropriateauditreporttoissue.MaterialityItisamajorconsiMaterialityTheauditor’sresponsibilityistodeterminewhetherfinancialstatementsaremateriallymisstated.Ifthereisamaterialmisstatement,theauditorwillbringittotheclient’sattentionsothatacorrectioncanbemade.MaterialityTheauditor’srespoStepsinApplyingMaterialityPlanningextentoftestsStep1SetpreliminaryjudgmentaboutmaterialityStep2AllocatepreliminaryjudgmentaboutmaterialitytosegmentsStepsinApplyingMaterialityPStepsinApplyingMaterialityEvaluatingresultsStep3EstimatetotalmisstatementinsegmentStep4EstimatethecombinedmisstatementComparecombinedestimatewithjudgmentaboutmaterialityStep5StepsinApplyingMaterialityELearningObjective2Makeapreliminaryjudgmentaboutwhatamountstoconsidermaterial.LearningObjective2MakeapreSetPreliminaryJudgmentAboutMaterialityThispreliminaryjudgmentisthemaximumamountbywhichtheauditorbelievesthestatementscouldbemisstatedandstillnotaffectthedecisionsofreasonableusers.Auditorsdecideearlyintheauditthecombinedamountofmisstatementsofthefinancialstatementsthatwouldbeconsideredmaterial.SetPreliminaryJudgmentAboutFactorsAffectingJudgmentMaterialityisarelativeratherthananabsoluteconcept.Basesareneededforevaluatingmateriality.Qualitativefactorsalsoaffectmateriality.FactorsAffectingJudgmentMateGuidelinesAccountingandauditingstandardsdonotprovidespecificmaterialityguidelinestopractitioners.Professionaljudgmentistobeusedatalltimesinsettingandapplyingmaterialityguidelines.GuidelinesAccountingandaudiLearningObjective3Allocatepreliminarymaterialitytosegmentsoftheauditduringplanning.LearningObjective3AllocatepAllocatePreliminaryJudgmentAboutMaterialitytoSegmentsThisisnecessarybecauseevidenceisaccumulatedbysegmentsratherthanforthefinancialstatementsasawhole.Mostpractitionersallocatematerialitytobalancesheetaccounts.

SAS107(AU312)AllocatePreliminaryJudgmentLearningObjective4Usematerialitytoevaluateauditfindings.LearningObjective4UsemateriEstimatedTotalMisstatementandPreliminaryJudgmentCashAccountsreceivableInventoryTotalestimatedmisstatementamountPreliminaryjudgmentaboutmateriality$4,00020,00036,000$50,000$2,00012,00031,500$45,500$N/A6,00015,750$16,800$2,00018,00047,250$62,300TolerableMisstatementKnownMisstatementandDirectProjectionSamplingErrorTotalAccountEstimatedMisstatementAmountN/A=NotapplicableCashaudited100percentEstimatedTotalMisstatementaEstimatedTotalMisstatementandPreliminaryJudgmentNetmisstatementsinthesample($3,500)×Totalrecordedpopulationvalue($450,000)÷Totalsampled($50,000)=Directprojectionestimateofmisstatement($31,500)EstimatedTotalMisstatementaLearningObjective5Defineriskinauditing.LearningObjective5DefinerisRiskAuditorsacceptsomelevelofriskinperformingtheaudit.Aneffectiveauditorrecognizesthatrisksexist,aredifficulttomeasure,andrequirecarefulthoughttorespond.Respondingtorisksproperlyiscriticaltoachievingahigh-qualityaudit.RiskAuditorsacceptsomelevelRiskandEvidenceAuditorsgainanunderstandingoftheclient’sbusinessandindustryandassessclientbusinessrisk.Auditorsusetheauditriskmodeltofurtheridentifythepotentialformisstatementsandwheretheyaremostlikelytooccur.RiskandEvidenceAuditorsgainIllustrationofDifferingEvidenceAmongCyclesSalesandcollectioncycleAcquisitionandpaymentcyclePayrollandpersonnelcycleInherentriskAMediumHighLowControlriskBMediumLowLowAcceptableauditriskCLowLowLowPlanneddetectionriskDMediumMediumHighIllustrationofDifferingEvidIllustrationofDifferingEvidenceAmongCyclesInventoryandwarehousingcycleCapitalacquisitionandrepaymentcycleInherentriskAHighLowControlriskBHighMediumAcceptableauditriskCLowLowPlanneddetectionriskDLowMediumIllustrationofDifferingEvidLearningObjective6Describetheauditriskmodelanditscomponents.LearningObjective6DescribetAuditRiskModelforPlanningPDR=AAR÷(IR×CR)PDR=PlanneddetectionriskAAR=AcceptableauditriskIR=InherentriskCR=Controlriskwhere:AuditRiskModelforPlanningPLearningObjective7Considertheimpactofengagementriskonacceptableauditrisk.LearningObjective7ConsidertImpactofEngagementRiskonAcceptableAuditRiskAuditorsdecideengagementriskandusethatrisktomodifyacceptableauditrisk.Engagementriskcloselyrelatestoclientbusinessrisk.ImpactofEngagementRiskonAFactorsAffectingAcceptableAuditRisk

Thedegreetowhichexternalusers relyonthestatements

Thelikelihoodthataclientwillhave financialdifficultiesafterthe auditreportisissued

Theauditor’sevaluationof management’sintegrityFactorsAffectingAcceptableAMethodsPractitionersUsetoAssessAcceptableAuditRiskMethodsUsedtoAssessAcceptableAuditRiskExternalusers’relianceonfinancialstatements Examinefinancialstatements Readminutesoftheboard Examineform10K Discussfinancingplans withmanagementFactorsMethodsPractitionersUsetoAMethodsPractitionersUsetoAssessAcceptableAuditRiskLikelihoodoffinancialdifficultiesAnalyzefinancialstatements fordifficultiesusingratios Examineinflowsandoutflows ofcashflowstatementsManagementintegrity SeeChapter8forclient acceptanceandcontinuanceMethodsUsedtoAssessAcceptableAuditRiskFactorsMethodsPractitionersUsetoALearningObjective8Considertheimpactofseveralfactorsontheassessmentofinherentrisk.LearningObjective8ConsidertFactorsAffectingInherentRisk

Natureoftheclient’sbusiness Resultsofpreviousaudits Initialversusrepeatengagement Relatedparties Nonroutinetransactions Judgmentrequiredtocorrectlyrecord accountbalancesandtransactions Makeupofthepopulation Factorsrelatedtofraudulentfinancialreporting FactorsrelatedtomisappropriationofassetsFactorsAffectingInherentRisLearningObjective9Discusstherelationshipofriskstoauditevidence.LearningObjective9DiscussthRelationshipofFactorsInfluencingRiskstoRisksandRiskstoPlannedEvidenceD=Directrelationship;I=InverserelationshipFactorsinfluencingrisksAcceptableauditriskPlanneddetectionriskPlannedauditevidenceInherentriskControlriskIDIIDIDRelationshipofFactorsInflueRelationshipofFactorsInfluencingRiskstoRisksandRiskstoPlannedEvidence

Theengagementmayrequire moreexperiencedstaff

Theengagementwillbereviewed morecarefullythanusual

Auditorscanchangetheaudit to respondtorisksRelationshipofFactorsInflueAuditRiskforSegmentsBothcontrolriskandinherentriskaretypicallysetforeachcycle,eachaccount,andofteneveneachauditobjective,notfortheoverallaudit.AuditRiskforSegmentsBothcoTolerableMisstatement,Risks,

andBalance-relatedAuditObjectives

Itiscommontoassessinherentandcontrol riskforeachbalance-relatedauditobjective

Itisnotcommontoallocatemateriality toobjectivesTolerableMisstatement,Risks,MeasurementLimitationsOnemajorlimitationintheapplicationoftheauditriskmodelisthedifficultyofmeasuringthecomponentsofthemodel.MeasurementLimitationsOnemajRelationshipsofRisktoEvidenceAcceptableauditriskInherentriskControlriskPlanneddetectionriskAmountofevidencerequiredSituationHighLowLowMediumHighLowLowHighMediumLowLowLowHighMediumMediumHighMediumLowMediumMediumLowMediumHighMediumMedium12345RelationshipsofRisktoEvideTestsofDetailsofBalancesEvidencePlanningWorksheetAuditorsdevelopvarioustypesofworksheetstoaidinrelatingtheconsiderationsaffectingauditevidencetotheappropriateevidencetoaccumulate.TestsofDetailsofBalancesELearningObjective10Discusshowmaterialityandriskarerelatedandintegratedintotheauditprocess.LearningObjective10DiscusshRelationshipofTolerableMisstatementandRisksto

PlannedEvidenceD=Directrelationship;I=InverserelationshipAcceptableauditriskInherentriskControlriskTolerablemisstatementPlanneddetectionriskPlannedauditevidenceIDIIIIDDRelationshipofTolerableMissAuditRiskModelforPlanningAcAR=IR×CR×AcDRAcAR=AchievedauditriskIR=InherentriskCR=ControlriskAcDR=Achieveddetectionriskwhere:AuditRiskModelforPlanningAAuditRiskModelsforPlanningEvidenceandEvaluatingResultsAcceptableauditriskInherentriskControlriskAchieveddetectionriskSubstantiveauditevidenceAchievedauditriskCompareDIDDD=DirectrelationshipI=InverserelationshipAuditRiskModelsforPlanningRevisingRisksandEvidenceTheauditormustrevisetheoriginalassessmentoftheappropriaterisk.Theauditorshouldconsidertheeffectoftherevisiononevidencerequirements,withouttheuseoftheauditriskmodel.RevisingRisksandEvidenceTheEndofChapter9EndofChapter9MaterialityandRiskChapter9MaterialityandRiskChapter9LearningObjective1Applytheconceptofmaterialitytotheaudit.LearningObjective1ApplytheMaterialityItisamajorconsiderationindeterminingtheappropriateauditreporttoissue.MaterialityItisamajorconsiMaterialityTheauditor’sresponsibilityistodeterminewhetherfinancialstatementsaremateriallymisstated.Ifthereisamaterialmisstatement,theauditorwillbringittotheclient’sattentionsothatacorrectioncanbemade.MaterialityTheauditor’srespoStepsinApplyingMaterialityPlanningextentoftestsStep1SetpreliminaryjudgmentaboutmaterialityStep2AllocatepreliminaryjudgmentaboutmaterialitytosegmentsStepsinApplyingMaterialityPStepsinApplyingMaterialityEvaluatingresultsStep3EstimatetotalmisstatementinsegmentStep4EstimatethecombinedmisstatementComparecombinedestimatewithjudgmentaboutmaterialityStep5StepsinApplyingMaterialityELearningObjective2Makeapreliminaryjudgmentaboutwhatamountstoconsidermaterial.LearningObjective2MakeapreSetPreliminaryJudgmentAboutMaterialityThispreliminaryjudgmentisthemaximumamountbywhichtheauditorbelievesthestatementscouldbemisstatedandstillnotaffectthedecisionsofreasonableusers.Auditorsdecideearlyintheauditthecombinedamountofmisstatementsofthefinancialstatementsthatwouldbeconsideredmaterial.SetPreliminaryJudgmentAboutFactorsAffectingJudgmentMaterialityisarelativeratherthananabsoluteconcept.Basesareneededforevaluatingmateriality.Qualitativefactorsalsoaffectmateriality.FactorsAffectingJudgmentMateGuidelinesAccountingandauditingstandardsdonotprovidespecificmaterialityguidelinestopractitioners.Professionaljudgmentistobeusedatalltimesinsettingandapplyingmaterialityguidelines.GuidelinesAccountingandaudiLearningObjective3Allocatepreliminarymaterialitytosegmentsoftheauditduringplanning.LearningObjective3AllocatepAllocatePreliminaryJudgmentAboutMaterialitytoSegmentsThisisnecessarybecauseevidenceisaccumulatedbysegmentsratherthanforthefinancialstatementsasawhole.Mostpractitionersallocatematerialitytobalancesheetaccounts.

SAS107(AU312)AllocatePreliminaryJudgmentLearningObjective4Usematerialitytoevaluateauditfindings.LearningObjective4UsemateriEstimatedTotalMisstatementandPreliminaryJudgmentCashAccountsreceivableInventoryTotalestimatedmisstatementamountPreliminaryjudgmentaboutmateriality$4,00020,00036,000$50,000$2,00012,00031,500$45,500$N/A6,00015,750$16,800$2,00018,00047,250$62,300TolerableMisstatementKnownMisstatementandDirectProjectionSamplingErrorTotalAccountEstimatedMisstatementAmountN/A=NotapplicableCashaudited100percentEstimatedTotalMisstatementaEstimatedTotalMisstatementandPreliminaryJudgmentNetmisstatementsinthesample($3,500)×Totalrecordedpopulationvalue($450,000)÷Totalsampled($50,000)=Directprojectionestimateofmisstatement($31,500)EstimatedTotalMisstatementaLearningObjective5Defineriskinauditing.LearningObjective5DefinerisRiskAuditorsacceptsomelevelofriskinperformingtheaudit.Aneffectiveauditorrecognizesthatrisksexist,aredifficulttomeasure,andrequirecarefulthoughttorespond.Respondingtorisksproperlyiscriticaltoachievingahigh-qualityaudit.RiskAuditorsacceptsomelevelRiskandEvidenceAuditorsgainanunderstandingoftheclient’sbusinessandindustryandassessclientbusinessrisk.Auditorsusetheauditriskmodeltofurtheridentifythepotentialformisstatementsandwheretheyaremostlikelytooccur.RiskandEvidenceAuditorsgainIllustrationofDifferingEvidenceAmongCyclesSalesandcollectioncycleAcquisitionandpaymentcyclePayrollandpersonnelcycleInherentriskAMediumHighLowControlriskBMediumLowLowAcceptableauditriskCLowLowLowPlanneddetectionriskDMediumMediumHighIllustrationofDifferingEvidIllustrationofDifferingEvidenceAmongCyclesInventoryandwarehousingcycleCapitalacquisitionandrepaymentcycleInherentriskAHighLowControlriskBHighMediumAcceptableauditriskCLowLowPlanneddetectionriskDLowMediumIllustrationofDifferingEvidLearningObjective6Describetheauditriskmodelanditscomponents.LearningObjective6DescribetAuditRiskModelforPlanningPDR=AAR÷(IR×CR)PDR=PlanneddetectionriskAAR=AcceptableauditriskIR=InherentriskCR=Controlriskwhere:AuditRiskModelforPlanningPLearningObjective7Considertheimpactofengagementriskonacceptableauditrisk.LearningObjective7ConsidertImpactofEngagementRiskonAcceptableAuditRiskAuditorsdecideengagementriskandusethatrisktomodifyacceptableauditrisk.Engagementriskcloselyrelatestoclientbusinessrisk.ImpactofEngagementRiskonAFactorsAffectingAcceptableAuditRisk

Thedegreetowhichexternalusers relyonthestatements

Thelikelihoodthataclientwillhave financialdifficultiesafterthe auditreportisissued

Theauditor’sevaluationof management’sintegrityFactorsAffectingAcceptableAMethodsPractitionersUsetoAssessAcceptableAuditRiskMethodsUsedtoAssessAcceptableAuditRiskExternalusers’relianceonfinancialstatements Examinefinancialstatements Readminutesoftheboard Examineform10K Discussfinancingplans withmanagementFactorsMethodsPractitionersUsetoAMethodsPractitionersUsetoAssessAcceptableAuditRiskLikelihoodoffinancialdifficultiesAnalyzefinancialstatements fordifficultiesusingratios Examineinflowsandoutflows ofcashflowstatementsManagementintegrity SeeChapter8forclient acceptanceandcontinuanceMethodsUsedtoAssessAcceptableAuditRiskFactorsMethodsPractitionersUsetoALearningObjective8Considertheimpactofseveralfactorsontheassessmentofinherentrisk.LearningObjective8ConsidertFactorsAffectingInherentRisk

Natureoftheclient’sbusiness Resultsofpreviousaudits Initialversusrepeatengagement Relatedparties Nonroutinetransactions Judgmentrequiredtocorrectlyrecord accountbalancesandtransactions Makeupofthepopulation Factorsrelatedtofraudulentfinancialreporting FactorsrelatedtomisappropriationofassetsFactorsAffectingInherentRisLearningObjective9Discusstherelationshipofriskstoauditevidence.LearningObjective9DiscussthRelationshipofFactorsInfluencingRiskstoRisksandRiskstoPlannedEvidenceD=Directrelationship;I=InverserelationshipFactorsinfluencingrisksAcceptableauditriskPlanneddetectionriskPlannedauditevidenceInherentriskControlriskIDIIDIDRelationshipofFactorsInflueRelationshipofFactorsInfluencingRiskstoRisksandRiskstoPlannedEvidence

Theengagementmayrequire moreexperiencedstaff

Theengagementwillbereviewed morecarefullythanusual

Auditorscanchangetheaudit to respondtorisksRelationshipofFactorsInflueAuditRiskforSegmentsBothcontrolriskandinherentriskaretypicallysetforeachcycle,eachaccount,andofteneveneachauditobjective,notfortheoverallaudit.AuditRiskforSegmentsBothcoTolerableMisstatement,Risks,

andBalance-relatedAuditObjectives

Itiscommontoassessinherentandcontrol riskforeachbalance-relatedauditobjective

Itisnotcommontoallocatemateriality toobjectivesTolerableMisstatement,Risks,Measure

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