AU书本课后答案CH08.docx
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AU书本课后答案CH08.docx
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AU书本课后答案CH08
Chapter8
AuditPlanning
ReviewQuestions
8-1Therearethreeprimarybenefitsfromplanningaudits:
ithelpstheauditorobtainsufficientappropriateevidenceforthecircumstances,helpskeepauditcostsreasonable,andhelpsavoidmisunderstandingswiththeclient.
8-2Eightmajorstepsinplanningauditsare:
1.Acceptclientandperforminitialplanning
2.Understandtheclient’sbusinessandindustry
3.Assessclientbusinessrisk
4.Performpreliminaryanalyticalprocedures
5.Setmateriality,andassessacceptableauditriskandinherentrisk
6.Understandinternalcontrolandassesscontrolrisk
7.Gatherinformationtoassessfraudrisks
8.Developoverallauditplanandauditprogram
8-3Thenewauditor(successor)isrequiredbyauditingstandardstocommunicatewiththepredecessorauditor.Thisenablesthesuccessortoobtaininformationabouttheclientsothatheorshemayevaluatewhethertoaccepttheengagement.PermissionmustbeobtainedfromtheclientbeforecommunicationcanbemadebecauseoftheconfidentialityrequirementintheCodeofProfessionalConduct.Thepredecessorisrequiredtorespondtothesuccessor’srequestforinformation;however,theresponsemaybelimitedtostatingthatnoinformationwillbegiven.Thesuccessorauditorshouldbewaryifthepredecessorisreluctanttoprovideinformationabouttheclient.
8-4Priortoacceptingaclient,theauditorshouldinvestigatetheclient.Theauditorshouldevaluatetheclient’sstandinginthebusinesscommunity,financialstability,andrelationswithitspreviousCPAfirm.Theprimarypurposeofnewclientinvestigationistoascertaintheintegrityoftheclientandthepossibilityoffraud.Theauditorshouldbeespeciallyconcernedwiththepossibilityoffraudulentfinancialreportingsinceitisdifficulttouncover.Theauditordoesnotwanttoneedlesslyexposehimselforherselftothepossibilityofalawsuitforfailuretodetectsuchfraud.
8-5Auditingstandardsrequireauditorstodocumenttheirunderstandingofthetermsoftheengagementwiththeclientinanengagementletter.Theengagementlettershouldincludetheengagement’sobjectives,theresponsibilitiesoftheauditorandmanagement,andtheengagement’slimitations.AnengagementletterisanagreementbetweentheCPAfirmandtheclientconcerningtheconductoftheauditandrelatedservices.Itshouldstatewhatserviceswillbeprovided,whetheranyrestrictionswillbeimposedontheauditor’swork,deadlinesforcompleting
8-5(continued)
theaudit,andassistancetobeprovidedbyclientpersonnel.Theengagementlettermayalsoincludetheauditor’sfees.Inaddition,theengagementletterinformstheclientthattheauditorcannotguaranteethatallactsoffraudwillbediscovered.
8-6BecausetheSarbanes-OxleyActof2002explicitlyshiftsresponsibilityforhiringandfiringoftheauditorfrommanagementtotheauditcommitteeforpubliccompanies,theauditcommitteeisviewedas“theclient”inthoseengagements.
8-7Allauditandnon-auditservicesmustbepreapprovedinadvancebytheauditcommitteeforpubliccompanies.
8-8Thesecondstandardoffieldworkrequirestheauditortoobtainanunderstandingoftheentityanditsenvironment.Auditorsneedanunderstandingoftheclient’sbusinessandindustrybecausethenatureofthebusinessandindustryaffectbusinessriskandtheriskofmaterialmisstatementsinthefinancialstatements.Auditorsusetheknowledgeoftheseriskstoassesstheriskofmaterialmisstatementandtodeterminetheappropriateextentoffurtherauditprocedures.
Thefivemajoraspectsofunderstandingtheclient’sbusinessandindustry,alongwithpotentialsourcesofinformationthatauditorscommonlyuseforeachofthefiveareasareasfollows:
1.IndustryandExternalEnvironment–Readindustrytradepublications,AICPAIndustryAuditGuides,andregulatoryrequirements.
2.BusinessOperationsandProcesses–Tourtheplantandoffices,identifyrelatedparties,andinquireofmanagement.
3.ManagementandGovernance–Readthecorporatecharterandbylaws,readminutesofboardofdirectorsandstockholders,andinquireofmanagement.
4.ClientObjectivesandStrategies–Inquireofmanagementregardingtheirobjectivesforthereliabilityoffinancialreporting,effectivenessandefficiencyofoperations,andcompliancewithlawsandregulations;readcontractsandotherlegaldocuments,suchasthosefornotesandbondspayable,stockoptions,andpensionplans.
5.MeasurementandPerformance–Readfinancialstatements,performratioanalysis,andinquireofmanagementaboutkeyperformanceindicatorsthatmanagementusestomeasureprogresstowarditsobjectives.
8-9DuringthecourseoftheplanttourtheCPAwillobtainaperspectiveoftheclient’sbusiness,whichwillcontributetotheauditor’sunderstandingoftheentityanditsenvironment.Rememberthatanimportantaspectoftheauditwillbean
8-9(continued)
effectiveanalysisoftheinventorycostsystem.Therefore,theauditorwillobservethenatureofthecompany’sproducts,themanufacturingfacilitiesandprocesses,andtheflowofmaterialssothattheinformationobtainedcanlaterberelatedtothefunctionsofthecostsystem.
Thenatureofthecompany’sproductsandthemanufacturingfacilitiesandprocesseswillrevealthefeaturesofthecostsystemthatwillrequirecloseauditattention.Forexample,theauditofacompanyengagedinthecustom-manufactureofcostlyproductssuchasyachtswouldrequireattentiontothecorrectchargingofmaterialandlabortospecificjobs,whereastheallocationofmaterialandlaborchargesintheauditofabeverage-bottlingplantwouldnotbeverifiedonthesamebasis.TheCPAwillnotethestagesatwhichfinishedproductsemergeandwhereadditionalmaterialsmustbeadded.Heorshewillalsobealertforpointsatwhichscrapisgeneratedorspoilageoccurs.Theauditormayfinditadvisable,afterviewingtheoperations,torefertoauditingliteratureforproblemsencounteredandsolvedbyotherCPAsinsimilaraudits.
Theauditor’sobservationofthemanufacturingprocesseswillrevealwhetherthereisidleplantormachinerythatmayrequiredisclosureinthefinancialstatements.Shouldthemachineryappeartobeoldorpoorlymaintained,theCPAmightexpecttofindheavyexpendituresintheaccountsforrepairsandmaintenance.Ontheotherhand,iftheauditordeterminesthatthecompanyhasrecentlyinstallednewequipmentorconstructedanewbuilding,heorshewillexpecttofindthesenewassetsonthebooks.
Instudyingtheflowofmaterials,theauditorwillbealertforpossibleproblemsthatmayariseinconnectionwiththeobservationofthephysicalinventory,andheorshemaymakepreliminaryestimatesofauditstaffrequirements.Inthisregard,theauditorwillnoticethevariousstorageareasandhowthematerialsarestored.Theauditormayalsokeepinmindforfurtherinvestigationanyapparentlyobsoleteinventory.
Theauditor’sstudyoftheflowofmaterialswilldisclosethepointsatwhichvariousdocumentssuchasmaterialrequisitionsarise.Heorshewillalsomeetsomeofthekeymanufacturingpersonnelwhomaygivetheauditoraninsightintoproductionproblemsandothermatterssuchasexcessorobsoletematerials,andscrapandspoilage.Theauditorwillbealertfortheattitudeofthemanufacturingpersonneltowardinternalcontrols.TheCPAmaymakesomeinquiriesaboutthemethodsofproductionscheduling,timekeepingproceduresandwhetherworkstandardsareemployed.Asaresultoftheseobservations,theinternaldocumentsthatrelatetotheflowofmaterialswillbemoremeaningfulasaccountingevidence.
TheCPA’stouroftheplantwillgivehimorheranunderstandingoftheplantterminologythatwillenabletheCPAtocommunicatefluentlywiththeclient’spersonnel.Themeasurestakenbytheclienttosafeguardassets,suchasprotectionofinventoryfromfireortheft,willbeanindicationoftheclient’sattentiontointernalcontrolmeasures.ThelocationofthereceivingandshippingdepartmentsandtheproceduresineffectwillbearupontheCPA’sevaluationofinternalcontrol.Theauditor’soverallimpressionoftheclient’splantwillsuggesttheaccuracyandadequacyoftheaccountingrecordsthatwillbeaudited.
8-10Onetypeofinformationtheauditorobtainsingainingknowledgeabouttheclients’industryisthenatureoftheclient’sproducts,includingthelikelihoodoftheirtechnologicalobsolescenceandfuturesalability.Thisinformationisessentialinhelpingtheauditorevaluatewhethertheclient’sinventorymaybeobsoleteorhaveamarketvaluelowerthancost.
8-11Arelatedpartyisdefinedbyauditingstandardsasanaffiliatedcompany,principalowneroftheclientcompany,oranyotherpartywithwhichtheclientdealswhereoneofthepartiescaninfluencethemanagementoroperatingpoliciesoftheother.
Materialrelatedpartytransactionsmustbedisclosedinthefinancialstatementsbymanagement.Therefore,theauditormustidentifyrelatedpartiesandmakeareasonableefforttodeterminethatallmaterialrelatedpartytransactionshavebeenproperlydisclosedinthefinancialstatements.Becauseinstancesoffraudulentfinancialreportingofteninvolvetransactionswithrelatedparties,auditorsshouldbealertforthepresenceoffraudrisk.
8-12Becauseofthelackofindependencebetweenthepartiesinvolved,theSarbanes-OxleyActprohibitsrelatedpartytransactionsthatinvolvepersonalloanstoexecutives.Itisnowunlawfulforanypubliccompanytoprovidepersonalcreditorloanstoanydirectororexecutiveofficerofthecompany.Banksorotherfinancialinstitutionsarepermitte
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- AU 书本 课后 答案 CH08