AEB14SMCH24v1+GEWord格式文档下载.docx
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AEB14SMCH24v1+GEWord格式文档下载.docx
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ReviewQuestions
24-1Therearefourpresentationanddisclosure-relatedauditobjectives:
PRESENTATIONANDDISCLOSURE-RELATEDAUDITOBJECTIVES
DESCRIPTION
Occurrenceandrightsandobligations
Account-relatedinformationasdescribedinthefootnotesexistsandrepresentstherightsandobligationsofthecompany.
Completeness
Allrequireddisclosuresareincludedinthefinancialstatementfootnotes.
Accuracyandvaluation
Footnotedisclosuresareaccurateandvaluedcorrectly.
Classificationandunderstandability
Accountbalancesareappropriatelyclassifiedandrelatedfinancialstatementdisclosuresareunderstandable.
24-2Afinancialstatementdisclosurechecklistisanaudittoolthatsummarizesalldisclosurerequirementscontainedinaccountingstandards.Auditorsusethedisclosurechecklisttodeterminethatallrequireddisclosuresarecompletelypresentedanddisclosedinthefinancialstatementsandaccompanyingfootnotes.Thishelpstheauditorobtainsufficientappropriateevidenceaboutthecompletenessobjectiveforthepresentationanddisclosure-relatedauditobjective.
24-3Acontingentliabilityisapotentialfutureobligationtoanoutsidepartyforanunknownamountresultingfromactivitiesthathavealreadytakenplace.Someexampleswouldbe:
Pendinglitigation
Incometaxdisputes
Productwarranties
Notesreceivablediscounted
Guaranteesofobligationsofothers
Unusedbalancesofoutstandinglettersofcredit
24-3(continued)
Anactualliabilityisarealfutureobligationtoanoutsidepartyforaknownamountfromactivitiesthathavealreadytakenplace.Someexampleswouldbe:
Notespayable
Accountspayable
Accruedinterestpayable
Incometaxespayable
Payrollwithholdingliabilities
Accruedsalariesandwages
24-4Ifyouareconcernedaboutthepossibilityofcontingentliabilitiesforincometaxdisputes,therearevariousproceduresyoucoulduseforanintensiveinvestigationinthatarea.Oneapproachwouldbeananalysisofincometaxexpense.Unusualornonrecurringamountsshouldbeinvestigatedtodetermineiftheyrepresentsituationsofpotentialtaxliability.AnotherhelpfulprocedureforuncoveringpotentialtaxliabilitiesistoreviewthegeneralcorrespondencefileforcommunicationwithattorneysorIRSagents.Thismightgiveanindicationthatthepotentialforaliabilityexistseventhoughnoactuallitigationhasbegun.Finally,anexaminationofinternalrevenueagentreportsfromprioryearsmayprovidethemostobviousindicationofdisputedtaxmatters.
24-5Theauditorwouldbeinterestedinaclient'
sfuturecommitmentstopurchaserawmaterialsatafixedpricesothatthisinformationcouldbedisclosedinthefinancialstatements.Thecommitmentmaybeofinteresttoaninvestorasitiscomparedtothefuturepricemovementsofthematerial.Afuturecommitmenttopurchaserawmaterialsatafixedpricemayresultintheclientpayingmoreorlessthanthemarketpriceatafuturetime.
24-6Theanalysisoflegalexpenseisanessentialpartofeveryauditengagementbecauseitmaygiveanindicationofcontingentliabilitieswhichmaybecomeactualliabilitiesinthefutureandrequiredisclosureinthecurrentfinancialstatements.Sinceanysinglecontingencycouldbematerial,itisimportanttoverifyalllegaltransactions,eveniftheamountsaresmall.Aftertheanalysisoflegalexpenseiscompleted,theattorneystowhompaymentwasmadeshouldbeconsideredforlettersofconfirmationforcontingencies(attorneyletters).
24-7PysonshoulddeterminethematerialityofthelawsuitsbyrequestingfromMerrill'
sattorneysanassessmentofthelegalsituationsandtheprobableliabilitiesinvolved.Inaddition,Pysonmayhavehisownattorneyassessthesituations.Properdisclosureinthefinancialstatementswilldependontheattorneys'
evaluationsoftheprobableliabilitiesinvolved.Iftheevaluationsindicatehighlyprobable,materialamounts,disclosurewillbenecessaryintheformofafootnote,assumingtheamountoftheprobablemateriallosscannotbereasonablyestimated.Iftheclientrefusestomakeadequatedisclosureofthecontingencies,aqualifiedoradverseopinionmaybenecessary.
24-8Anassertedclaimisanexistinglegalactionthathasbeentakenagainsttheclient,whereasanunassertedclaimrepresentsapotentiallegalaction.Theclient'
sattorneymaynotrevealanunassertedclaimforfearthatthedisclosureofthisinformationmayprecipitatealawsuitthatwouldbedamagingtotheclient,andthatwouldotherwisenotbefiled.
24-9Ifanattorneyrefusestoprovidetheauditorwithinformationaboutmaterialexistinglawsuitsorlikelymaterialunassertedclaims,theauditopinionwouldhavetobemodifiedtoreflectthelackofavailableevidence.Thisisrequiredbyauditingstandard
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