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Chapter24
CompletingtheAudit
Wealwayscovercompletingtheauditneartheendofthecourse.Thefollowingarethetopicswecover:
⏹Chapteropeningvignette
⏹Overview
⏹Performadditionaltestsforpresentationanddisclosure-relatedauditobjectives
⏹Reviewforcontingentliabilitiesandcommitments
⏹Reviewforsubsequentevents
⏹Finalevidenceaccumulation
⏹Evaluateresults
⏹Auditdocumentationreview
⏹Communicatewiththeauditcommitteeandmanagement
⏹Additionalproblems
ChapterOpeningVignette―“GoodReviewRequires
MoreThanLookingatAuditFiles”
Asignificantportionoftheoverallauditprocessconsistsofworkbeingreviewedbysupervisorypersonnel.Althoughthisisbothprudentandrequiredbyauditingstandards,itisimportanttorealizethatreviewisinherentlylimitedintermsofitseffectiveness.Thisunderscorestheimportanceofstaffdoingagoodjobinthefirstplace.Ifstaffworksloppilythinkingthattheirmistakeswillgetcaughtbyreviewers,orifsupervisorsarelaxintheirdelegationproceduresthinkingthattheycancompensatethroughreview,auditriskissignificantlyincreased.Thisvignetteillustratestheseconcepts.
Twootherconceptscoveredinthevignettearetheimportanceofthereviewerhavingacompleteunderstandingoftheclient’sbusinessandtheuseofindependentanalyticalproceduresasapartofthereview.Thecombinationofthesetwothingsenabledthemanagertouncoverthestaffdeficiencies.
Overview
WefindthisagoodtimetoreturntoFigure13-9(page423)forareviewofwhattheauditorhasdonetothispoint,andwherecompletingtheauditfitsin.Naturally,specialemphasisisputonphaseIV.
(SeeFigure13-9)
PerformAdditionalTestsforPresentationandDisclosure-Related
AuditObjectives(page752)
Throughoutthevariouschaptersfocusingonthetransactioncyclesandrelatedaccountbalances,wehavehighlightedspecificauditproceduresperformedtosatisfyuniquepresentationanddisclosure-relatedauditobjectives,inadditiontoauditproceduresperformedtosatisfytransaction-relatedauditobjectivesandbalance-relatedauditobjectives.However,weemphasizetheimportanceofevaluatingtheneedtoperformadditionalauditproceduresduringPhaseIVoftheaudittosatisfythefourpresentationanddisclosure-relatedauditobjectiveslistedinTable24-1onpage752.Reviewquestion24-1canbeusedtohelpstudentsfocusonthefourpresentationanddisclosure-relatedauditobjectivesfirstpresentedinChapter6.
(SeeTable24-1;shownonSlide24-5)
WeemphasizethatinPhaseIV,theauditorevaluatestheoverallpresentationofthefinancialstatementsandrelatedfootnotestodetermineiftheycomplywithaccountingstandards.Auditorsareparticularlyconcernedaboutthecompletenessofrequireddisclosures,especiallythoserelatedtocontingentliabilitiesandcommitmentsdiscussednext.Reviewquestion24-2emphasizesthebenefitsofusingadisclosurechecklisttoassessthecompletenessofmanagement’sdisclosures.
ReviewforContingentLiabilitiesandCommitments(page753)
First,wedefinethetermcontingentliability,anddiscussthefollowingthreeconditionsthatarerequiredforacontingentliabilitytoexist:
⏹Thereisapotentialfuturepaymenttoanoutsidepartyorapotentialfutureassetsimpairment.
⏹Thereisanuncertaintyabouttheamountofpaymentorassetimpairment.
⏹Theoutcomewillberesolvedbysomefutureevent.
Next,wediscussthethreelevelsoflikelihoodofuncertainty(probable,reasonablypossible,andremote)andtheconsequencesofeachonthefinancialstatementsandtheauditor’sreportasshowninTable24-2onpage754.
(SeeTable24-2;shownonSlide24-8)
WeuseProblem24-26todiscusscontingentliabilities,whytheyareimportanttotheauditor,andthenatureoftherelatedauditprocedures.Wedothefollowing:
⏹Gooverparta–defineacontingentliability
⏹Askstudentswhycontingenciesareimportanttoauditors
⏹Havestudentsidentifygeneraltypesofcontingenciesandthedisclosureandreportingrequirements,ifany,foreach
⏹Gooverpartsbandcsimultaneously–auditproceduresforeachofthethreesituations
Nextwebrieflydiscussconfirmationlettersauditorobtainfromclientattorneysasdescribedinauditingstandards.
⏹Reasonswhyattorneysarereluctanttoprovideauditorswithunlimitedstatementsaboutcontingencies.Themid-chaptervignetteonpage758providesanoverviewofsomeofthechallengesassociatedwithreceivingtheseconfirmationletters.
1.Assertedclaims
2.Unassertedclaims
⏹Needforauditortoobtainevidenceofthefollowing:
1.Existenceofconditionsorcircumstancesindicatingapossiblelossfromlitigation,claimsorassessments
2.Likelihoodofanunfavorableoutcome
3.Amountofpotentialloss
⏹Illustrationoftypicalinquiryofattorney(seeFigure24-2,page757)
⏹Auditor’sresponsibilityiftheattorneyfailstorespondorrespondsimproperly
⏹Desireddateofletterfromattorney
(SeeFigure24-2)
Finally,wediscusscommitments,theirimportancetotheauditor,andcommonauditproceduresusedtodiscovercommitments.ReviewQuestion24-3ishelpfulhere.DiscussionQuestion24-25–parta–canalsobeusedtohelpstudentsdistinguishcommitmentsfromcontingentliabilities.
ReviewforSubsequentEvents(page758)
Wedothefollowinginthisarea:
⏹Askstudentstodefineareviewforsubsequentevents
⏹Askwhyitisimportanttoauditsubsequentevents
⏹Relatereviewforsubsequenteventstotheauditreport
⏹Distinguishbetweenthefollowingtwotypesofsubsequenteventsandgiveanexampleofeach:
1)Thosethathaveadirecteffectonthefinancialstatementsandrequireadjustment
2)Thosethathavenodirecteffectonthefinancialstatements,butforwhichdisclosureisadvisable
⏹Timingofsubsequenteventsreviewprocedures(SeeFigure24-3,page759)
(SeeFigure24-3;shownonSlide24-17)
⏹Distinguishbetweenareviewforsubsequenteventsandasubsequentdiscoveryoffactsafterthebalancesheetdate(seepage772fordiscussionofsubsequentdiscoveryoffacts).Figure24-9(page773)andOH-24-1arehelpfulhere.
(SeeFigure24-9;shownonSlide24-38)
(SeeOH-24-1)
⏹Problem24-28(Thisproblemtieseverythingtogethernicely.)
⏹Natureofsubsequenteventsreviewprocedures
⏹Impactofsubsequenteventsonapubliccompanyauditor’sreportoninternalcontroloverfinancialreporting.
FinalEvidenceAccumulation(page762)
Itisworthwhiletogooverthefourmostimportantpartsoftheauditor’sfinalevidenceaccumulationprocess:
⏹Finalanalyticalprocedures
⏹Evaluategoingconcernassumption
⏹Clientrepresentationletter
⏹Otherinformationinannualreports
Studentsshouldalreadybefamiliarwiththefirstthreeitemsfromtheirstudyofpreviouschapters,butthelastitemisnewinformation.
EvaluateResults(page766)
Wefinditworthwhiletobrieflydiscusstheneedtocombinetheresultsofallofthetests.Problem24-31providesanillustrationofhowtheauditorevaluatesknownaccumulatedmisstatementsfoundduringaudittesting.Webrieflydiscusshowtheauditordoeseachofthefollowingitemsanddrawsconclusionsabouteach:
⏹Evaluatewhethersufficientappropriateevidencehasbeenaccumulated
⏹Reviewforfinancialstatementdisclosures
⏹Determinetheappropriatetypeofopiniontoissue
Figure24-8(page769)helpsstudentsseewhereevaluatingresultsfitsinwiththerestoftheaudit.
(SeeFigure24-8;shownonSlide24-33)
AuditDocumentationReview(page767)
Wespendlittletimeonthisexcepttodiscussthepurposeofauditdocumentationreviewanddifferentlevelsofreview.OH-24-2helpsillustratethedifferentlevelsofauditdocumentationreview.
(SeeOH-24-2)
CommunicatewiththeAuditCommitteeandManagement(page770)
StudentshavedifficultyrememberingtheprimarylettersbetweentheCPAfirmandmanagementortheauditcommittee.OH-24-3includessixtypesofletterswithinformationthatweaskstudentstoprovide.
(SeeOH-24-3)
Auditingstandardsrequiretheauditortocommunicatecertainadditionalinformationobtainedduringtheaudittothosechargedwithgovernance,whichisoftentheauditcommittee.Weemphasizethatthepurposeoftheserequiredcommunicationsistoencouragetwo-waydialoguebetweentheauditorandthosechargedwithgovernanceaboutmattersaffectingtheaudit.
AdditionalProblems
Totheextentthereistime,weusethefollowing:
⏹24-21through24-24–Multiplechoice
⏹24-27–Inquiryofclient’sattorneys
⏹24-29–Goingconcernassessment
⏹ResearchProblem24-1–Auditcommitteeresponsibilities
CHAPTER24
CROSS-REFERENCEOFLEARNINGOBJECTIVESANDPROBLEMMATERIAL
24-6
LEARNINGOBJECTIVES
REVIEWQUESTIONS
MULTIPLECHOICEQUESTIONS
DISCUSSIONQUESTIONSANDPROBLEMS
CASE
24-1Designandperformaudittestsrelatedtopresentationanddisclosureauditobjectives.
24-1,24-2,24-15
24-25
24-2Conductareviewforcontingentliabilitiesandcommitments.
24-3,24-4,24-5,24-7
24-21
24-25,24-26
24-3Obtainandevaluatelettersfromtheclient’sattorneys.
24-6,24-7,24-8,24-9
24-27
24-4Conductapost-balance-sheetreviewforsubsequentevents.
24-10,24-11,24-12,24-13
24-23
24-28
24-5Designandperformthefinalstepsintheevidence-accumulationsegmentoftheaudit.
24-14,24-15,24-16,24-17
24-22,24-24
24-29,24-30
24-6Integratetheauditevidencegathered,andevaluatetheoverallauditresults.
24-15,24-18,24-19
24-31
24-33
24-7Communicateeffectivelywiththeauditcommitteeandmanagement.
24-16,24-20
24-22
24-32
24-8Identifytheauditor’sresponsibilitieswhenfactsaffectingtheauditreport
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