国际审计16道题目.docx
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国际审计16道题目.docx
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国际审计16道题目
•3(a)Auditorsarefrequentlyrequiredtoprovideassuranceforarangeofnon-auditengagements.
•Required:
•Listandexplaintheelementsofanassuranceengagement.
•
•(b)Inagreeingthetermsofanauditengagement,theauditorisrequiredtoagreethebasisonwhichtheauditistobecarriedout.Thisinvolvesestablishingwhetherthepreconditionsforanauditarepresentandconfirmingthatthereisacommonunderstandingbetweentheauditorandmanagementofthetermsoftheengagement.
•Required:
DescribetheprocesstheauditorshouldundertaketoassesswhetherthePRECONDITIONSforanauditarepresent.(2010-6\12)
4.Describethestepsanauditfirmshouldperformpriortoacceptinganewauditengagement.(2010-6/4c)
3.
(b)
4.
Exercises5-8
5.AuditorshavearesponsibilityunderISA265CommunicatingDeficienciesinInternalControltothoseChargedwithGovernanceandManagement,tocommunicatedeficienciesininternalcontrols.InparticularSIGNIFICANTdeficienciesininternalcontrolsmustbecommunicatedinwritingtothosechargedwithgovernance.
Required:
Explainexamplesofmatterstheauditorshouldconsiderindeterminingwhetheradeficiencyininternalcontrolsissignificant.
6.ISA230AuditDocumentationdealswiththeauditor’sresponsibilitytoprepareauditdocumentationforanauditoffinancialstatements.
Required:
StateFOURbenefitsofdocumentingauditwork.
7.ISA260CommunicationwithThoseChargedwithGovernancedealswiththeauditor’sresponsibilitytocommunicatewiththosechargedwithgovernanceinrelationtoanauditoffinancialstatements.
Required:
(i)DescribeTWOspecificresponsibilitiesofthosechargedwithgovernance;
(ii)ExplainFOURexamplesofmattersthatmightbecommunicatedtothembytheauditor.
Thiswouldinclude:
–Thattheauditfirmhasensuredthatallmembersoftheauditteamhavecompliedwiththeethicalstandards.
–Thatappropriatesafeguardsareinplacewhereapotentialthreattoindependencehasbeenidentified.
8.Inanauditoffinancialstatements,howshalltheauditorconsiderlawsandregulations?
WhenNon-ComplianceIsIdentifiedorSuspected,howshalltheauditorreportNon-Compliance?
Theauditorshallobtainageneralunderstandingof:
(a)Thelegalandregulatoryframeworkapplicabletotheentityandtheindustryorsectorinwhichtheentityoperates;and(b)Howtheentityiscomplyingwiththatframework.
Theauditorshallobtainsufficientappropriateauditevidenceregardingcompliancewiththeprovisionsofthoselawsandregulationsgenerallyrecognizedtohaveadirecteffectonthedeterminationofmaterialamountsanddisclosuresinthefinancialstatements.
Theauditorshallperformthefollowingauditprocedurestohelpidentifyinstancesofnon-compliancewithotherlawsandregulationsthatmayhaveamaterialeffectonthefinancialstatements:
(a)Inquiringofmanagementand,whereappropriate,thosechargedwithgovernance,astowhethertheentityisincompliancewithsuchlawsandregulations;and(b)Inspectingcorrespondence,ifany,withtherelevantlicensingorregulatoryauthorities.
9.ListandexplainFOURfactorsthatwillinfluencetheauditor’sjudgementregardingthesufficiencyoftheevidenceobtained.
–Assessmentofriskatthefinancialstatementleveland/ortheindividualtransactionlevel.Asriskincreasesthenmoreevidenceisrequired.
–Thematerialityoftheitem.Moreevidencewillnormallybecollectedonmaterialitemswhereasimmaterialitemsmaysimplybereviewedtoensuretheyappearcorrect.
–Thenatureoftheaccountingandinternalcontrolsystems.Theauditorwillplacemorerelianceongoodaccountingandinternalcontrolsystemslimitingtheamountofauditevidencerequired.
–Theauditor’sknowledgeandexperienceofthebusiness.Wheretheauditorhasgoodpastknowledgeofthebusinessandtruststheintegrityofstaffthenlessevidencewillberequired.
–Thefindingsofauditprocedures.Wherefindingsfromrelatedauditproceduresaresatisfactory(e.g.testsofcontrolsoverreceivables)thensubstantiveevidencewillbecollected.
–Thesourceandreliabilityoftheinformation.Whereevidenceisobtainedfromreliablesources(e.g.writtenevidence)thenlessevidenceisrequiredthanifthesourcewasunreliable(e.g.verbalevidence).
10.ListandexplainFOURassertionsfromISA500AuditEvidencethatrelatetotherecordingofclassesoftransactions.
Assertions–classesoftransactions
Occurrence.Thetransactionsandeventsthathavebeenrecordedhaveactuallyoccurredandpertaintotheentity.
Completeness.Alltransactionsandeventsthatshouldhavebeenrecordedhavebeenrecorded.
Accuracy.Theamountsandotherdatarelatingtorecordedtransactionsandeventshavebeenrecordedappropriately.
Cut-off.Transactionsandeventshavebeenrecordedinthecorrectaccountingperiod.
Classification.Transactionsandeventshavebeenrecordedintheproperaccounts.
11.ISA500AuditEvidencerequiresauditevidencetobereliable.
Required:
ListFOURfactorsthatinfluencethereliabilityofauditevidence.
ThefollowingfivefactorsthatinfluencethereliabilityofauditevidencearetakenfromISA500AuditEvidence:
(i)Auditevidenceismorereliablewhenitisobtainedfromindependentsourcesoutsidetheentity.
(ii)Auditevidencethatisgeneratedinternallyismorereliablewhentherelatedcontrolsimposedbytheentityareeffective.
(iii)Auditevidenceobtaineddirectlybytheauditor(forexample,observationoftheapplicationofacontrol)ismorereliablethanauditevidenceobtainedindirectlyorbyinference(forexample,inquiryabouttheapplicationofacontrol).
(iv)Auditevidenceismorereliablewhenitexistsindocumentaryform,whetherpaper,electronic,orothermedium.(Forexample,acontemporaneouslywrittenrecordofameetingismorereliablethanasubsequentoralrepresentationofthemattersdiscussed.)
(v)Auditevidenceprovidedbyoriginaldocumentsismorereliablethanauditevidenceprovidedbyphotocopiesorfacsimiles.
Otherexamplesare:
(vi)Evidencecreatedinthenormalcourseofbusinessisbetterthanevidencespeciallycreatedtosatisfytheauditor.
(vii)Thebest-informedsourceofauditevidencewillnormallybemanagementofthecompany(althoughmanagement’slackofindependencemayreduceitsvalueasasourceofsuchevidence).
(viii)Evidenceaboutthefutureisparticularlydifficulttoobtainandislessreliablethanevidenceaboutpastevents.
12.Explaintheterm‘auditrisk’andthethreeelementsofriskthatcontributetototalauditrisk.
Auditriskistheriskthatanauditorgivesaninappropriateopiniononthefinancialstatementsbeingaudited.
Inherentriskisthesusceptibilityofanassertiontoamisstatementthatcouldbematerialindividuallyorwhenaggregatedwithmisstatements,assumingthattherearenorelatedcontrols.Theriskofsuchmisstatementisgreaterforsomeassertionsandrelatedclassesoftransactions,accountbalances,anddisclosuresthanforothers.
Controlriskistheriskthatamaterialerrorcouldoccurinanassertionthatcouldbematerial,individuallyorwhenaggregatedwithothermisstatements,willnotbepreventedordetectedonatimelybasisbythecompany’sinternalcontrolsystems.
Detectionriskistheriskthattheauditors’procedureswillnotdetectamisstatementthatexistsinanassertionthatcouldbematerial,individuallyorwhenaggregatedwithothermisstatements.
13.AccordingtoISA501,ifinventoryismaterialtothefinancialstatements,howshalltheauditorobtainsufficientappropriateauditevidenceregardingtheexistenceandconditionofinventory?
Ifinventoryismaterialtothefinancialstatements,theauditorshallobtainsufficientappropriateauditevidenceregardingtheexistenceandconditionofinventoryby:
(a)Attendanceatphysicalinventorycounting,unlessimpracticable,to
(i)Evaluatemanagement’sinstructionsandproceduresforrecordingandcontrollingtheresultsoftheentity’sphysicalinventorycounting;
(ii)Observetheperformanceofmanagement’scountprocedures;
(iii)Inspecttheinventory;and
(iv)Performtestcounts;and
(b)Performingauditproceduresovertheentity’sfinalinventoryrecordstodeterminewhethertheyaccuratelyreflectactualinventorycountresults.
14.AccordingtoISA315,howshalltheauditorunderstandtheentityanditsenvironment?
Theauditorshallunderstandtheentityanditsenvironmentusingtheproceduresincludingthefollowing:
(a)Inquiriesofmanagement,andofotherswithintheentitywhointheauditor’sjudgmentmayhaveinformationthatislikelytoassistinidentifyingrisksofmaterialmisstatementduetofraudorerror.
(b)Analyticalprocedures.
(c)Observationandinspection.
Andtheauditorshallobtainanunderstandingofthefollowing:
(a)Relevantindustry,regulatory,andotherexternalfactorsincludingtheapplicablefinancialreportingframework.
(b)Thenatureoftheentity,including:
(c)Theentity’sselectionandapplicationofaccountingpolicies,includingthereasonsforchangesthereto.Theauditorshallevaluatewhethertheentity’saccountingpoliciesareappropriateforitsbusinessandconsistentwiththeapplicablefinancialreportingframeworkandaccountingpoliciesusedintherelevantindustry.
(d)Theentity’sobjectivesandstrategies,andthoserelatedbusinessrisksthatmayresultinrisksofmaterialmisstatement.
(e)Themeasurementandreviewoftheentity’sfinancialperformance.
(f)TheEntity’sInternalControl-
15.Pleaseexplaintype1reportandtype2reportaccordingtoISA402.
Type1reportisareportonthedescriptionanddesignofcontrolsatas
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