审计学一种整合方法 阿伦斯 英文版 第12版 课后答案 Chapter 24 Solutions Manual.docx
- 文档编号:4688311
- 上传时间:2022-12-07
- 格式:DOCX
- 页数:22
- 大小:32.56KB
审计学一种整合方法 阿伦斯 英文版 第12版 课后答案 Chapter 24 Solutions Manual.docx
《审计学一种整合方法 阿伦斯 英文版 第12版 课后答案 Chapter 24 Solutions Manual.docx》由会员分享,可在线阅读,更多相关《审计学一种整合方法 阿伦斯 英文版 第12版 课后答案 Chapter 24 Solutions Manual.docx(22页珍藏版)》请在冰豆网上搜索。
审计学一种整合方法阿伦斯英文版第12版课后答案Chapter24SolutionsManual
Chapter24
CompletingtheAudit
ReviewQuestions
24-1Therearefourpresentationanddisclosure-relatedauditobjectives:
PresentationandDisclosure-RelatedAuditObjectives
Description
Occurrenceandrightsandobligations
Account-relatedinformationasdescribedinthefootnotesexistsandrepresentstherightsandobligationsofthecompany.
Completeness
Allrequireddisclosuresareincludedinthefinancialstatementfootnotes.
Accuracyandvaluation
Footnotedisclosuresareaccurateandvaluedcorrectly.
Classificationandunderstandability
Accountbalancesareappropriatelyclassifiedandrelatedfinancialstatementdisclosuresareunderstandable.
24-2Afinancialstatementdisclosurechecklistisanaudittoolthatsummarizesalldisclosurerequirementscontainedingenerallyacceptedaccountingprinciples.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.Onegoodapproachwouldbeananalysisofincometaxexpense.Unusualornonrecurringamountsshouldbeinvestigatedfurthertodetermineiftheyrepresentsituationsofpotentialtaxliability.Anotherhelpfulprocedureforuncoveringpotentialtaxliabilitiesistoreviewthegeneralcorrespondencefileforcommunicationwithattorneysorinternalrevenueagents.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.ThisisrequiredbySAS12(AU337),andhastheeffectofrequiringmanagementtogiveitsattorneyspermissiontoprovidecontingentliabilityinformationtoauditorsandtoencourageattorneystocooperatewithauditorsinobtaininginformationaboutcontingencies.
24-10Thefirsttypeofsubsequenteventisonethathasadirecteffectonthefinancialstatementsandrequiresadjustment.Examplesofthistypeofsubsequenteventareasfollows:
Declarationofbankruptcybyacustomerwithanoutstandingaccountsreceivablebalanceduetothedeterioratingfinancialcondition
Settlementofalitigationforanamountdifferentfromtheamountrecordedonthebooks
Disposalofequipmentnotbeingusedinoperationsatapricebelowthecurrentbookvalue
Saleofinvestmentsatapricebelowrecordedcost
Saleofrawmaterialasscrapintheperiodsubsequenttothebalancesheetdate
Thesecondtypeofsubsequenteventisonethathasnodirecteffectonthefinancialstatementsbutforwhichdisclosureisadvisable.Examplesincludethefollowing:
Declineinthemarketvalueofsecuritiesheldfortemporaryinvestmentorresale
Issuanceofbondsorequitysecurities
Declineinthemarketvalueofinventoryasaconsequenceofgovernmentactionbarringfurthersaleofaproduct
Uninsuredlossofinventoriesasaresultoffire
24-11Malano'sapproachdoesnottakeintoconsiderationtheneedtoobtainlettersfromattorneysasneartheendoffieldworkaspossible.Ifthelettersarereceivednearthebalancesheetdate,theperiodfromthebalancesheettotheendoftheauditor'sfieldworkwillnotbeincludedintheattorneys'letters.Hisprocedurewouldnotobtainthemostcurrentinformationregardingcontingentliabilities,andwouldnotprovideadequateinformationfordisclosureofpertinentsubsequentevents.
24-12Themajorconsiderationstheauditorshouldtakeintoaccountindetermininghowextensivethesubsequenteventsreviewshouldbeare:
Thecompany'sfinancialstrengthandstabilityofearnings
Theeffectivenessofthecompany'sinternalcontrols
Thenumberandsignificanceoftheadjustmentsmadebytheauditor
Thelengthoftimebetweenthebalancesheetdateandthecompletionoftheaudit
Changesinkeypersonnel
AuditorsofpubliccompaniesshouldbeawarethatPCAOBStandard2requiresthemtoalsoinquireaboutchangesininternalcontroloverfinancialreportingoccurringsubsequenttotheendofthefiscalperiodthatmightsignificantlyaffectinternalcontroloverfinancialreporting.
24-13Auditproceduresnormallyperformedasapartofthereviewforsubsequenteventsare:
Cutoffandvaluationtestsofvariousbalancesandrelatedtransactions;e.g.,salescutofftests
Inquireofmanagement
Correspondwithattorneys
Reviewinternalstatementspreparedsubsequenttothebalancesheetdate
Reviewrecordspreparedsubsequenttothebalancesheetdate
Examineminutesofmeetingsofboardofdirectorsandstockholderssubsequenttothebalancesheetdate
Obtainaletterofrepresentation
24-14Subsequenteventsoccurringbetweenthebalancesheetdateandthedateoftheauditor'sreportarethosetransactionsandeventswhichmightaffectthefinancialstatementsbeingaudited(eitheradjustment,disclosure,orboth).Examplesofthesetypesofeventswouldbe:
Declarationofbankruptcybyacustomerwithanoutstandingaccountsreceivablebalanceduebecauseofadeterioratingfinancialcondition
Settlementofalitigationforanamountdifferentfromtheamountrecordedonthebooks
Disposalofequipmentnotbeingusedinoperationsatapricebelowthecurrentbookvalue
Saleofinvestmentsatapricebelowrecordedcost
Saleofrawmaterialasscrapintheperiodsubsequenttothebalancesheetdate
Declineinthemarketvalueofsecuritiesheldfortemporaryinvestmentorresale
Issuanceofbondsorequitysecurities
Declineinthemarketvalueofinventoryasaconsequenceofgovernmentactionbarringfurthersaleofaproduct
Uninsuredlossofinventoriesasaresultoffire
24-14(continued)
Iftheseeventsandtransactionshaveamaterialeffectonthefinancialstatements,theymayrequireadjustmentofthecurrentperiodfinancialstatementsordisclosure.Auditorsofpubliccompaniesshouldalsobealertforsubsequentchangesininternalcontroloverfinancialreporting.
Thesubsequentdiscoveryoffactsexistingatthedateoftheauditor'sreportoccurswhentheauditorbecomesawarethatsomeinformationincludedinthefinancialstatementswasmateriallymisleadingaftertheauditedfinancialstatementshavebeenissued.Someexamplesofsuchfactswouldbe:
Subsequentdiscoveryoftheinclusionoffraudulentsales
Subsequentdiscoveryofthefailuretowrite-offobsoleteinventory
Omission
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 审计学一种整合方法 阿伦斯 英文版 第12版 课后答案 Chapter 24 Solutions Manual 审计学 一种 整合 方法 阿伦 英文 12 课后 答案
链接地址:https://www.bdocx.com/doc/4688311.html