审计学一种整合方法 阿伦斯 英文版 第12版 课后答案 Chapter 6 Solutions Manual.docx
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审计学一种整合方法 阿伦斯 英文版 第12版 课后答案 Chapter 6 Solutions Manual.docx
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审计学一种整合方法阿伦斯英文版第12版课后答案Chapter6SolutionsManual
Chapter6
AuditResponsibilitiesandObjectives
ReviewQuestions
6-1Theobjectiveoftheauditoffinancialstatementsbytheindependentauditoristheexpressionofanopiniononthefairnesswithwhichthefinancialstatementspresentfinancialposition,resultsofoperations,andcashflowsinconformitywithgenerallyacceptedaccountingprinciples.
Theauditormeetsthatobjectivebyaccumulatingsufficientappropriateevidencetodeterminewhetherthefinancialstatementsarefairlystated.
6-2Itismanagement'sresponsibilitytoadoptsoundaccountingpolicies,maintainadequateinternalcontrolandmakefairrepresentationsinthefinancialstatements.Theauditor'sresponsibilityistoconductanauditofthefinancialstatementsinaccordancewithauditingstandardsandreportthefindingsoftheauditintheauditor'sreport.
6-3Anerrorisanunintentionalmisstatementofthefinancialstatements.Fraudrepresentsintentionalmisstatements.Theauditorisresponsibleforobtainingreasonableassurancethatmaterialmisstatementsinthefinancialstatementsaredetected,whetherthosemisstatementsareduetoerrorsorfraud.
Anauditmustbedesignedtoprovidereasonableassuranceofdetectingmaterialmisstatementsinthefinancialstatements.Further,theauditmustbeplannedandperformedwithanattitudeofprofessionalskepticisminallaspectsoftheengagement.Becausethereisanattemptatconcealmentoffraud,materialmisstatementsduetofraudareusuallymoredifficulttouncoverthanerrors.Theauditor’sbestdefensewhenmaterialmisstatements(eithererrorsorfraud)arenotuncoveredintheauditisthattheauditwasconductedinaccordancewithauditingstandards.
6-4Misappropriationofassetsrepresentsthetheftofassetsbyemployees.Fraudulentfinancialreportingistheintentionalmisstatementoffinancialinformationbymanagementoratheftofassetsbymanagement,whichiscoveredupbymisstatingfinancialstatements.
Misappropriationofassetsordinarilyoccurseitherbecauseofinadequateinternalcontrolsoraviolationofexistingcontrols.Thebestwaytopreventtheftofassetsisthroughadequateinternalcontrolsthatfunctioneffectively.Manytimestheftofassetsisrelativelysmallindollaramountsandwillhavenoeffectonthefairpresentationoffinancialstatements.Therearealsothecasesoflargetheftofassetsthatresultinbankruptcytothecompany.Fraudulentfinancialreportingisinherentlydifficulttouncoverbecauseitispossibleforoneormoremembersofmanagementtooverrideinternalcontrols.Inmanycasestheamountsareextremelylargeandmayaffectthefairpresentationoffinancialstatements.
6-5True,theauditormustrelyonmanagementforcertaininformationintheconductofhisorheraudit.However,theauditormustnotacceptmanagement'srepresentationsblindly.Theauditormust,wheneverpossible,obtainappropriateevidencetosupporttherepresentationsofmanagement.Asanexample,ifmanagementrepresentsthatcertaininventoryisnotobsolete,theauditorshouldbeabletoexaminepurchaseordersfromcustomersthatprovepartoftheinventoryisbeingsoldatapricethatishigherthanthecompany'scostplussellingexpenses.Ifmanagementrepresentsanaccountreceivableasbeingfullycollectible,theauditorshouldbeabletoexaminesubsequentpaymentsbythecustomerorcorrespondencefromthecustomerthatindicatesawillingnessandabilitytopay.
6-6
CHARACTERISTIC
AUDITSTEPS
1.Management’scharacteristicsandinfluenceoverthecontrolenvironment.
Investigatethepasthistoryofthefirmanditsmanagement.
Discussthepossibilityoffraudulentfinancialreportingwithpreviousauditorandcompanylegalcounselafterobtainingpermissiontodosofrommanagement.
2.Industryconditions.
Researchcurrentstatusofindustryandcompareindustryfinancialratiostothecompany’sratios.Investigateanyunusualdifferences.
ReadAICPA’sIndustryAuditRiskAlertforthecompany’sindustry,ifavailable.Considertheimpactofspecificrisksthatareidentifiedontheconductoftheaudit.
3.Operatingcharacteristicsandfinancialstability.
Performanalyticalprocedurestoevaluatethepossibilityofbusinessfailure.
Investigatewhethermaterialtransactionsoccurclosetoyear-end.
6-7Thecycleapproachisamethodofdividingtheauditsuchthatcloselyrelatedtypesoftransactionsandaccountbalancesareincludedinthesamecycle.Forexample,sales,salesreturns,andcashreceiptstransactionsandtheaccountsreceivablebalanceareallapartofthesalesandcollectioncycle.Theadvantagesofdividingtheauditintodifferentcyclesaretodividetheauditintomoremanageableparts,toassigntaskstodifferentmembersoftheauditteam,andtokeepcloselyrelatedpartsoftheaudittogether.
6-8
GENERALLEDGERACCOUNT
CYCLE
Sales
AccountsPayable
RetainedEarnings
AccountsReceivable
Inventory
Repairs&Maintenance
Sales&Collection
Acquisition&Payment
CapitalAcquisition&Repayment
Sales&Collection
Inventory&Warehousing
Acquisition&Payment
6-9Thereisacloserelationshipbetweeneachoftheseaccounts.Sales,salesreturnsandallowances,andcashdiscountsallaffectaccountsreceivable.Allowanceforuncollectibleaccountsiscloselytiedtoaccountsreceivableandshouldnotbeseparated.Baddebtexpenseiscloselyrelatedtotheallowanceforuncollectibleaccounts.Toseparatetheseaccountsfromeachotherimpliesthattheyarenotcloselyrelated.Includingtheminthesamecyclehelpstheauditorkeeptheirrelationshipsinmind.
6-10Managementassertionsareimpliedorexpressedrepresentationsbymanagementaboutclassesoftransactionsandtherelatedaccountsanddisclosuresinthefinancialstatements.Theseassertionsarepartofthecriteriamanagementusestorecordanddiscloseaccountinginformationinfinancialstatements.SAS106(AU326)classifiesassertionsintothreecategories:
1.Assertionsaboutclassesoftransactionsandeventsfortheperiodunderaudit
2.Assertionsaboutaccountbalancesatperiodend
3.Assertionsaboutpresentationanddisclosure
6-11Generalauditobjectivesfollowfromandarecloselyrelatedtomanagementassertions.Generalauditobjectives,however,areintendedtoprovideaframeworktohelptheauditoraccumulatesufficientappropriateevidencerequiredbythethirdstandardoffieldwork.Auditobjectivesaremoreusefultoauditorsthanassertionsbecausetheyaremoredetailedandmorecloselyrelatedtohelpingtheauditoraccumulatesufficientappropriateevidence.
6-12
RECORDINGMISSTATEMENT
TRANSACTION-RELATEDAUDIT
OBJECTIVEVIOLATED
Fixedassetrepairisrecordedonthewrongdate.
Repairiscapitalizedasafixedassetinsteadofanexpense.
Timing
Classification
6-13Theexistenceobjectivedealswithwhetheramountsincludedinthefinancialstatementsshouldactuallybeincluded.Completenessistheoppositeofexistence.Thecompletenessobjectivedealswithwhetherallamountsthatshouldbeincludedhaveactuallybeenincluded.
Intheauditofaccountsreceivable,anonexistentaccountreceivablewillleadtooverstatementoftheaccountsreceivablebalance.Failuretoincludeacustomer'saccountreceivablebalance,whichisaviolationofcompleteness,willleadtounderstatementoftheaccountsreceivablebalance.
6-14Specificauditobjectivesaretheapplicationofthegeneralauditobjectivestoagivenclassoftransactions,accountbalance,orpresentationanddisclosure.Theremustbeatleastonespecificauditobjectiveforeachgeneralauditobjectiveandinmanycasesthereshouldbemore.Specificauditobjectivesforaclassoftransactions,accountbalance,orpresentationanddisclosureshouldbedesignedsuchthat,oncetheyhavebeensatisfied,therelatedgeneralauditobjectiveshouldalsohavebeensatisfiedforthatclassoftransactions,account,orpresentationanddisclosure.
6-15Forthespecificbalance-relatedauditobjective,allrecordedfixedassetsexistatthebalancesheetdate,themanagementassertionandthegeneralbalance-relatedauditobjectiveareboth"existence."
6-16Managementassertionsandgeneralbalance-relatedauditobjectivesareconsistentforallassetaccountsforeveryaudit.TheyweredevelopedbytheAuditingStandardsBoard,practitioners,andacademicsoveraperiodoftime.Oneormorespecificbalance-relatedauditobjectivesaredevelopedforeachgeneralbalance-relatedauditobjectiveinanauditareasuchasaccountsreceivable.Foranygivenaccount,aCPAfirmmaydecideonaconsistentsetofspecificbalance-relatedauditobjectivesforaccountsreceivable,oritmaydecidetousedifferentobjectivesfordifferentaudits.
6-17Forthespecificpresentationanddisclosure-relatedauditobjective,readthefixedassetfootnotedisclosuretodeterminethatthetypesoffixedassets,depreciationmethodsandusefullivesareclearlydisclosed,themanagementassertionandthegeneralpresentationanddisclosure-relatedauditobjectiveareboth"classificationandunderstandability."
6-18Thefourphasesoftheauditare:
1.Plananddesignanauditapproach.
2.Performtestsofcontrolsandsubstantivetestsoftransactions.
3.Performanalyticalproceduresandtestsofdetailsofbalances.
4.Completetheauditandissueanauditreport.
Theauditorusesthesefourphasestomeettheoverallobjectiveoftheaudit,whichistoexpressanopiniononthefairnesswithwhichthefinancialstatementspresentfairly,inallmaterialrespects,thefinancialposition,resultsofoperationsandcashflowsinconformitywithGAAP.Byaccumulatingsufficientap
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