如何成为合格的审计咨询师16

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1、Click to edit Master title style,,Click to edit Master text styles,,Second level,,Third level,,Fourth level,,Fifth level,,16 -,38,©2003 Prentice Hall Business Publishing,,Essentials of Auditing 1/e,,Arens/Elder/Beasley,Audit of the Inventoryand Warehousing Cycle,,Chapter 16,,Learning Objective 1,Id

2、entify the business functions,,and the related documents,,and records in the inventory,,and warehousing cycle.,Functions in the Inventoryand Warehousing Cycle,,Process,,purchase,,orders,Store,,raw,,materials,Process the goods,Receive raw,,materials,Functions in the Inventoryand Warehousing Cycle,,

3、Store,,finished,,goods,Ship,,finished,,goods,Learning Objective 2,Describe how e-commerce,,affects inventory management.,How E-Commerce Affects Inventory Management,,The Internet enables clients to provide expanded,,descriptions of their inventory on a real-time basis.,The use of the Internet and ot

4、her e-commerce,,applications may lead to financial reporting,,risks if access to inventory databases and,,systems is not adequately controlled.,Learning Objective 3,Explain the five parts of,,the audit of the inventory,,and warehouse cycle.,Audit of Inventory,,Internally transfer,,assets and costs.,

5、Acquire and record,,raw materials, labor,,,and overhead.,Part of audit,Cycle in which tested,Acquisition and,,payment plus,,payroll and personnel,Inventory and,,warehousing,Audit of Inventory,,Physically observe,,inventory.,Price and compile,,inventory.,Cycle in which tested,Ship goods and record,,r

6、evenue and costs.,Part of audit,Sales and,,collection,Inventory and,,warehousing,Inventory and,,warehousing,Learning Objective 4,Design and perform audit,,tests of cost accounting.,Cost Accounting Controls,,2. Controls over the related costs,1. Physical Controls,Raw materials,WIP,Finished goods,over

7、,Tests of Cost Accounting,,Physical Controls,Documents and records for,,transferring inventory,Perpetual inventory master files,Unit cost records,Learning Objective 5,Apply analytical procedures to,,the accounts in the inventory,,and warehousing cycle.,Analytical Procedures for Manufacturing Equipme

8、nt,,Analytical Procedure Possible Misstatement,Compare gross margin Overstatement or,,percentage with that of understatement of,,previous years. inventory and cost,,of goods sold,Compare inventory turnover Obsolete inventory,,(cost of goods sold divided Overstatement or,,by average inve

9、ntory) with understatement of,,that of previous years. inventory,Analytical Procedures for Manufacturing Equipment,,Analytical Procedure Possible Misstatement,Compare unit costs of Overstatement or,,inventory with those of understatement of,,previous years. unit costs,Compare extend

10、ed Misstatements in,,inventory value with that compilation, unit,,of previous years. costs, or extensions,Analytical Procedures for Manufacturing Equipment,,Analytical Procedure Possible Misstatement,Compare current year Misstatement of unit,,manufacturing costs with costs of invent

11、ory,,,those of previous years especially direct,,(variable costs should be labor and,,adjusted for changes in manufacturing,,volume). overhead,Methodology for DesigningTests of Details of Balances,,Identify client business risks affecting,,the inventory and warehousing cycles.,Set tole

12、rable misstatement and,,assess inherent risk for the,,inventory and warehousing cycles.,Assess control risk for several cycles.,Methodology for DesigningTests of Details of Balances,,Design and perform tests of,,controls and substantive tests,,of transactions for the,,several cycles.,Design and per

13、form analytical,,procedures for the inventory,,and warehousing cycle.,Methodology for DesigningTests of Details of Balances,,Design tests of details,,of inventory to satisfy,,balance-related,,audit objectives.,Audit procedures,Sample size,Items to select,Timing,Learning Objective 6,Design and perfo

14、rm,,physical observation,,audit tests for inventory.,Controls,,Proper instructions for the physical count,Supervision by responsible personnel,Independent interval verification of the counts,Independent reconciliations of the physical,,counts with perpetual inventory master files,Adequate control ov

15、er count sheets or tags,Selection,,of items,Sample size,Timing,Audit Decisions,,Physical Observation Tests,,The most important part of the observation,,of inventory is determining whether the,,physical count is being taken in accordance,,with the client’s instructions.,Balance-Related Objectives: Ph

16、ysical Inventory Observation,,Existence,Completeness,Accuracy,Inventory as,,recorded on tags exist.,Existing inventory is,,counted and tagged.,Inventory is counted,,accurately.,Classification,Cutoff,Inventory is classified,,correctly on the tags.,Transactions are recorded,,in the proper period.,Bala

17、nce-Related Objectives: Physical Inventory Observation,,Balance-Related Objectives: Physical Inventory Observation,,Rights,The client has rights,,to inventory recorded,,on tags,Realizable,,Value,Obsolete and unusable,,inventory items are,,excluded or noted.,Learning Objective 7,Design and perform au

18、dit,,tests of pricing and,,compilation for inventory.,Audit of Pricing and Compilation,,Inventory compilation tests,Inventory price tests,Valuation,,of inventory,Pricing and,,compilation,,procedures,Pricing and,,compilation,,controls,Audit of Pricing and Compilation,,Balance-Related Objectives:Inve

19、ntory Pricing and Compilation,,Detail,,tie-in,Existence,Completeness,Accuracy,Balance-Related Objectives:Inventory Pricing and Compilation,,Classification,Realizable,,value,Rights,Presentation,,and disclosure,Valuation (Pricing) of Inventory,,Pricing Purchased Inventory,Pricing Manufactured Invento

20、ry,Cost or Market,Learning Objective 8,Integrate the various parts of,,the audit of the inventory,,and warehousing cycle.,Interrelationship ofVarious Audit Tests,,Tests of acquisition,,and payment cycle,Raw materials,,Acquisitions of,,raw materials,Work in process,,Other manufacturing,,overhead,Int

21、errelationship ofVarious Audit Tests,,Tests of payroll,,and personnel cycle,Work in process,,Direct labor,Work in process,,Indirect labor,Interrelationship ofVarious Audit Tests,,Inventory tests,Raw materials,,Ending inventory,Work in process,,Ending inventory,Finished goods,,Ending inventory,Inte

22、rrelationship ofVarious Audit Tests,,Tests of sales and,,collection cycle,Finished goods,,Cost of goods sold,Integration of the Tests,,Acquisition and payment cycle,,Payroll and personnel cycle,,Sales and collection cycle,,Cost accounting,,Physical inventory, pricing, and compilation,End of Chapter 16,,