审计咨询人员课程训练1

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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,18-,*,2003,Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/Beasley,Completing the Audit,Chapter 18,Learning Objective 1,Conduct a review for contingent,liabili

2、ties and commitments.,Summary of theAudit Process,Phase I,Plan and design,an audit approach.,Phase II,Perform tests of,controls and,substantive tests,of transactions.,Phase III,Perform analytical,procedures and,tests of details,of balances.,Phase IV,Complete the,audit and issue,an audit report.,Phas

3、e IV Completing the Audit,Review for,contingent,liabilities,Review for,subsequent events,Accumulate,final evidence,Evaluate results,Issue audit report,Communicate with,audit committee,and management,A contingent liability is potential future,obligation to an outside party for an,unknown amount resul

4、ting from,activities that have already taken place.,Contingent Liabilities,Likelihood of Occurrence and Financial Statement Treatment,Likelihood ofFinancial Statement,Occurrence of EventTreatment,Remote(slight chance)No disclosure necessary,Reasonably possibleFootnote disclosure,ProbableAdjust finan

5、cial statements,OR,footnote disclosure,Audit Procedures forFinding Contingencies,Inquire of management(orally and in writing),about the possibility of unrecorded contingencies.,Review current and previous years internal,revenue reports for income tax settlements.,Review the minutes of directors and

6、stockholders,meetings for indications of lawsuits.,Audit Procedures forFinding Contingencies,Analyze legal expenses and review invoices,and statements from legal counsel.,Obtain a letter from each major attorney of the,client as to the status of pending litigation.,Examine letters of credit in force

7、.,Review audit documentation for any information,that may indicate a potential contingency.,Learning Objective 2,Obtain and evaluate letters,from the clients attorneys.,A list including(1)pending threatened litigation and,(2)asserted or unasserted claims or assessments,with which the attorney has ha

8、d involvement.,A request that the attorney furnish information or,comment about the progress of each item listed.,Inquiry of Clients Attorneys,A request for the identification of any unlisted,pending or threatened legal action or a statement,that the clients list is complete.,A statement informing t

9、he attorney of the attorneys,responsibility to inform management of legal matters,requiring disclosure in the financial statements and,to respond directly to the auditor.,Inquiry of Clients Attorneys,Learning Objective 3,Conduct a post-balance-sheet,review for subsequent events.,Period Covered bySub

10、sequent Events Review,Clients ending,balance sheet,date,Audit,report,date,Date client,issues financial,statements,Period to which,review for,subsequent,events applies,Period for,processing,the financial,statements,12-31-02,3-11-03,3-26-03,Those that have a direct effect on the,financial statements a

11、nd require adjustment,Those that have,no,direct effect on the,financial statements but for which,disclosure is advisable,Types of Subsequent Events,Declaration of bankruptcy by a customer,with an accounts receivable balance.,Settlement of a litigation at an amount,different from the amount recorded

12、on,the books,Requiring Adjustment,Disposal of equipment not being used in,operations at a price below the current,book value,Sale of investments at a price below,recorded cost,Requiring Adjustment,Advisability of Disclosure,Decline in the market value of securities,held for temporary investment or r

13、esale,Issuance of bonds or equity securities,Decline in the market value of inventory as,consequence of government action barring,further sale of a product,Uninsured loss of inventories as a result of fire,A merger or an acquisition,Inquiry of management,Correspond with attorneys,Review internal sta

14、tements prepared,subsequent to the balance sheet date,Review records prepared subsequent,to the balance sheet date,Examine minutes issued subsequent,to the balance sheet date,Obtain a letter of representation,Audit Tests,The first date is the date for the completion,of field work except for a specif

15、ic exception.,The second date,which is always later,deals with the exception.,Dual Dating,Learning Objective 4,Design and perform the final steps,in the evidence-accumulation,segment of the audit.,Perform final analytical procedures.,Evaluate the going-concern assumption.,Obtain a management represe

16、ntation letter.,Consider information accompanying the basic financial statements.,Read other information in the annual report,Final Evidence Accumulation,Information Accompanying Basic Financial Statements,Balance sheet,Income statement,Statement of,cash flows,Footnotes,Basic,financial,statements,Standard,auditors,report,Information Accompanying Basic Financial Statements,Detailed,comparative,statements,Statistical data,Schedule of,insurance,coverage,Information,accompanying,basic financial,stat