plan the audit
2016-08-30 13:57:09 0 举报AI智能生成
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auditing procedure
作者其他创作
大纲/内容
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client evaluation
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making inquiries of third parties
reviewing previous experience with existing clients
identifying special circumstances and unusual risks
identifying intended users
assessing legal and financial stability
evaluating the entity's auditability
ethical and legal considerations
evaluating independence
assessing competence to perform the audit
determining the ability to use due care
prepare engagement letter
planning the audit
obtaining an understanding of the entity and its environment
what knowledge is needed?
industry conditions; regulatory environment; economy-wide factors
business operations
investments
financing
financial reporting
measurement&reviews of entity's financial performance
how is knowledge obtained?
review industry and business data
review prior year's working papers
review past experience with client
tour client's operaions
interim audit
make inquiries of ausit committee
make inquiries of management
perform analytical procedures
ratio analysis
compare entity's financial information with
comparable previous periods
budgets& forecasts
industry averages
comparison of financial to non-financial measures
trend analysis
more sophisticated financial modelling
make preliminary judgments about materiality levels
quantitative guidelines
qualitative considerations
fraud
inadequate or improper disclosure of accounting policy
breach of regulatory requirements
consider the audit risk
inherent risk
control risk
obtain & document an understanding of the ICS (design effectiveness)
obtain an understanding of the entity's internal control structure
control environment
integrity and ethical values
commitment to competence
participation by those chaged with governance
management's philosophy and operating style
organization structure
assignment of authority& responsibility
HR policies& practices
risk assessment
entity's business risks & their financial consequences
financial risk
operation risk
compliance risk
inherent risks of misstatements in financial statement assertions
risk of fraud & its financial consequences
make enquiries of management & others of their views on fraud and how it is dealt with
consider any unusual/unexpected relationships identifies form analytical preocedures
consider any other relevant information
pressure / opportunity/ attitude
information system
existence
rights & obligations
completeness
valuation & allocation
control activities
information processing controls
general controls
organizational controls
systems development & maintenance controls
access controls
data &procedural controls
application controls
input controls
verification controls; computer editing
processing controls
sequence tests; reasonableness checks; before-and-after report
output controls
reconciliation of totals; comparison with source documents; visual scanning
segretion of duties
steps in executing a transaction should be seperated
physical controls
limit access to assets & records
performance reviews
monitoring
to ensure quality of ICS over time
ongoing monitoring programs
seperate evaluations
report deficiencies to audit committee
procedures to obtain an understanding of the internal control structure
how?
review previous experience
enquiring of appropriate management & other staff
inspecting documents & records
observing entity activities & operations
make a preliminary assessment of CR
可和internal auditor 合作
test the controls on which you intend to rely (operating effectiveness)
tests of controls
nature
enquiring of personnel about performance of their duties
inspection of ducuments & records
observation of activities & procedures
re-performance of procedures
timing
interim
year-end
extent (how much test do we do)
efficient to confirm preliminary assessment of CR
make final CR assessment (documentation any level of CR < high )——appropriate audit strategy
lower assessed level of control risk approach
preliminary assessment of control risk : low
more control test
less substantive test
lower cost
predominately substantive approach
preliminary assessment of control risk : high
detection risk
develop preliminary audit strategies for significant assertions
predominantly substantive approach
performing audit procedures to gather sufficient appropriate evidence to form an opinion
acceptable level of detection risk is high/low---substantive procedures
tests of details
of balances
obtain evidence directly
debtors confirmation
tracing & vouching
of transactions
to obtain evi of sample of the individual debits & credits that make up an account
sampling
cut-off tests
analytical procedures
low tolerable detection risk
at or close to balance sheet date
high tolerable detection risk
prior to balance sheet date
to deal with risk of error between test date & balance date
tests of controls in period
comparison of balances
analysis of transactions in period
extent (how much evidence do we get) : sample size
general framework
1.initial procedures
verify opening balances with last year closing balances
review activity in general ledger accounts and investigate unusual items
reconcile any subsidiary account to the control account in general ledger
re-perform/ re add up to the total
2.specify analytical procedures to be performed
3.specify tests of details of transactions to be performed
4.specify tests of details of balances to be performed
5.any special requirements?
6. specify procedures to determine that disclosure is in accordance withacc standards andcorporations act
audit evidence
sufficiency
materiality and audit risk
economic factors
cost- benefit
population size and characteristics
appropriateness
relevance
reliability
source & nature of information
timeliness
objectivity
methods to gather evidence
inspecting
tracing
test for understatement (completeness)
source document--journal---ledger
vouching
test for overstatement (existence)
ledger--journal---source document
confirming
enquiring
counting
observing
re-performing
audit sampling
sampling risk
当tests of controls
risk of over-reliance
risk of under-reliance
当substantive tests
risk of incorrect acceptance
risk of incorrect rejection
non-sampling risk
risk of reaching wrong conclusion for reasons other than sample size
types of sampling
statistical sampling
random selection
non-statistical samping
haphazard selection
其它
具体步骤
planning the sample
determine the objectives of the test
define what errors are being sought
dentify the population
consider the use of stratification
define the sampling unit
specify the tolerable error
specify the expected error
specify required confidence level
determine the sample size
selecting the sample
random (statistical sampling)
systematic
divide units by sample size to give sampling interval
haphazard
performing the audit test
evaluating the results
consider qualitative aspects of errors
project the error to the population and conclude on audit test
在tests of control时，if projected deviation rate>tolerable DR---increase substantive tests
reporting audit findings
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