Auditing and assurance services 14e by arens chapter 06

38 100 0
  • Loading ...
Loading...
1/38 trang

Thông tin tài liệu

Ngày đăng: 15/05/2017, 12:22

Audit Responsibilities and Objectives Chapter http://www.authorstream.com/shengv n/ ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 6-1 Learning Objective Explain the objective of conducting an audit of financial statements and an audit of internal controls ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 6-2 Objective of Conducting an Audit of Financial Statements The purpose of an audit is to provide financial statement users with an opinion by the auditor on whether the financial statements are presented fairly, in all material respects, in accordance with applicable financial accounting framework ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 6-3 Steps to Develop Audit Objectives ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 6-4 Learning Objective Distinguish management’s responsibility for the financial statements and internal control from the auditor’s responsibility for verifying the financial statements and effectiveness of internal control ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 6-5 Management’s Responsibilities Financial statements and internal controls Sarbanes-Oxley increases management’s responsibility for the financial statements CEO and CFO must certify quarterly and annual financial statements submitted to the SEC ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 6-6 Management’s Responsibilities ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 6-7 Management’s Responsibilities The Sarbanes-Oxley Act provides for criminal penalties for anyone who knowingly falsely certifies the statements ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 6-8 Learning Objective Explain the auditor’s responsibility for discovering material misstatements ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 6-9 Objectives of the Auditor Obtain reasonable assurance Opine Report Financial statements Free from material misstatements Financial statements Applicable reporting framework Financial statements Communicate per audit standards ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley - 10 Learning Objective Link the six general transaction-related audit objectives to management assertions for classes of transactions ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley - 24 General Transaction-related Audit Objectives Occurrence Completeness Accuracy Recorded transactions exist Existing transactions are recorded Recorded transactions are stated at the correct amounts ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley - 25 General Transaction-related Audit Objectives Posting and summarization Transactions are included in the master files and are correctly summarized Classification Transactions are properly classified Timing Transactions are recorded on the correct dates ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley - 26 Hillsburg Hardware Co (Applied to Sales Transactions) ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley - 27 Learning Objective Link the eight general balance-related audit objectives to management assertions for account balances ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley - 28 General Balance-related Audit Objectives Existence Amounts included exist Completeness Existing amounts are included Accuracy Amounts included are stated at the correct amounts ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley - 29 General Balance-related Audit Objectives Classification Amounts are properly classified Cutoff Transactions are recorded in the proper period Detail tie-in Account balances agree with master file amounts, and with the general ledger ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley - 30 General Balance-related Audit Objectives Realizable value Rights and obligations Assets are included at estimated realizable value Assets must be owned ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley - 31 Hillsburg Hardware Co (Applied to Inventory) ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley - 32 Learning Objective Link the four presentation- and disclosurerelated audit objectives to management assertions for presentation and disclosure ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley - 33 Hillsburg Hardware Co (Applied to Notes Payable) ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley - 34 Learning Objective 10 Explain the relationship between audit objectives and the accumulation of audit evidence ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley - 35 How Audit Objectives Are Met The auditor must obtain sufficient appropriate audit evidence to support all management assertions in the financial statements  An audit process has four specific phases ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley - 36 Four Phases of a Financial Statement Audit ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley - 37 End of Chapter ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley - 38 ... acquisition and repayment cycle Sales and collection cycle Acquisition and payment cycle Payroll and personnel cycle Inventory and warehousing cycle ©2012 Prentice Hall Business Publishing, Auditing. .. presentation and disclosure ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/ Elder/Beasley - 18 Balance and Transactions Affecting Balances Example ©2012 Prentice Hall Business Publishing, Auditing. .. Presentation and Disclosure Occurrence Existence Completeness Completeness Accuracy Valuation and allocation Classification Occurrence and rights and obligations Completeness Accuracy and valuation
- Xem thêm -

Xem thêm: Auditing and assurance services 14e by arens chapter 06 , Auditing and assurance services 14e by arens chapter 06 , Auditing and assurance services 14e by arens chapter 06

Gợi ý tài liệu liên quan cho bạn

Nhận lời giải ngay chưa đến 10 phút Đăng bài tập ngay
Nạp tiền Tải lên
Đăng ký
Đăng nhập