审计Chap PPT课件

1、Chapter 02 Professional Standards “In todays regulatory environment, its virtually impossible to violate rules.” Bernard Madoff, money manager, on October 12, 2007, approximately one year prior to being arrested for embezzling $50 billion from investors in a Ponzi scheme. 2-1第1页/共15页Auditing Standar

2、ds for Public and Nonpublic EntitiesAudits of Public EntitiesAudits of Nonpublic EntitiesAICPA Statements on Auditing StandardsStandards issued by the Auditing Standards Board prior to April 2003 not amended or superseded by PCAOB standards (Interim Standards)All current standards issued by Auditing

3、 Standards BoardPCAOB Auditing StandardsAll current standards issued by PCAOBNot applicable2-2第2页/共15页Generally Accepted Auditing Standards Identify necessary qualifications and characteristics of auditors and guide the conduct of the audit Purpose of GAAS is to achieve the following objectives of a

4、n audit examination Obtain reasonable assurance about whether financial statements are free of material misstatement Report on the financial statements and communicate in accordance with auditors findings2-3第3页/共15页Comparison of AICPA GAAS to Principles: ResponsibilitiesGeneral StandardsResponsibili

5、ties Principle1. Training and proficiency2. Independence in mental attitude3. Due professional careAuditors are responsible for:competence and capabilitiesethical requirements (independence and due care)professional skepticism and professional judgment2-4第4页/共15页Responsibilities Principle1.Competenc

6、e and capabilitiesExperience and expertise2.IndependenceIndependence in fact vs. independence in appearanceFinancial and managerial relationships3.Due careLevel of performance by reasonable auditor in similar circumstances4.Professional skepticism and judgmentSkepticism: Appropriate questioning and

7、critical assessment of evidenceJudgment: Application of training, knowledge, and experience in making informed decisions during audit2-5第5页/共15页Comparison of AICPA GAAS to Principles: PerformanceStandards of Field WorkPerformance Principle1. Planning and supervision2. Understanding of entity and env

8、ironment to assess risk of material misstatement3. Obtain sufficient appropriate evidenceTo obtain reasonable assurance:Plan work and supervise assistantsDetermine and apply appropriate materiality levelsIdentify and assess risks of material misstatementObtain sufficient appropriate evidence2-6第6页/共

9、15页Performance PrincipleGoal is to provide reasonable assurance that financial statements do not contain material misstatements1. Planning and supervisionPreparation of audit plan2. MaterialityInfluences decisions of financial statement usersConsidered throughout the audit3. Risk assessment Understa

10、nd entity and environment (including internal control)Determine necessary effectiveness of substantive tests4. Audit evidenceSufficient = quantity (How many transactions or components?)Appropriate = quality (What level of reliability needed? Source?)2-7第7页/共15页Overview of EvidenceDetection RiskSuffi

11、ciency (Quantity of Evidence)Relevance (What Does Evidence Tell the Auditor?)Reliability (Can the Auditor Trust the Evidence?)Appropriateness (Quality of Evidence)2-8第8页/共15页Sufficient evidence Related to quantity (number of transactions or components examined) Influenced by effectiveness of entitys

12、 internal controlEffective internal controlLower level of control riskEvaluate less evidenceIneffective internal controlHigher level of control riskEvaluate more evidence2-9第9页/共15页Appropriate Evidence Relates to the quality of evidence Relevance: Does evidence address assertion(s) of interest? Reli

13、ability: Source of evidence Auditors direct personal knowledge External documentary evidence External-internal evidence Internal documentary evidence Verbal evidenceHighLow2-10第10页/共15页Comparison of AICPA GAAS to Principles: ReportingStandards of ReportingReporting Principle1. Financial statements i

14、n accordance with GAAP2. GAAP applied consistently (only report if not consistent)3. Adequacy of disclosures (only report if not adequate)4. Express or disclaim an opinion Express an opinion or state that an opinion cannot be expressed Opinion is based on conformity of financial statements with appl

15、icable financial reporting framework2-11第11页/共15页Reporting PrincipleExpress an opinion (or indicate that an opinion cannot be expressed) on entitys financial statementsAssess financial statements against financial reporting frameworkSet of criteria used to determine the measurement, recognition, pre

16、sentation, and disclosure of material items in the financial statementsExamples include GAAP, IFRS, or special purpose framework2-12第12页/共15页Types of Audit Opinions Unqualified F/S are in conformity with GAAP QualifiedExcept for limited items, F/S are in conformity with GAAP Can issue for GAAP depar

17、ture and scope limitation Adverse F/S are not in conformity with GAAP Can issue for GAAP departure (more serious) Disclaimer Auditors do not express an opinion Can issue for scope limitation (more serious) or situation in which auditor is not independent2-13第13页/共15页System of Quality Control Provides firm with reasonable assurance that the firm and its personnel Comply with prof