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1、Sarbanes-Oxley ActThe Act established the Public CompanyAccounting Oversight Board.It also requires auditors to attest tomanagement reports on the effectivenessof internal control over financial reporting.第1页/共45页第一页,共45页。 Describe auditing.第2页/共45页第二页,共45页。 Nature of AuditingAuditing is the accumul
2、ation and evaluationof evidence about information to determineand report on the degree of correspondencebetween the information and established criteria.Auditing should be done by a competent,independent person.第3页/共45页第三页,共45页。Information and Established CriteriaTo do an audit, there must be inform
3、ation in averifiable form and some standards (criteria)by which the auditor can evaluate the information.第4页/共45页第四页,共45页。Accumulating Evidence and Evaluating EvidenceEvidence is any information used by the auditorto determine whether the information beingaudited is stated in accordance with theesta
4、blished criteria.第5页/共45页第五页,共45页。Competent, Independent PersonThe auditor must be qualified to understand thecriteria used and must be competent to knowthe types and amount of evidence to accumulateto reach the proper conclusion after theevidence has been examined.The competence of the individual p
5、erformingthe audit is of little value if he or she is biasedin the accumulation and evaluation of evidence.第6页/共45页第六页,共45页。Audit ReportThe final stage in the auditing process ispreparing the Audit Report, which is thecommunication of the auditors findings to users.第7页/共45页第七页,共45页。Audit of a Tax Re
6、turn ExampleCompetent,independentpersonExamines cancelledchecks and othersupporting recordsAccumulates andevaluates evidenceDeterminescorrespondenceInformationInternal RevenueCode and allinterpretationsEstablished criteriaReport on taxdeficienciesReport on results第8页/共45页第八页,共45页。Learning Objective
7、2 Distinguish between auditing and accounting.第9页/共45页第九页,共45页。Distinguish BetweenAuditing and AccountingAccounting is the recording, classifying,and summarizing of economic eventsfor the purpose of providing financialinformation used in decision making.Auditing is determining whetherrecorded inform
8、ation properlyreflects the economic events thatoccurred during the accounting period.第10页/共45页第十页,共45页。Learning Objective 3 Explain the importance of auditing in reducing information risk.第11页/共45页第十一页,共45页。Economic Demandfor AuditingInformation risk reflects the possibility thatthe information upon
9、 which the businessrisk decision was made was inaccurate.Auditing can have a significant effecton information risk.第12页/共45页第十二页,共45页。 List the causes of information risk, and explain how this risk may be reduced.第13页/共45页第十三页,共45页。 Remoteness of information Biases and motives of the provider Volumi
10、nous data Complex exchange transactions第14页/共45页第十四页,共45页。Reducing Information Risk User verifies information User shares information risk with management Audited financial statements are provided第15页/共45页第十五页,共45页。Learning Objective 5 Describe assurance services and distinguish audit services from
11、other assurance and nonassurance services provided by CPAs.第16页/共45页第十六页,共45页。Assurance ServicesAn assurance service is an independentprofessional service that improves thequality of information for decision makers.Assurance services can be performed byCPAs or by a variety of other professionals.第17
12、页/共45页第十七页,共45页。Attestation ServicesAn attestation service is a type of assuranceservice in which the CPA firm issues areport about the reliability of an assertionthat is the responsibility of another party.第18页/共45页第十八页,共45页。Attestation Services1. Audit of historical financial statements2. Attestat
13、ion of internal control over financial reporting3. Review of historical financial statements4. Attestation services on information technology5. Other attestation services第19页/共45页第十九页,共45页。Relationships Among Auditors, Client, and External UsersClientClient or auditcommittee hiresauditorAuditor issu
14、esreport reliedupon by users第20页/共45页第二十页,共45页。Other Assurance ServicesMost of the other assurance services that CPAsprovide do not meet the formal definitionof attestation services.The CPA is not required to issue a written report.The assurance does not have to be about thereliability of another pa
15、rtys assertion aboutcompliance with specified criteria.第21页/共45页第二十一页,共45页。AICPA Assurance ServicesThe AICPA formed the Special Committeeon Assurance Services (SCAS).第22页/共45页第二十二页,共45页。Attestation Services on Information TechnologyWebTrust is an attestation service, and theWebTrust seal is a symbol
16、ic representationof the CPAs report on managementsassertions about its disclosure ofelectronic commerce practices.第23页/共45页第二十三页,共45页。Attestation Services on Information TechnologySysTrust is an attest-type engagementto evaluate and test system reliability inareas such as security and data integrity
17、.第24页/共45页第二十四页,共45页。Principles for WebTrust and SysTrust Services1. Online privacy2. Security3. Processing integrity4. Availability5. Confidentiality6. Certification authorities (WebTrust only)第25页/共45页第二十五页,共45页。Nonassurance Services Provided by CPAs1. Accounting and bookkeeping services2. Tax ser
18、vices3. Management consulting services第26页/共45页第二十六页,共45页。Other Assurance Services ExamplesControls over and risks related to investments,including policies related to derivativesassessing the processes in a companysinvestment practices to identify risks and todetermine the effectiveness of those pr
19、ocesses.第27页/共45页第二十七页,共45页。Other Assurance Services ExamplesMystery shoppingperforming anonymous shopping to assesssales personnel dealing with customers andprocedures they follow.第28页/共45页第二十八页,共45页。Other Assurance Services ExamplesAssess risks of accumulation, distribution,and storage of digital
20、informationassessing security risks and relatedcontrols over data and other informationstored electronically, including theadequacy of backup and off-site storage.第29页/共45页第二十九页,共45页。Other Assurance Services ExamplesFraud and illegal acts risk assessmentdeveloping fraud risk profiles and assessing t
21、headequacy of company systems and policies inpreventing and detecting fraud and illegal acts.第30页/共45页第三十页,共45页。Other Assurance Services Examples Compliance with trading policies and procedures Compliance with entertainment royalty agreements ISO 900 certification Environmental audit第31页/共45页第三十一页,共
22、45页。Assurance, Attestation, and Nonassurance ServicesOther Assurance ServicesCertainManagementConsultingOther Attestation Services(e.g., WebTrust, SysTrust)ATTESTATION SERVICESAuditsReviewsInternal Controlover Financial ReportingASSURANCE SERVICES第32页/共45页第三十二页,共45页。Assurance, Attestation, and Nonas
23、surance ServicesCertainManagementConsultingOther ManagementConsultingTaxServicesAccounting andBookkeeping第33页/共45页第三十三页,共45页。Learning Objective 6 Differentiate the three main types of audits.第34页/共45页第三十四页,共45页。Types of Audits Operational Compliance Financial Statement第35页/共45页第三十五页,共45页。Operational
24、 AuditExampleEvaluate computerized payroll systemfor efficiency and effectivenessInformationNumber of records processed, costs ofthe department, and number of errorsEstablishedCriteriaCompany standards for efficiency andeffectiveness in payroll departmentAvailableEvidenceError reports, payroll recor
25、ds, andpayroll processing costs第36页/共45页第三十六页,共45页。Compliance AuditExampleDetermine whether bank requirementsfor loan continuation have been metInformationCompany recordsEstablishedCriteriaLoan agreement provisionsAvailableEvidenceFinancial statements andcalculations by the auditor第37页/共45页第三十七页,共45页。Audit of Historical Financial StatementsExampleAnnual audit of Boeings financialstatementsInformationBoeings financial st
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