AuditPlanningandAnalyticalProcedures(英文版)

1、7 - 12003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyAudit Planning andAnalytical ProceduresChapter 77 - 22003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 1Discuss why adequate auditplanning is essential.

2、7 - 32003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyPlanningThe work is to be adequately planned, andassistants, if any, are to be properly supervised.Acceptable audit riskInherent risk7 - 42003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Ar

3、ens/Elder/BeasleyPlanning an Audit andDesigning an ApproachAccept client andperform initialaudit planningUnderstand theclients businessand industryAssess clientbusiness riskPerform preliminaryanalytical procedures7 - 52003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/Be

4、asleyPlanning an Audit andDesigning an ApproachSet materiality, andassess acceptable auditrisk and inherent riskDevelop overallaudit plan andaudit programUnderstand internalcontrol and assesscontrol risk7 - 62003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearn

5、ing Objective 2Make client acceptancedecisions and performinitial audit planning.7 - 72003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyInitial Audit PlanningClient acceptance and continuationIdentify clients reasons for audit.Obtain an understanding with the cli

6、ent.Select staff for the engagement.7 - 82003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 3Gain an understanding of theclients business and industry.7 - 92003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyUn

7、derstanding of the Clients Business and IndustryWhat are some factors that have increasedthe importance of understanding theclients business and industry?GlobaloperationsInformationtechnologyHumancapital7 - 102003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyUnde

8、rstanding of the Clients Business and IndustryUnderstand Clients Business and Industry Industry and External EnvironmentBusiness Operations and ProcessesManagement and GovernanceObjectives and StrategiesMeasurement and Performance7 - 112003 Prentice Hall Business Publishing, Essentials of Auditing 1

9、/e, Arens/Elder/BeasleyIndustry and External EnvironmentWhat are some reasons for obtaining an understanding of the clients industry and external environment?Risks associated with specific industriesInherent risks common to all clients in certain industriesUnique accounting requirements7 - 122003 Pr

10、entice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyBusiness Operationsand ProcessesFactors the auditor should understand: major sources of revenue sources of revenue key customers and suppliers sources of financing information about related parties ability to obtain fina

11、ncing7 - 132003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyManagement and GovernanceManagement establishes the strategies andprocesses followed by the clients business.Governance includes the clients organizationalstructure, as well as the activities of the boa

12、rdof directors and the audit committee.Corporate charter and bylawsMinutes of meetings7 - 142003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyClient Objectivesand StrategiesStrategies are approaches followed by theentity to achieve organizational objectives.Audit

13、ors should understand client objectives.Effectivenessand efficiencyof operationsFinancialreportingreliabilityCompliancewith laws andregulations7 - 152003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyMeasurement and PerformanceThe clients performance measurement s

14、ystemincludes key performance indicators. Examples:Performance measurement includes ratio analysisand benchmarking against key competitors. market share sales per employee unit sales growth Web site visitors same-store sales sales/square foot7 - 162003 Prentice Hall Business Publishing, Essentials o

15、f Auditing 1/e, Arens/Elder/BeasleyLearning Objective 4Assess client business risk.7 - 172003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyAssess Client Business RiskClient business risk is the risk that theclient will fail to achieve its objectives.What is the a

16、uditors primary concern? material misstatement of the financialstatements due to client business risk7 - 182003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyThe Clients Business, Risk, andAuditors Risk AssessmentIndustry and External EnvironmentBusiness Operation

17、s and ProcessesManagement and GovernanceObjectives and StrategiesMeasurement and PerformanceUnderstand ClientsBusiness and IndustryAssess ClientBusiness RiskAssess Risk ofMaterial Misstatements7 - 192003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objec

18、tive 5Perform preliminaryanalytical procedures.7 - 202003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyPreliminary Analytical ProceduresComparison of client ratios to industryor competitor benchmarks provides anindication of the companys performance.Analytical pr

19、ocedures are also an importantpart of testing throughout the audit.7 - 212003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyExamples of PlanningAnalytical ProceduresLiquidity Activity RatioInventory turnover3.465.20Ability to Meet Long-Term ObligationsDebt to equi

20、ty1.732.51ProfitabilityReturn on assets0.090.09ClientIndustryShort-Term Debt-Paying AbilityCurrent ratio3.865.20Selected Ratios7 - 222003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyKey Parts of PlanningAccept Client and PerformInitial PlanningNew clientacceptan

21、ce andcontinuanceObtain anunderstandingwith clientIdentify clientsreasons forthe auditStaff theengagement7 - 232003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyKey Parts of PlanningUnderstand the ClientsBusiness and IndustryUnderstandclients industryand external

22、environment Understandclients operations,strategies, andperformance system7 - 242003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyKey Parts of PlanningAssess ClientBusiness RiskEvaluate managementbusiness controlsaffecting business riskAssess clientbusiness riskA

23、ssess riskof materialmisstatements7 - 252003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyKey Parts of PlanningPerform PreliminaryAnalytical Procedures7 - 262003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleySummary of the Purp

24、osesof Auditing PlanningA major purpose is to gain an understanding of the clients business and industry.7 - 272003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 6State the purposes of analyticalprocedures and the timingof each purpose.7 - 28200

25、3 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyAnalytical ProceduresAnalytical procedures use comparisons andrelationships to assess whether accountbalances or other data appear reasonable.SAS 56 emphasizes the expectationsdeveloped by the auditor.7 - 292003 Pren

26、tice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyTiming and Purpose ofAnalytical Procedures(Required)Planning PhasePurposeUnderstand clientsindustry and businessPrimary purposeAssess going concernSecondary purposeIndicate possible misstatements(attention directing)Primar

27、y purposeReduce detailed testsSecondary purpose7 - 302003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyTiming and Purpose ofAnalytical ProceduresTestingPhasePurposeUnderstand clientsindustry and businessAssess going concernIndicate possible misstatements(attentio

28、n directing)Secondary purposeReduce detailed testsPrimary purpose7 - 312003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyTiming and Purpose ofAnalytical Procedures(Required)Completion PhasePurposeUnderstand clientsindustry and businessAssess going concernSecondar

29、y purposeIndicate possible misstatements(attention directing)Primary purposeReduce detailed tests7 - 322003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 7Select the most appropriateanalytical procedure fromamong the five major types.7 - 332003

30、Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyFive Major Types ofAnalytical Procedures1.Compare client and industry data.2.Compare client data with similar prior-period data.3.Compare client data with client-determined expected results.4.Compare client data with a

31、uditor-determined expected results.5.Compare client data with expected results, using nonfinancial data.7 - 342003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyCompare Clientand Industry Data Client Industry2002200120022001Inventory turnover 3.4 3.5 3.9 3.4Gross

32、margin percent26.3%26.4%27.3%26.2%7 - 352003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyCompare Client Data WithSimilar Prior-period Data2002 2001 (000,000) % of (000,000) % of Preliminary Net Sales Audited Net SalesNet sales143100131100Cost of goods sold 103 7

33、2 95 72Gross profit 40 28 36 28S & A 32 22 30 23Other 4 3 3 3Net income 4 3 3 27 - 362003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 8Compute commonfinancial ratios.7 - 372003 Prentice Hall Business Publishing, Essentials of Auditing 1/e,

34、 Arens/Elder/BeasleyCommon Financial RatiosShort-term debt-paying abilityLiquidity activity ratiosAbility to meet long-term debt obligationsProfitability ratios7 - 382003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyShort-termDebt-paying AbilityCash ratio:(Cash + Marketable securities) Current liabilitiesQuick ratio:(Cash + Marketable securities+ Net accounts receivable) Current liabilitiesCurrent ratio:Current assets Current liabilities7 - 392003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/