审计学一种整合方法第英文ChapterPPT教案

1、审计学一种整合方法第英文审计学一种整合方法第英文Chapter第1页/共42页The objective of the ordinary audit of financialstatements is the expression of an opinion ofthe fairness with which they present fairly, inall respects, financial position, result ofoperations, and its cash flows inconformity with GAAP.第2页/共42页1.Understand obj

2、ectives andresponsibilities for the audit.2.Divide financial statements into cycles.3.Know managementassertions aboutaccounts.第3页/共42页4.Know general audit objectives forclasses of transactions and accounts.5.Know specific audit objectives forclasses of transactions and accounts.第4页/共42页第5页/共42页Manag

3、ement is responsible for the financialstatements and for internal control.The Sarbanes-Oxley Act increases managementsresponsibility for the financial statements.It requires the CEO and the CFO of publiccompanies to certify the quarterly and annualfinancial statements submitted to the SEC.第6页/共42页Th

4、e Sarbanes-Oxley Act provides for criminalpenalties for anyone who knowingly falselycertifies the statements.第7页/共42页第8页/共42页Material versus immaterial misstatements Reasonable assurance Errors versus fraud Professional skepticism Fraud resulting from fraudulent financialreporting versus misappropri

5、ation of assets第9页/共42页 Direct-effect illegal acts Indirect-effect illegal acts Evidence accumulation when there is no reasonto believe indirect-effect illegal act exists第10页/共42页 Evidence accumulation and other actionswhen there is reason to believe direct- orindirect-effect illegal acts may exist

6、Actions when the auditor knows of an illegal act第11页/共42页第12页/共42页Audits are performed by dividing the financialstatements into smaller segments or components.第13页/共42页Ledgers,Trial Balance,and FinancialStatementsGeneral ledgerand subsidiaryrecordsGeneral ledgertrial balanceFinancialstatementsAcquis

7、itionof goodsand servicesSalesCashreceiptsTransactionsCash receiptsjournalSalesjournalAcquisitionsjournalJournals第14页/共42页AllocationandadjustmentsCashdisbursementsPayrollservices anddisbursementsLedgers,Trial Balance,and FinancialStatementsGeneral ledgerand subsidiaryrecordsGeneral ledgertrial balan

8、ceFinancialstatementsTransactionsPayrolljournalCashdisbursementsjournalGeneraljournalJournals第15页/共42页GeneralcashCapital acquisitionand repayment cycleSales andcollectioncycleAcquisitionand paymentcyclePayroll andpersonnelcycleInventory andwarehousingcycle第16页/共42页第17页/共42页Beginning balanceSales$ 17

9、,521$144,328$137,087Cash receipts$ 1,242Sales returnsand allowancesCharge-off ofuncollectibleaccountsEnding balance$ 20,197$ 3,323Accounts Receivable (in thousands)第18页/共42页第19页/共42页1.Assertions about classes of transactions andevents for the period under audit2. Assertions about account balances a

10、period end3. Assertions about presentation and disclosure第20页/共42页OccurrenceExistenceOccurrence and rightsand obligationsCompletenessCompletenessCompletenessAccuracyValuation andallocationAccuracy andvaluationClassificationClassification andunderstandabilityCutoffRights andobligations第21页/共42页第22页/共

11、42页OccurrenceRecorded transactionsexistCompletenessExisting transactionsare recordedAccuracyRecorded transactionsare stated at thecorrect amounts第23页/共42页ClassificationTransactions are properlyclassified.TimingTransactions are recordedon the correct dates.Posting andsummarizationTransactions are inc

12、ludedin the master files andare correctly summarized.第24页/共42页OccurrenceOccurrenceRecorded sales are forshipments made tononfictitious customersCompletenessCompletenessExisting salestransactions are recordedAccuracyAccuracyRecorded sales are forthe amount of goodsshipped and are correctlybilled and

13、recorded第25页/共42页AccuracyPosting andsummarizationSales transactions areproperly included in themaster file and arecorrectly summarizedClassificationClassificationSales transactions areproperly classifiedCutoffTimingSales transactions arerecorded on the correctdates.第26页/共42页第27页/共42页ExistenceAmounts

14、 included existCompletenessExisting amounts areincludedAccuracyAmounts included arestated at the correctamounts第28页/共42页ClassificationAmounts are properlyclassifiedCutoffTransactions are recordedin the proper periodDetail tie-inAccount balances agreewith master file amounts,and with the general ledg

15、er第29页/共42页RealizablevalueAssets are included atestimated realizable valueRights andobligationsAssets must be owned第30页/共42页ExistenceExistenceAll recorded inventory existsat the balance sheet dateCompletenessCompletenessAll existing inventory hasbeen counted and includedin the inventory summary第31页/

16、共42页Valuation andallocationAccuracyInventory quantities on the clients perpetual records agree with items physically on handPrices used to value inventories are materially correctExtensions of price times quantity are correct and details are correctly added第32页/共42页Valuation andallocationClassificat

17、ionCutoffInventory items are properly classified as to raw materials, work in process, and finished goodsPurchase cutoff at year end is properSales cutoff at year end is proper第33页/共42页Valuation andallocationDetail tie-inRealizablevalueTotal of inventory items agrees with general ledgerInventories h

18、ave been written down where net realizable value is impaired Rights and obligations Rights andobligationsThe company has title to all inventory items listedInventories are not pledged as collateral第34页/共42页第35页/共42页Occurrenceand rights andobligationsOccurrenceand rights andobligationsNotes payable a

19、s described in thefootnotes exist and areobligations of the companyCompletenessCompletenessAll required disclosures relatedto notes payable are included inthe financial statement footnotes第36页/共42页Valuation andallocationValuation andallocationFootnote disclosures related tonotes payable are accurate.ClassificationandunderstandabilityC