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AuditComfortCycle4KeyQuestionsWhatdoesmanagementneedtogetcomforton?Howdoesmanagement
getcomfort?Aretheyentitledtothatcomfort?Canweauditthatcomfort?Market
OverviewStrategyValue
Creating
ActivitiesFinancial
PerformanceOTHERAUDITPROCEDURESFINANCIALSTATEMENTSCOMPLETIONACCEPTANCE/CONTINUANCEASSESSMENTSUBSTANTIVEAUDITEVIDENCEMAINLYSUBSTANTIVEANALYTICALPROCEDURESSIGNIFICANTCONTROLSCOMFORTNO/LIMITEDCONTROLSCOMFORTMAINLYTESTS
OFDETAILS0AuditComfortCycle4KeyQuesScoping:FormingaPointofViewPerformcompanyandindustryanalyticalproceduresResearchandanalyzeexternalcommunicationsPartnersconnectwithstaffmembersDocumenttheteam’sunderstandingofthebusinessKnowledgebrokertocaptureandshareindustryinformationFormapointofviewontherisksthatmanagement
shouldbeconcernedabout1Scoping:FormingaPointofVScoping:
BusinessAnalysisFramework2Scoping:
BusinessAnalysisF33StrategicAnalysis
Understandtheclient’sstrategicadvantage4StrategicAnalysis
Understand5566RiskAssessmentUnderstandtherisksthatthreatenattainmentoftheclient’sbusinessobjectives“Theprimarygoalofmanagementcontrolistoensurethatriskmonitoringandcontrolactivitiesarealignedproperlywithoverallstrategicobjectives”p.35StrategicrisksProcessrisks7RiskAssessment7Scoping:
RiskAssessment–KeyRisks
KeyRiskWeidentifyauditriskthroughunderstandingtheentity’sbusinessobjectivesandrelatedrisks.Business
RisksAudit
Risks
KeyRisk
KeyRisk
KeyRisk
KeyRiskKeyrisksarethoseconditionsorfactorswithinanauditthat,inthejudgmentoftheauditor,giverisetoagreaterriskofmaterialfinancialmisstatementorothermattersresultingintheissuanceofaninappropriateauditreport.
8Scoping:
RiskAssessment–KeyScoping:AnalyticalProceduresHighLevelUnderstandthebusinessIdentifyareasofriskDisaggregatedAccountLevelDeterminethenature,timing&extentoftestingExternalbenchmarkingtopeers,markettrendsLookingforanomalies,areasofriskUseofextensiveknowledgemanagementtoolsavailable9Scoping:AnalyticalProceduresBusinessProcessAnalysis
UnderstandthekeyprocessesandrelatedcompetenciesneededtorealizestrategicadvantageProcessdrivencompetitionMeasureandbenchmarkprocessperformanceDocumentunderstandingoftheclient’sabilitytocreatevalueandgeneratefuturecashflowsusingaclientbusinessmodel,processanalyses,keyperformanceindicators,andabusinessriskprofile10BusinessProcessAnalysis
UndeBusinessRisksrelatedtoachievingObjectives………………BusinessProcessACompletenessAccuracyValidityRestrictedAccessBusinessProcessBCompletenessAccuracyValidityRestrictedAccessBusinessProcessCCompletenessAccuracyValidityRestrictedAccessAccountBalancesandTransactionsAccountBalancesandTransactionsGeneralComputerControlsAccountBalancesandTransactionsConnectingtheDots…BusinessObjectivesFinancialStatementAssertions/
AuditObjectivesClassesofTransactionsOccurrenceCompletenessAccuracyCutoffClassificationAccountBalancesRights&ObligationsExistenceCompletenessAccuracy/ValuationPresentation&DisclosureOccurrence/R&OCompletenessUnderstandabilityAccuracy/Valuation11BusinessBusinessProcessABus1212Assessimplicationsforbusinessandaudit
Isriskidentificationcomplete?Aretheyprioritizedproperly?Aretherecontrolstominimizeriskstoacceptablelevel?Doaccountingchoicesanddisclosuresadequatelyreflectuncontrolledrisks?Groupsresidualbusinessriskbyfinancialstatementassertion13AssessimplicationsforbusineScopingTranslatedintoAuditStrategyWherecontrolsoversignificantaccountbalancesorclassesoftransactionarenotaligned,wewillneedtoperformsubstantivetestsofdetails.StakeholdersRisksControlsAlignmentBusinessObjectives14ScopingTranslatedintoAuditBusinessMeasurement
UsethecomprehensivebusinessknowledgedecisionframetodevelopexpectationsaboutkeyassertionsembodiedintheoverallfinancialstatementsComparereportedfinancialresulttoexpectationsanddesignadditionalaudittestworktoaddressanygapsbetweenexpectationsandreportedresultsTransactionbasedauditingproceduresareappliedtonon-routinetransactionsandnon-routineandhighlyjudgmentalaccountingestimates(p.36).ComputeraudittechniquesfilterroutinetransactionsforunusualitemsAdditionaltestworkisperformedwheninterrelatedfinancialandNonfinancialperformancemeasuresareinconsistentandwhenkeyfinancial-statementassertionsarenotconsistentwiththeauditor’sunderstandingoftheorganization’sstrategic-systemsdynamicQualityofearningsareassessedProcessperformanceevaluatedonCycletimeProcessqualityProcesscost15BusinessMeasurement
UsethecScoping:AuditTeamofSpecialistsOurbestteamsuseourspecialistcapabilitiestohelpinformingapointofview.StakeholdersBusinessObjectivesFinancialRiskBusinessProcessEnterprise-wideRiskSystems&TechnologyEnergyTradingRiskBusinessResilienceProjectManagementInternalAuditSecurityDataRiskRegulatory/CompliancePerformanceImprovementTreasuryRisksControlsAlignmentComputer-AssistedAuditTechniquesFraud16Scoping:AuditTeamofSpecialAuditComfortCycle4KeyQuestionsWhatdoesmanagementneedtogetcomforton?Market
OverviewStrategyValue
Creating
ActivitiesFinancial
PerformanceOTHERAUDITPROCEDURESFINANCIALSTATEMENTSCOMPLETIONACCEPTANCE/CONTINUANCEASSESSMENTSUBSTANTIVEAUDITEVIDENCEMAINLYSUBSTANTIVEANALYTICALPROCEDURESSIGNIFICANTCONTROLSCOMFORTNO/LIMITEDCONTROLSCOMFORTMAINLYTESTS
OFDETAILSHowdoesmanagementgetcomfort?Aretheyentitledtothatcomfort?Canweauditthatcomfort?17AuditComfortCycle4KeyQuest“TakingStock”:Real-TimeLinkageintheIterativeProcessShareteammembers’cumulativeknowledgeUpdateriskidentificationandassessmentConsidertheauditcomfortgainedtodate,byauditassertionAnswer:“Dowehaveenoughcomfort?”Answer:“Whatdowedonext?”18“TakingStock”:Real-TimeLinkSubstantiveAuditEvidenceMarket
OverviewStrategyValue
Creating
ActivitiesFinancial
PerformanceOTHERAUDITPROCEDURESFINANCIALSTATEMENTSCOMPLETIONACCEPTANCE/CONTINUANCEASSESSMENTSUBSTANTIVEAUDITEVIDENCEMAINLYSUBSTANTIVEANALYTICALPROCEDURESSIGNIFICANTCONTROLSCOMFORTNO/LIMITEDCONTROLSCOMFORTMAINLYTESTS
OFDETAILS19SubstantiveAuditEvidenceMarkAssuranceHierarchyWillweobtainauditassurancefromtestsofcontrols?Testcontrols.Nofurthertestingrequired.Canweobtainauditassurancefromsubstantiveanalyticalprocedures?Performsubstantiveanalyticalprocedures.Performtestsofdetails.Doweneedadditionalauditassurance?NoYesNoNoYesYes20AssuranceHierarchyWillweobtOtherAuditProceduresMarket
OverviewStrategyValue
Creating
ActivitiesFinancial
PerformanceOTHERAUDITPROCEDURESFINANCIALSTATEMENTSCOMPLETIONACCEPTANCE/CONTINUANCEASSESSMENTSUBSTANTIVEAUDITEVIDENCEMAINLYSUBSTANTIVEANALYTICALPROCEDURESSIGNIFICANTCONTROLSCOMFORTNO/LIMITEDCONTROLSCOMFORTMAINLYTESTS
OFDETAILS21OtherAuditProceduresMarketOOtherAuditProcedures:
MoreConnectingtheDotsLinkmanagementinformationtofinancialstatementsReviewadjustmentsnecessarytoreconcilemanagementinformationtothefinancialstatementsReviewnon-standardjournalentriesandotheradjustmentstoascertainwhetherentriesmaybeindicativeoffraudbasedupontheriskofmanagementoverrideoncontrolsPerformongoinganalyticalprocedures,includingupdatinganalyticalproceduresrelatedtorevenue22OtherAuditProcedures:
MoreContinuousImprovementFeedbacktocapitalsuppliersandinsideprocessowners23ContinuousImprovement23AuditComfortCycle4KeyQuestionsWhatdoesmanagementneedtogetcomforton?Howdoesmanagement
getcomfort?Aretheyentitledtothatcomfort?Canweauditthatcomfort?Market
OverviewStrategyValue
Creating
ActivitiesFinancial
PerformanceOTHERAUDITPROCEDURESFINANCIALSTATEMENTSCOMPLETIONACCEPTANCE/CONTINUANCEASSESSMENTSUBSTANTIVEAUDITEVIDENCEMAINLYSUBSTANTIVEANALYTICALPROCEDURESSIGNIFICANTCONTROLSCOMFORTNO/LIMITEDCONTROLSCOMFORTMAINLYTESTS
OFDETAILS24AuditComfortCycle4KeyQuesScoping:FormingaPointofViewPerformcompanyandindustryanalyticalproceduresResearchandanalyzeexternalcommunicationsPartnersconnectwithstaffmembersDocumenttheteam’sunderstandingofthebusinessKnowledgebrokertocaptureandshareindustryinformationFormapointofviewontherisksthatmanagement
shouldbeconcernedabout25Scoping:FormingaPointofVScoping:
BusinessAnalysisFramework26Scoping:
BusinessAnalysisF273StrategicAnalysis
Understandtheclient’sstrategicadvantage28StrategicAnalysis
Understand295306RiskAssessmentUnderstandtherisksthatthreatenattainmentoftheclient’sbusinessobjectives“Theprimarygoalofmanagementcontrolistoensurethatriskmonitoringandcontrolactivitiesarealignedproperlywithoverallstrategicobjectives”p.35StrategicrisksProcessrisks31RiskAssessment7Scoping:
RiskAssessment–KeyRisks
KeyRiskWeidentifyauditriskthroughunderstandingtheentity’sbusinessobjectivesandrelatedrisks.Business
RisksAudit
Risks
KeyRisk
KeyRisk
KeyRisk
KeyRiskKeyrisksarethoseconditionsorfactorswithinanauditthat,inthejudgmentoftheauditor,giverisetoagreaterriskofmaterialfinancialmisstatementorothermattersresultingintheissuanceofaninappropriateauditreport.
32Scoping:
RiskAssessment–KeyScoping:AnalyticalProceduresHighLevelUnderstandthebusinessIdentifyareasofriskDisaggregatedAccountLevelDeterminethenature,timing&extentoftestingExternalbenchmarkingtopeers,markettrendsLookingforanomalies,areasofriskUseofextensiveknowledgemanagementtoolsavailable33Scoping:AnalyticalProceduresBusinessProcessAnalysis
UnderstandthekeyprocessesandrelatedcompetenciesneededtorealizestrategicadvantageProcessdrivencompetitionMeasureandbenchmarkprocessperformanceDocumentunderstandingoftheclient’sabilitytocreatevalueandgeneratefuturecashflowsusingaclientbusinessmodel,processanalyses,keyperformanceindicators,andabusinessriskprofile34BusinessProcessAnalysis
UndeBusinessRisksrelatedtoachievingObjectives………………BusinessProcessACompletenessAccuracyValidityRestrictedAccessBusinessProcessBCompletenessAccuracyValidityRestrictedAccessBusinessProcessCCompletenessAccuracyValidityRestrictedAccessAccountBalancesandTransactionsAccountBalancesandTransactionsGeneralComputerControlsAccountBalancesandTransactionsConnectingtheDots…BusinessObjectivesFinancialStatementAssertions/
AuditObjectivesClassesofTransactionsOccurrenceCompletenessAccuracyCutoffClassificationAccountBalancesRights&ObligationsExistenceCompletenessAccuracy/ValuationPresentation&DisclosureOccurrence/R&OCompletenessUnderstandabilityAccuracy/Valuation35BusinessBusinessProcessABus3612Assessimplicationsforbusinessandaudit
Isriskidentificationcomplete?Aretheyprioritizedproperly?Aretherecontrolstominimizeriskstoacceptablelevel?Doaccountingchoicesanddisclosuresadequatelyreflectuncontrolledrisks?Groupsresidualbusinessriskbyfinancialstatementassertion37AssessimplicationsforbusineScopingTranslatedintoAuditStrategyWherecontrolsoversignificantaccountbalancesorclassesoftransactionarenotaligned,wewillneedtoperformsubstantivetestsofdetails.StakeholdersRisksControlsAlignmentBusinessObjectives38ScopingTranslatedintoAuditBusinessMeasurement
UsethecomprehensivebusinessknowledgedecisionframetodevelopexpectationsaboutkeyassertionsembodiedintheoverallfinancialstatementsComparereportedfinancialresulttoexpectationsanddesignadditionalaudittestworktoaddressanygapsbetweenexpectationsandreportedresultsTransactionbasedauditingproceduresareappliedtonon-routinetransactionsandnon-routineandhighlyjudgmentalaccountingestimates(p.36).ComputeraudittechniquesfilterroutinetransactionsforunusualitemsAdditionaltestworkisperformedwheninterrelatedfinancialandNonfinancialperformancemeasuresareinconsistentandwhenkeyfinancial-statementassertionsarenotconsistentwiththeauditor’sunderstandingoftheorganization’sstrategic-systemsdynamicQualityofearningsareassessedProcessperformanceevaluatedonCycletimeProcessqualityProcesscost39BusinessMeasurement
UsethecScoping:AuditTeamofSpecialistsOurbestteamsuseourspecialistcapabilitiestohelpinformingapointofview.StakeholdersBusinessObjectivesFinancialRiskBusinessProcessEnterprise-wideRiskSystems&TechnologyEnergyTradingRiskBusinessResilienceProjectManagementInternalAuditSecurityDataRiskRegulatory/CompliancePerformanceImprovementTreasuryRisksControlsAlignmentComputer-AssistedAuditTechniquesFraud40Scoping:AuditTeamofSpecialAuditComfortCycle4KeyQuestionsWhatdoesmanagementneedtogetcomforton?Market
OverviewStrategyValue
Creating
ActivitiesFinancial
PerformanceOTHERAUDITPROCEDURESFINANCIALSTATEMENTSCOMPLETIONACCEPTANCE/CONTINUANCEASSESSMENTSUBSTANTIVEAUDITEVIDENCEMAINLYSUBSTANTIVEANALYTICALPROCEDURESSIGNIFICANTCONTROLSCOMFORTNO/LIMITEDCONTROLSCOMFORTMAINLYTESTS
OFDETAILSHowdoesmanagementgetcomfort?Aretheyentitledtothatcomfort?Canweauditthatcomfort?41AuditComfortCycle4KeyQuest“TakingStock”:Real-TimeLinkageintheIterativeProcessShareteammembers’cumulativeknowledgeUpdateriskidentificationandassessmentConsidertheauditcomfortgainedtodate,byauditassertionAnswer:“Dowehaveenoughcomfort?”Answer:“Whatdowedonext?”42“TakingStock”:Real-TimeLinkSubstantiveAuditEvidenceMarket
OverviewStrategyValue
Creating
ActivitiesFinancial
PerformanceOTHERAUD
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