审计学一种整合方法第16版 英文习题答案 928页.docx
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审计学一种整合方法第16版 英文习题答案 928页.docx
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审计学一种整合方法第16版英文习题答案928页
Chapter9
AssessingtheRiskofMaterialMisstatement
ConceptChecks
P.268
1.Theriskofmaterialmisstatementexistsattwolevels:
theoverallfinancialstatementlevelandattheassertionlevelforclassesoftransactions,accountbalances,andpresentationanddisclosures.Auditingstandardsrequiretheauditortoassesstheriskofmaterialmisstatementateachoftheselevelsandtoplantheauditinresponsetothoseassessedrisks.
2.Toobtainanunderstandingoftheentityanditsenvironment,includingtheentity’sinternalcontrols,theauditorperformsriskassessmentprocedurestoidentifyandassesstheriskofmaterialmisstatement,whetherduetofraudorerror.Riskassessmentproceduresincludethefollowing:
Inquiriesofmanagementandotherswithintheentity
Analyticalprocedures
Observationandinspection
Discussionamongengagementteammembers
Otherriskassessmentprocedures
P.284
1.Theauditriskmodelisasfollows:
PDR=AAR
IRxCR
WherePDR=Planneddetectionrisk
AAR=Acceptableauditrisk
IR=Inherentrisk
CR=Controlrisk
PlanneddetectionriskAmeasureoftheriskthatauditevidenceforasegmentwillfailtodetectmisstatementsthatcouldbematerial,shouldsuchmisstatementsexist.
AcceptableauditriskAmeasureofhowwillingtheauditoristoacceptthatthefinancialstatementsmaybemateriallymisstatedaftertheauditiscompletedandanunmodifiedopinionhasbeenissued.
InherentriskAmeasureoftheauditor’sassessmentofthesusceptibilityofanassertiontomaterialmisstatementbeforeconsideringtheeffectivenessofinternalcontrol.
ConceptCheck,P.284(continued)
ControlriskAmeasureoftheauditor’sassessmentoftheriskthatamaterialmisstatementcouldoccurinanassertionandnotbepreventedordetectedbytheclient’sinternalcontrols.
Auditingstandardsnotethatthecombinationofinherentriskandcontrolriskreflectstheriskofmaterialmisstatement.
2.Anincreaseinplanneddetectionriskmaybecausedbyanincreaseinacceptableauditriskoradecreaseineithercontrolriskorinherentrisk.Adecreaseinplanneddetectionriskiscausedbytheopposite:
adecreaseinacceptableauditriskoranincreaseincontrolriskorinherentrisk.
ReviewQuestions
9-1Thepartsofplanningare:
acceptclientandperforminitialplanning,understandtheclient’sbusinessandindustry,performpreliminaryanalyticalprocedures,setpreliminaryjudgmentofmaterialityandperformancemateriality,identifysignificantrisksduetofraudorerror,assessinherentrisk,understandinternalcontrolandassesscontrolrisk,andfinalizeoverallauditstrategyandauditplan.Theevaluationofriskisanexplicitcomponentofpartfive(identifysignificantrisks,includingfraudrisks),partsix(assessinherentrisk),andpartseven(controlrisk).
9-2Theriskofmaterialmisstatementattheoverallfinancialstatementlevelreferstorisksthatrelatepervasivelytothefinancialstatementsasawholeandpotentiallyaffectanumberofdifferenttransactionsandaccounts.Itisimportantfortheauditortoconsiderrisksattheoverallfinancialstatementlevelgiventhoserisksmayincreasethelikelihoodofrisksofmaterialmisstatementacrossanumberofaccountsandassertionsforthoseaccounts.
9-3Anumberofoverarchingfactorsmayincreasetherisksofmaterialmisstatementattheoverallfinancialstatementlevel.Forexample,deficienciesinmanagement’sintegrityorcompetence,ineffectiveoversightbytheboardofdirectors,orinadequateaccountingsystemsandrecordsincreasethelikelihoodthatmaterialmisstatementsmaybepresentinanumberofassertionsaffectingseveralclassesoftransactions,accountbalances,orfinancialstatementdisclosures.Similarly,decliningeconomicconditionsorsignificantchangesintheindustrymayincreasetheriskofmaterialmisstatementattheoverallfinancialstatementlevel.
9-4Concernabouttheclientpotentiallyrecordingrevenuesthatdidnotoccurwouldrelatetotheoccurrencetransaction-relatedauditobjective.Inthiscase,theauditorwouldassesstheriskofoccurrenceashigh.
9-5Theauditorperformsrisksassessmentprocedurestoidentifyandassesstheriskofmaterialmisstatement,whetherduetofraudorerror.Riskassessmentproceduresincludethefollowing:
1.Inquiriesofmanagementandotherswithintheentity:
Becausemanagementandothers,includingthosechargedwithgovernanceandinternalaudit,haveimportantinformationtoassisttheauditorinidentifyingrisksofmaterialmisstatements,theauditorwillmakeanumberofinquiriesoftheseindividualstounderstandtheentityanditsenvironment,includinginternalcontrol,andtoaskthemabouttheirassessmentsoftherisksofmaterialmisstatements.
2.Analyticalprocedures:
AsnotedinChapter8,auditorsarerequiredtoperformpreliminaryanalyticalproceduresaspartofauditplanningtobetterunderstandtheentityandtoassessclientbusinessrisks.
3.Observationandinspection:
Auditorsobservetheentity’soperationsandtheyinspectdocuments,suchastheorganization’sstrategicplan,businessmodel,anditsorganizationalstructuretoincreasetheauditor’sunderstandingofhowthebusinessisstructuredandhowitorganizeskeybusinessfunctionsandleadersintheoversightofday-to-dayoperations.
4.Discussionamongengagementteammembers:
Auditingstandardsrequiretheengagementpartnerandotherkeyengagementteammemberstodiscussthesusceptibilityoftheclient’sfinancialstatementstomaterialmisstatement.Thisincludesexplicitdiscussionaboutthesusceptibilityoftheclient’sfinancialstatementstofraud,inadditiontotheirsusceptibilityofmaterialmisstatementduetoerrors.
5.Otherriskassessmentprocedures:
Theauditormayperformotherprocedurestoassistintheauditor’sassessmentoftheriskofmaterialmisstatement.
9-6Inadditiontomakinginquiriesofindividualsinvolvedinfinancialreportingpositions,auditorsbenefitfromobtaininginformationordifferentperspectivesthroughinquiriesofotherswithintheentityandotheremployeeswithdifferentlevelsofauthority.Additionally,inquiriesofthosechargedwithgovernance,suchastheboardofdirectorsorauditcommittee,mayprovideimportantinsightsabouttheoverallcompetitiveenvironmentandstrategyofthebusinessthatmayprovideimportantinsightsaboutoverallclientbusinessrisks.Similarly,becauseinternalauditorstypicallyhaveexposuretoallaspectsoftheclient’sbusinessandoperations,theymayhaveimportantinformationaboutrisksattheoverallfinancialstatementlevelorassertionlevel.Mostinternalauditfunctionsdeveloptheirinternalauditscopebasedonariskassessmentprocessthatconsidersriskstodesigntheirauditstrategies.
9-7Auditingstandardsrequiretheengagementpartnerandotherkeyengagementteammemberstodiscussthesusceptibilityoftheclient’sfinancialstatementstomaterialmisstatement.Discussionamongtheengagementpartnerandotherkeymembersoftheengagementteamprovidesanopportunityformoreexperiencedteammembers,includingtheengagementpartner,toshare
9-7(continued)
theirinsightsabouttheentityanditsenvironment,includingtheirunderstandingofinternalcontrols,withothermembersoftheengagementteam.Thediscussionshouldincludeanexchangeofideasorbrainstormingamongtheengagementteammembersaboutbusinessrisksandhowandwherethefinancialstatementsmightbesusceptibletomaterialmisstatement,whetherduetofraudorerror.Byincludingkeymembersoftheengagementteamindiscussionswiththeengagementpartner,allmembersoftheengagementteambecomebetterinformedaboutthepotentialformaterialmisstatementofthefinancialstatementsinspecificareasoftheauditassignedtothem,andithelpsthemgainanappreciationforhowtheresultsofauditproceduresperformedbythemaffectotherareasoftheaudit.
9-8Auditingstandardsexplicitlyrequirethatdiscussionamongengagementteammembersconsiderthesusceptibilityoftheclient’sfinancialstatementstofraud,inadditiontotheirsusceptibilityofmaterialmisstatementduetoerrors.Whileauditingstandardsspecificallyrequireadiscussionamongthekeyengagementteammembers,includingtheengagementpartner,abouthowandwheretheentity’sfinancialstatementsmaybesusceptibletomaterialmisstatementduetofraud,thiscanbeheldconcurrentlywiththediscussionaboutthesusceptibilityofthefinancialstatementstomaterialmisstatementduetoerror.Thesediscussionsshouldincludeanexchangeofideasorbrainstormingamongtheengagementteammembersaboutbusinessrisksandhowandwherethefinancialstatementsmightbesusceptibletomaterialmisstatement,whetherduetofraudorerror.
9-9Whileauditorsperformriskassessmentprocedurestoassesstheriskofmaterialmisstatementduetofraudorerror,auditingstandardsrequiretheauditortoexplicitlyconsiderfraudriskbecausetheriskofnotdetectingamaterialmisstatementduetofraudishigherthantheriskofnotdetectingamisstatementduetoerror.Fraudofteninvolvescomplexandsophisticatedschemesdesignedbyperpetratorstoconcealit,suchasforgeryofapprovalsandauthorizationsforunusualcashdisbursementtransactionsorintentionaleffortstonotrecordatransactionintheaccountingrecords.And,individualsengagedinconductingafraudoftenintentionallymisrepresentinformationtotheauditor,andtheymaytrytoconcealthetransactionthroughcollusionwithothers.Asaresult,explicitlyfocusingontherisksofmaterialmisstatementsduetofraudhelpstheauditorapplyprofessionalskeptici
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