Chapter06AuditResponsibilitiesandObjectives(审

6-1©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderAuditResponsibilitiesandObjectivesChapter66-2©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderLearningObjective1Explaintheobjectiveofconductinganauditoffinancialstatementsandanauditofinternalcontrols.6-3©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderObjectiveofConductinganAuditofFinancialStatementsTheobjectiveoftheordinaryauditoffinancialstatementsistheexpressionofanopinionofthefairnesswithwhichtheypresentfairly,inallrespects,financialposition,resultofoperations,anditscashflowsinconformitywithGAAP.6-4©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderStepstoDevelopAuditObjectivesUnderstandobjectivesandresponsibilitiesfortheaudit.12Dividefinancialstatementsintocycles.3Knowmanagementassertionsaboutaccounts.6-5©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderStepstoDevelopAuditObjectivesKnowgeneralauditobjectivesforclassesoftransactionsandaccounts.45Knowspecificauditobjectivesforclassesoftransactionsandaccounts.6-6©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderLearningObjective2Distinguishmanagement’sresponsibilityforthefinancialstatementsandinternalcontrolfromtheauditor’sresponsibilityforverifyingthefinancialstatementsandeffectivenessofinternalcontrol.6-7©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderManagement’sResponsibilitiesManagementisresponsibleforthefinancialstatementsandforinternalcontrol.TheSarbanes–OxleyActincreasesmanagement’sresponsibilityforthefinancialstatements.ItrequirestheCEOandtheCFOofpubliccompaniestocertifythequarterlyandannualfinancialstatementssubmittedtotheSEC.6-8©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderManagement’sResponsibilitiesTheSarbanes-OxleyActprovidesforcriminalpenaltiesforanyonewhoknowinglyfalselycertifiesthestatements.6-9©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderLearningObjective3Explaintheauditor’sresponsibilityfordiscoveringmaterialmisstatements.6-10©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderAuditor’sResponsibilities–Materialversusimmaterialmisstatements–Reasonableassurance–Errorsversusfraud–Professionalskepticism–Fraudresultingfromfraudulentfinancialreportingversusmisappropriationofassets6-11©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderAuditor’sResponsibilitiesforDiscoveringIllegalActsDirect-effectillegalactsIndirect-effectillegalactsEvidenceaccumulationwhenthereisnoreasontobelieveindirect-effectillegalactexists6-12©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderAuditor’sResponsibilitiesforDiscoveringIllegalActsEvidenceaccumulationandotheractionswhenthereisreasontobelievedirect-orindirect-effectillegalactsmayexistActionswhentheauditorknowsofanillegalact6-13©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderLearningObjective4Classifytransactionsandaccountbalancesintofinancialstatementcyclesandidentifybenefitsofacycleapproachtosegmentingtheaudit.6-14©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderFinancialStatementsCyclesAuditsareperformedbydividingthefinancialstatementsintosmallersegmentsorcomponents.6-15©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderTransactionFlowExampleLedgers,TrialBalance,andFinancialStatementsGeneralledgerandsubsidiaryrecordsGeneralledgertrialbalanceFinancialstatementsAcquisitionofgoodsandservicesSalesCashreceiptsTransactionsCashreceiptsjournalSalesjournalAcquisitionsjournalJournals6-16©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderTransactionFlowExampleAllocationandadjustmentsCashdisbursementsPayrollservicesanddisbursementsLedgers,TrialBalance,andFinancialStatementsGeneralledgerandsubsidiaryrecordsGeneralledgertrialbalanceFinancialstatementsTransactionsPayrolljournalCashdisbursementsjournalGeneraljournalJournals6-17©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderRelationshipsAmongTransactionCyclesGeneralcashCapitalacquisitionandrepaymentcycleSalesandcollectioncycleAcquisitionandpaymentcyclePayrollandpersonnelcycleInventoryandwarehousingcycle6-18©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderLearningObjective5Describewhytheauditorobtainsacombinationofassurancebyauditingclassoftransactionsandendingbalancesinaccounts.6-19©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderBalanceandTransactionsAffectingBalancesExampleBeginningbalanceSales$17,521$144,328$137,087Cashreceipts$1,242SalesreturnsandallowancesCharge-offofuncollectibleaccountsEndingbalance$20,197$3,323AccountsReceivable(inthousands)6-20©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderLearningObjective6Distinguishamongthefivecategoriesofmanagementassertionsaboutfinancialinformation.6-21©2006PrenticeHallBusinessPublishing,Auditing11/e,Arens/Beasley/ElderManagementAssertions1.Existenceoroccurrence2.Completeness3.Valuationorallocation4.Rightsan