审计咨询人员课程训练1

18-1©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/BeasleyCompletingtheAuditChapter1818-2©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/BeasleyLearningObjective1Conductareviewforcontingentliabilitiesandcommitments.18-3©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/BeasleySummaryoftheAuditProcessPhaseIPlananddesignanauditapproach.PhaseIIPerformtestsofcontrolsandsubstantivetestsoftransactions.PhaseIIIPerformanalyticalproceduresandtestsofdetailsofbalances.PhaseIVCompletetheauditandissueanauditreport.18-4©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/BeasleyPhaseIV–CompletingtheAuditReviewforcontingentliabilitiesReviewforsubsequenteventsAccumulatefinalevidenceEvaluateresultsIssueauditreportCommunicatewithauditcommitteeandmanagement18-5©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/BeasleyAcontingentliabilityispotentialfutureobligationtoanoutsidepartyforanunknownamountresultingfromactivitiesthathavealreadytakenplace.ContingentLiabilities18-6©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/BeasleyLikelihoodofOccurrenceandFinancialStatementTreatmentLikelihoodofFinancialStatementOccurrenceofEventTreatmentRemote(slightchance)NodisclosurenecessaryReasonablypossibleFootnotedisclosureProbableAdjustfinancialstatementsORfootnotedisclosure18-7©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/BeasleyAuditProceduresforFindingContingenciesInquireofmanagement(orallyandinwriting)aboutthepossibilityofunrecordedcontingencies.Reviewcurrentandpreviousyears’internalrevenuereportsforincometaxsettlements.Reviewtheminutesofdirectors’andstockholders’meetingsforindicationsoflawsuits.18-8©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/BeasleyAuditProceduresforFindingContingenciesAnalyzelegalexpensesandreviewinvoicesandstatementsfromlegalcounsel.Obtainaletterfromeachmajorattorneyoftheclientastothestatusofpendinglitigation.Examinelettersofcreditinforce.Reviewauditdocumentationforanyinformationthatmayindicateapotentialcontingency.18-9©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/BeasleyLearningObjective2Obtainandevaluatelettersfromtheclient’sattorneys.18-10©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/BeasleyAlistincluding(1)pendingthreatenedlitigationand(2)assertedorunassertedclaimsorassessmentswithwhichtheattorneyhashadinvolvement.Arequestthattheattorneyfurnishinformationorcommentabouttheprogressofeachitemlisted.InquiryofClient’sAttorneys18-11©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/BeasleyArequestfortheidentificationofanyunlistedpendingorthreatenedlegalactionorastatementthattheclient’slistiscomplete.Astatementinformingtheattorneyoftheattorney’sresponsibilitytoinformmanagementoflegalmattersrequiringdisclosureinthefinancialstatementsandtoresponddirectlytotheauditor.InquiryofClient’sAttorneys18-12©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/BeasleyLearningObjective3Conductapost-balance-sheetreviewforsubsequentevents.18-13©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/BeasleyPeriodCoveredbySubsequentEventsReviewClient’sendingbalancesheetdateAuditreportdateDateclientissuesfinancialstatementsPeriodtowhichreviewforsubsequenteventsappliesPeriodforprocessingthefinancialstatements12-31-023-11-033-26-0318-14©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/BeasleyThosethathaveadirecteffectonthefinancialstatementsandrequireadjustmentThosethathavenodirecteffectonthefinancialstatementsbutforwhichdisclosureisadvisableTypesofSubsequentEvents18-15©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/Beasley•Declarationofbankruptcybyacustomerwithanaccountsreceivablebalance.•SettlementofalitigationatanamountdifferentfromtheamountrecordedonthebooksRequiringAdjustment18-16©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/Beasley•Disposalofequipmentnotbeingusedinoperationsatapricebelowthecurrentbookvalue•SaleofinvestmentsatapricebelowrecordedcostRequiringAdjustment18-17©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/BeasleyAdvisabilityofDisclosure•Declineinthemarketvalueofsecuritiesheldfortemporaryinvestmentorresale•Issuanceofbondsorequitysecurities•Declineinthemarketvalueofinventoryasconsequenceofgovernmentactionbarringfurthersaleofaproduct•Uninsuredlossofinventoriesasaresultoffire•Amergeroranacquisition18-18©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/BeasleyInquiryofmanagementCorrespondwithattorneysReviewinternalstatementspreparedsubsequenttothebalancesheetdateReviewrecordspreparedsubsequenttothebalancesheetdateExamineminutesissuedsubsequenttothebalancesheetdateObtainaletterofrepresentationAuditTests18-19©2003PrenticeHallBusinessPublishing,EssentialsofAuditing1/e,Arens/Elder/BeasleyThefirstdateisthedateforthecompleti