审计概念与方法 现行理论与实务指南 英文版·第6版PDF电子书下载

CHAPTER 1 The Audit Function-An Overvie?v 1

HISTORY OF THE AUDIT FUNCTION 2

Independent Audits Prior to 1900 2

Twentieth-Century Developments 3

AUDITING DEFINED 4

Financial Auditing 4

Other Types of Audits 5

The Need for Audits of Financial Statements 5

The Standard Report 6

THE AUDIT REPORT 6

Generally Accepted Accounting Principles 10

Report Title,Address,Signature,and Date 11

Departures from the Standard Report 12

Generally Accepted Auditing Standards 13

THE INDEPENDENT AUDITOR 16

Types of CPA Firms 16

Internal Structure of a CPA Firm 18

OTHER TYPES OF AUDITORS AND AUDITS 20

Compliance Audits 21

Operational Audits 25

Internal Audits 25

CHAPTER I ASSIGNMENTS 26

CHAPTER 2 Professional Ethics and the Auditing Environment 38

PROFESSIONAL STATUS―FRAMEWORK OF THE ENVIRONMENT 39

Systematic Theory 40

Professional Authority 40

Community Sanction 40

Regulative Code 41

A Culture 41

NATURE OF THE ENVIRONMENT 41

SELF-REGULATION BY THE PUBLIC ACCOUNTING PROFESSION 42

The Organizations Involved 43

The Code of Professional Conduct 45

Quality Control within CPA Firms 54

Mandatory Continuing Professional Education 55

Monitoring and Enforcement 55

EXTERNAL REGULATION 56

The Securities and Exchange Commission 57

Legal Liability 59

CHAPTER 2 ASSIGNMENTS 59

CHAPTER 3 Legal Liability 69

THE LEGAL ENVIRONMENT 70

CIVIL LIABILITY 71

Liability to Clients 72

Liability to Third Parties―Common Law 73

Liability to Third Parties―Statutory Law 78

CRIMINAL LIABILITY 81

NOTED LEGAL CASES 82

Bar Chris 82

U.S. Financial 83

Continental Vending 83

Yale Express 83

National Student Marketing 84

1136 Tenants Corporation 84

Equity Funding 84

Fund of Funds 85

Credit Alliance 86

Mann Judd Landau 86

ESM 87

Bily 87

SELF-PROTECTION AGAINST LIABILITY 88

Crazy Eddie 88

TORT REFORM 89

FORENSIC ACCOUNTING 89

CHAPTER 3 ASSIGNMENTS 90

CHAPTER 4 The Elements of Auditing 97

EVIDENCE, ASSERTIONS,AND PROCEDURES 99

Auditing Procedures 99

Evidential Matter and Its Relationship to Procedures 101

Financial Statement Assertions and Audit Objectives 103

OVERVIEW OF THE AUDIT RISK MODEL 106

Types of Tests of Controls 107

TYPES OF AUDIT TESTS 107

Classification by Purpose of Test 107

Types of Substantive Tests 108

OVERVIEW OF AN AUDIT OF FINANCLAL STATEMENTS 109

WORK PAPERS 110

The Function of Work Papers 110

The Contents and Requirements of Work Papers 111

Legal Aspects of Work Papers 113

Mechanics of Work Paper Preparation 114

Illustrative Audit Work Papers 115

CHAPTER 4 ASSIGNMENTS 120

CHAPTER 5 Understanding the Client and General Planning 128

CLIENT ACCEPTANCE AND CONTINUANCE 129

Quality Control Policies and Procedurse 130

Communication with a Predecessor Auditor 130

Engagement Letters 131

Conferences with Client Personnel 131

KNOWLEDGE OF THE BUSINESS 133

Organization Structure 133

Operations of Legal Structure 134

Industry and Economic Conditions 136

GENERAL PLANNING AND THE PRELIMINARY AUDIT PLAN 137

General Planning Decisions to Be Made 137

Knowledge Obtained to Prepare Preliminary Audit Plan 137

Procedures in Preparing Preliminary Audit Plan 138

AUDIT DECISIONS IN PRELIMINARY PLANNING 138

Understanding the Internal Control Structure and the Control Risk Assessment 138

Materiality and Audit Risk 139

Special Areas of Audit Risk 143

Overall Timing of Engagement 149

Involvement of Specialists and Others 152

Assignment and Scheduling of Audit Staff 154

ANALYTICAL PROCEDURES 155

Use of Analytical Procedures 155

Analytical Procedures in Planning the Audit 156

Analytical Procedures as Substantive Tests 157

Analytical Procedures in the Overall Review 158

Data Used in Analytical Proceduress 159

CHAPTER 5 ASSIGNMENTS 159

CHAPTER 6 Understanding the Internal Control Structure and Assessing Control Risk 176

AUDIT STRATEGY AND THE INTERNAL CONTROL STRUCTURE 177

Audit Logic and the Internal Control Structure 178

Internal Control Structure Concepts 179

Internal Control Structure Objectives 180

Detailed Objectives of Internal Control 181

COMPONENTS OF THE INTERNAL CONTROL STRUCTURE 182

Control Environment 182

Monitoring 184

Risk Assessment 186

Information and Communication 186

Control Activities 192

An Overview of the Auditor s Consideration 198

THE AUDITOR S CONSIDERATION OF THE INTERNAL CONTROL STRUCTURE IN A FINANCIAL STATEMENT AUDIT 198

Organizing the Auditor s Consideration 203

Understanding the Internal Control Structure 205

Documenting the Understanding 207

Assessing Control Risk 211

Tests of Controls 214

Documentation of the Assessment of Control Risk 217

Effect on Design of Substantive Tests 217

THE FOREIGN CORRUPT PRACTICES ACT 218

CHAPTER 6 ASSIGNMENTS 219

CHAPTER 7 Planning Tests of Detalls of Transactions and Balances 231

DESIGNING AUDIT PROGRAMS―AN INTRODUCTION 232

Decisions to Be Made 233

Considerations in Deciding on Nature,Timing,and Extent 235

Efficiency and Effectiveness of Audit Tests 235

DIRECT TESTS OF BALANCES 236

Nature of Financial Statement Component and Audit Objectives 237

Materiality at the Account Balance Level 239

Audit Risk an the Account Balance Level 244

Efficiency of Audit Tests 251

Relation of Tests of Transaction Classes to Direct Tests of Balances 258

TESTS OF TRANSACTION CLASSES 258

Types of Tests of Transaction Classes 259

Planning the Scope of Tests of Transaction Classes 260

DESIGNING AUDIT PROGARMS―ADDITIONAL MATTERS 263

Revision of Audit Program as Audit Progresses 263

Client Expectations 263

Generalized Materials 263

Direct Tests of Balances at an Interim Date 264

AUDITING ACCOUNTING ESTIMATES 265

CHAPTER 7 ASSIGNMENTS 265

CHAPTER 8 Audit Sampling 276

AN INTRODUCTION TO AUDIT SAMPLING 277

Definition and Basic Features of Audit Sampling 277

Nonstatistical versus Statistical Audit Sampling 279

Representative Selection Methods 280

AUDIT SAMPLING FOR TESTS OF TRANSACTION CLASSES 283

Planning Samples for Tests of Transaction Classes 283

Selection of Samples for Tests of Transaction Classes 288

Evaluation of Sample Results of Tests of Transaction Classes 288

Statistical Sampling for Tests of Transaction Classes 290

Nonstatistical Sampling for Tests of Transaction Classes 297

Planning Samples for Direct Tests of Balances 300

AUDIT SAMPLING FOR DIRECT TESTS OF BALANCES 300

Selection of Samples for Direct Tests of Balances 302

Evaluation of Sample Results of Direct Tests of Balances 303

Nonstatistical Sampling for Direct Tests of Balances 304

Statistical Sampling for Direct Tests of Balances 308

Establishing Tolerable Misstatement for Sampling Applications 313

Other Statistical Models 316

Accounting Estimation versus Audit Hypothesis Testing 317

Mean-per-Unit Estimation 317

APPENDIX; ESTIMATION SAMPLING―AN AUDIT HYPOTHESIS TESTING APPROACH 317

Stratified Mean-Per-Unit Estimation 322

Difference Estimation 322

Ratio Estimation 323

CHAPTER 8 ASSIGNMENTS 324

CHAPTER 9 The Effect of Computers on the Audit 334

THE RELATION OF COMPUTERS TO AUDITING 335

Relation to Phases of the Audit 335

Recognizing Reliance on the Computer 337

Control Classification in Computerized Systems 338

THE INTERNAL CONTROL STRUCTURE AND COMPUTERIZED SYSTEMS 338

Auditor Use of the Computer 338

Application Controls 340

Ceneral Controls 343

CONSIDERATION OF THE COMPUTER IN PLANNING THE AUDIT 347

Understanding the Client and the Control Environment 348

Understanding the Accounting System 348

Understanding Control Activities 349

Planning Tests of Details of Transactions and Balances 350

COMPUTER-ASSISTED AUDIT TECHNIQUES 352

Testing Client Programs 353

Testing Client Files 354

Use of a Microcomputer as an Audit Tool 356

A Terminology Note 358

OTHER COMPUTER-RELATED CONSIDERATIONS 358

Real-Time Processing Systems 358

Electronic Data Interchange 358

Computer Service Centers 359

Database Management Systems 359

LANs and Other Networks 360

ADVANCED COMPUTER-ASSISTED TECHNIQUES 360

Hardware 361

APPENDIX:BASIC CONCEPTS OF COMPUTER PROCESSING 361

Software 362

Data Processing and Storage 363

CHAPTER 9 ASSIGNMENTS 366

CHAPTER 10 Tests of Transaction Classes and Related Balances 378

REVENUE,RECEIVABLES,AND RECEIPTS 379

Functions,Documents,Inputs,and Accounting Systems 380

Primary Control-Related Features 382

Potential Misstatements 384

Account Balances and Transactions 384

Tests of Transaction Classes for Sales 387

Tests of Transaction Classes for Cash Receipts 392

Tests of Adjustments to Accounts Receivable 393

Special Considerations 394

EXPENDITURES,PAYABLES,AND DISBURSEMENTS 394

Differences from the Sales Cycle 394

Functions,Documents,Inputs,and Accounting Systems 396

Primary Control-Related Features 400

Account Balances and Transactions 400

Potential Misstatements 400

Tests of Transaction Classes for Purchases for Inventory 401

Tests of Transaction Classes for Cash Disbursements 403

Variations for Other Types of Expenditure Transactions 406

RELATED DIRECT TESTS OF BALANCES 407

Accounts Receivable 407

Accounts Payable 415

Cash 419

CHAPTER 10 ASSIGNMENTS 425

CHAPTER 11 Direct Tests of Balances 447

INVENTORIES 448

Differences from the Sales and Expenditures Cycles 449

Assertions,Objectives,and Procedures 451

Observation of the Physical Inventory 453

Tests of Pricing and Summarization 456

Materiality 456

Audit Risk 457

Additional Considerations 458

LONG-TERM ASSETS AND OBLIGATIONS AND OWNERS EQUITY 459

Property and Equipment 459

Investments and Intangible Assets 463

Long-Term Obligations 465

Owners Equity 467

The Income Statement 468

THE INCOME STATEMENT AND INCOME TAXES 468

Income Taxes 471

CHAPTER 11 ASSIGNMENTS 475

CHAPTER 12 Completion of the Audit 498

NATURE OF COMPLETION AND REVIEW PROCEDURES 500

Date of the Audit Report 500

Audit Procedures after Year-End 501

SUBSEQUENT EVENTS AND RELATED REVIEW PROCEDURES 502

Subsequent Events Review 502

Subsequent Events of Audit Interest 502

Subsequent Events and the Report Date 504

Reissuance of the Audit Report 505

REPRESENTATION LETTERS 506

Legal Representation Letters 506

Client Representation Letters 508

REVIEW OF WORK PAPERS AND FINANCIAL STATEMENTS 511

Summarization and Evaluation of Audit Results 511

Evaluation of Going Concern Status 518

Financial Statement Review and Analytical Procedures 519

Administrative Completion of Work Papers 520

AFTER THE AUDIT 521

Subsequent Discovery of Facts 522

Maintaining Quality of Audit Practice 522

Subsequent Discovery of Omitted Procedures 523

CHAPTER 12 ASSIGNMEMTS 524

CHAPTER 13 The Auditor s Report 537

AUDITOR S REPORTING OBLIGATION 539

Departures from a Standard Report 540

Financial Statements and Periods Covered 542

QUALIFICATIONS, DISCLAIMERS, AND ADVERSE OPINIONS 545

Limitations on the Scope of the Audit 546

Departures from Generally Accepted Accounting Principles 548

EXPLANATORY LANGUAGE ADDED TO THE STANDARD REPORT 550

Opinion Based in Part on the Report of Another Auditor 551

Departure from a Promulgated Accounting Principle 553

Uncertainties 554

Going Concern Uncertainties 556

Inconsistent Application of Accounting Principles 556

Comparative Financial Statements―Updated Reports 558

Information outside the Basic Financial Statements 558

Emphasis of a Matter 559

Old Reporting Terms 559

Communicating with Stockholders 560

AUDITOR-CLIENT COMMUNICATIONS 560

Communicating with the Board of Directors 562

Communicating with Audit Committees 562

Communicating with Management 565

CHAPTER 13 ASSIGNMENTS 566

CHAPTER 14 Attestation Services, Unaudited Financial Statements,and Specialized Reporting 588

ATTESTATION AND COMPILATION SERVICES 590

Types of Engagements 591

Attestation Standards 592

Compilation or Review of Financial Statements for Nonpublic Companies 593

UNAUDITED FINANCLAL STATEMENTS 593

Review of Interim Financial Information of a Public Company 600

Other Unaudited Financial Statements of Public Companies 602

SPECIALIZED REPORTING CIRCUMSTANCES 603

Letters for Underwriters 604

Special Reports 604

Reports on Accompanying Information 606

Forecasts and Projections 608

Internal Control Structure 611

Pro Forma Financial Information 613

Compliance Attestation 613

CHAPTER 14 ASSIGNMENTS 615

CHAPTER 15 Operational Auditing 623

FRAMEWORK OF OPERATIONAL AUDITING 624

Operational Auditing Defined 625

Operational Auditor s Qualifications 627

Purpose of the Operational Audit Engagement 629

Arrangements for the Operational Audit Engagement 630

Methods of Conducting the Operational Audit Engagement 631

Form and Content of the Operational Audit Report 632

CONDUCT OF AN OPERATIONAL AUDIT 634

Preliminary Survey 635

Review of Charter and Development of Performance Criteria 636

Revicw of Administrative and Related Controls 637

Development of Specific Findings and Recommendations 637

Preparation and Submission of Operational Audit Report 638

EXAMPLES OF OPERATIONAL AUDITS 638

Independent CPA 638

Governmental Auditor 639

Internal Auditor 640

CHAPTER 15 ASSIGNMENTS 641

Index 645