审计学：一种整合方法 (8)

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder
8 - 17
Client Objectives and Strategies
Strategies are approaches followed by the entity to achieve organizational objectives. Auditors should understand client objectives. Financial reporting reliability Effectiveness and efficiency of operations Compliance with laws and regulations
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder
8 - 12
Business Operations and Processes
Factors the auditor should understand: Major sources of revenue Key customers and suppliers Sources of financing Information about related parties
8-4
Planning an Audit and Designing an Audit Approach
Accept client and perform initial audit planning. Understand the client’s business and industry. Assess client business risk. Perform preliminary analytical procedures.
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder
8 - 10
Understanding of the Client’s Business and Industry
Understand client’s business and industry Industry and external environment Business operations and processes Management and governance Objectives and strategies Measurement and performance
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder
8-6
Learning Objective 2
Make client acceptance decisions and perform initial audit planning.
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder
8-9
Understanding of the Client’s Business and Industry
Factors that have increased the importance of understanding the client’s business and industry: Information technology Global operations Human capital
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder
8 - 13
Tour the Plant and Off百度文库ces
By viewing the physical facilities, the auditor can asses physical safeguards over assets and interpret accounting data related to assets.
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 8 - 16
Code of Ethics
In response to the Sarbanes-Oxley Act, the SEC now requires each public company to disclose whether is has adopted a code of ethics that applies to senior management. The SEC also requires companies to disclose amendments and waivers to the code of ethics.
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder
8-5
Planning an Audit and Designing an Audit Approach
Set materiality and assess acceptable audit risk and inherent risk. Understand internal control and assess control risk. Gather information to assess fraud risks. Develop overall audit plan and audit program.
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder
8-2
Three Main Reasons for Planning
1. To obtain sufficient competent evidence for the circumstances 2. To help keep audit costs reasonable 3. To avoid misunderstanding with the client
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder
8-3
Risk Terms
Acceptable audit risk Inherent risk
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder
8-8
Learning Objective 3
Gain an understanding of the client’s business and industry.
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 8 - 18
Measurement and Performance
The client’s performance measurement system includes key performance indicators. Examples: market share sales per employee unit sales growth Web site visitors same-store sales sales/square foot
Audit Planning and Analytical Procedures
Chapter 8
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder
8-1
Learning Objective 1
Discuss why adequate audit planning is essential.
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder
8-7
Initial Audit Planning
Client acceptance and continuance Identify client’s reasons for audit Obtain an understanding with the client Develop overall audit strategy
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder
8 - 15
Management and Governance
Management establishes the strategies and processes followed by the client’s business. Governance includes the client’s organizational structure, as well as the activities of the board of directors and the audit committee. Corporate charter and bylaws Code of ethics Meeting minutes
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder
8 - 14
Identify Related Parties
A related party is defined as an affiliated company, a principal owner of the client company, or any other party with which the client deals, where one of the parties can influence the management or policies of the other.
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 8 - 11
Industry and External Environment
Reasons for obtaining an understanding of the client’s industry and external environment: 1. Risks associated with specific industries 2. Inherent risks common to all clients in certain industries 3. Unique accounting requirements
Performance measurement includes ratio analysis and benchmarking against key competitors.