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⏹Effectsofe-commerceontheacquisitionandpaymentcycle
⏹Decisionmaking-decidinganapproach
⏹Overviewoftheaudit
⏹Methodologyfordesigningtestsofcontrolsandsubstantivetestsoftransactionsfortheacquisitionandpaymentcycle
⏹Methodologyfordesigningtestsofdetailsofbalancesforaccountspayable
⏹Summary
ChapterOpeningVignette–“FalsePurchasesCamouflageOverstatedProfits”
Thisvignetteisanexcellenttooltodiscusshowfraudoccursinbusinesses,includingfraudinvolvingtheacquisitionandpaymentcycle.Itisinterestingtodiscusswithstudentshowsuchafraudcouldhavebeendiscoveredbytheauditorsandwhethertheauditorsshouldhavebeenheldresponsiblefornotdiscoveringthefraudgivenmanagementoverrideofcontrols.WeremindstudentsthatSAS99nowrequiresauditorstoperformprocedurestoaddressmanagementoverrideofcontrols.
AccountsandClassesofTransactionsintheAcquisitionandPaymentCycle(page634)
WeuseFigure19-1(page635)toidentifytheaccountsaffectedintheacquisitionandpaymentcycle.
(SeeFigure19-1)
BusinessFunctionsintheCycleandRelatedDocumentsandRecords(page634)
NextwegothroughtherelationshipsofaccountbalancestorecordsusingT-19-1.
(SeeT-19-1)
Itisimportantthatstudentsunderstandthedocumentsandrecordsthataffectacquisitionsandcashdisbursements.Wespendasmuchtimeasisneededtomakesuretheydo.Table19-1onpage636ishelpfultoaccomplishthisgoal.
(SeeTable19-1)
AccountingRulesforDeterminingtheTimingofRecordingTransactions
WebrieflycoverkeytermsonT-19-2fordefinitionalpurposes,givinganexampleofeach.
(SeeT-19-2)
HowE-commerceAffectstheAcquisitionandPaymentCycle(page638)
BecausemanycompaniesusetheInternettostreamlineprocessesfortheacquisitionofgoodsandservices,wenextaddressthetypesofcycleactivitiesthatarecommonlyconductedacrosstheInternetandthroughprivateextranetsandotherEDIarrangementswithbusinesssuppliersandcustomers.Thisdiscussionalsohighlightshowcompaniesmayusebusiness-to-businessauctionshostedovertheInternettopurchasesuppliesandservices.Weemphasizehowmanyofthesee-commerceactivitiesmayaffecttheclient’sbusinessrisksrelatedtotransactionsandaccountsintheacquisitionandpaymentcycle.Problem19-22providesausefulexampletoemphasizepotentialrisksassociatedwithonlinepurchasingactivitiesandrelatedinternalcontrolsthatmightbeimplementedtomitigatesomeofthoserisks.
DecisionMaking-DecidinganApproach
Weliketoapproachthecoverageoftheauditoftheacquisitionandpaymentcyclesomewhatdifferentlythanwedoforthesalesandcollectioncycle.WeaskstudentstoturntoFigure19-1(page635)andaskseveralquestionsaboutthecycleasawhole.
1.Whataresomeexamplesofclientbusinessrisksthatmightberelatedtotransactionsandaccountsintheacquisitionandpaymentcycle?
2.Whataresomelogicalanalyticalprocedurestoperformfortransactions?
3.Whataresomelogicalanalyticalprocedurestoperformforendingbalances?
4.Assumingtheauditordecidedonacontrolriskof100%anddidalmostnotestsofcontrolsandsubstantivetestsoftransactions,whattestsofdetailsofbalanceswouldbenecessaryformanufacturingexpenseaccounts,accountspayable,property,plantandequipment,etc.?
5.Assumingtheauditordecidedonacontrolriskof60%anddidextensivetestsofcontrolsandsubstantivetestsoftransactions,whattestsofdetailsofbalancescouldbereduced,andhow?
6.Whenshouldtheauditorfollowthestrategyin4,andwhenshouldthestrategyin5befollowed?
OverviewoftheAudit
WegobacktoFigure13-2(page406),roleofallaudittests,anddiscusstherelationshipsinthatfigure.
(SeeFigure13-2)
MethodologyforDesigningTestsofControlsandSubstantiveTestsofTransactions(page639)
FirstwereviewthemethodologyfordesigningtestsofcontrolsandsubstantivetestsoftransactionsasitisshowninFigure19-2(page639).
(SeeFigure19-2)
Inthissectionweaskthefollowingquestionsorgooverthefollowingassignedproblems:
⏹DiscussionQuestion19-21-typeoftestandobjectives
⏹DiscussionQuestion19-24-typeofevidenceandobjectives
⏹ReviewQuestion19-6-directionoftests
⏹Problem19-23-controlstopreventmisstatementsandsubstantiveaudittests
⏹Problem19-25-importanceofexceptionsandeffectoftheexceptionsontheremainderoftheaudit
HavestudentsreconstructTable19-2(page642)foracquisitionsusingT-19-3foreachtransaction-relatedauditobjective.Weemphasizewhyeachobjectiveismoreorlessimportantthanthesameobjectiveforsales.
(SeeT-19-3)
HavestudentsuseT-19-4toreconstructTable19-3(page644)forcashdisbursementsinthesamemannerastheydidforacquisitions.Alsoaddressthefollowingquestions:
⏹Whatisaproofofcashdisbursements,andwhatisitsrelevance?
⏹HowwouldaperformanceformatauditprogrambedevelopedfromTables19-2and19-3?
⏹Couldauditsamplingbeusedeffectivelyforacquisitionsandcashdisbursements?
(SeeT-19-4)
MethodologyforDesigningTestsofDetailsofBalancesforAccountsPayable(page645)
Firstweaskaboutthesimilaritiesanddifferencesbetweenaccountsreceivableandaccountspayable.
⏹Overstatementversusunderstatementemphasis
⏹SupplieraccessthroughtheInternettoaccountspayablerecordsandothersupplychainmanagementinformationcreateclientbusinessrisksuniquetoaccountspayable
⏹Availabledocumentaryevidenceinaccountspayableisusuallymorereliable
⏹Qualityofaccountspayablecontrolsvariesmorefromclienttoclientthanaccountsreceivable
NextwereviewthemethodologyfordesigningtestsofdetailsofbalancesasshowninFigure19-3(page646).
(SeeFigure19-3)
NextwegooverTable19-5(page649)fairlycarefullyandtalkaboutthebalance-relatedauditobjectives,relatedaudittests,andthebasisforthedecisionastoprocedures,samplesize,timinganditemstoselect.
Thenwegooverinmoredetail,theprimarydecisionstheauditormakesinusingaccountspayableconfirmations,thebasisofthesedecisions,andacomparisonwiththeauditofaccountsreceivable.
Decisionsintheconfirmationofaccountspayable:
⏹Confirmationornonconfirmation
⏹Samplesizeforconfirmation
⏹Itemstoselectforconfirmation
⏹Timingofconfirmation
Iftheideashavenotalreadybeencovered,wegooverthefollowingquestions:
⏹ReviewQuestion19-13-zerobalanceconfirmations
⏹ReviewQuestion19-14-vendor'
sinvoiceversusvendor'
sstatement
Wedistinguishbetween,andcompare,out-of-periodliabilitytestsandcutoff.Wespendsometimeonboth,buttheemphasisisoncutofftests.TheexamplesonT-19-5andT-19-6arehelpful:
(SeeT-19-5andT-19-6)
Wethendiscussthefollowing:
⏹Cutoffproceduresatphysicalinventory
⏹Documentationofreceivingreportsbetweeninventorydateandyear-endwork
⏹Cutoffproceduresatyear-end
⏹Inventory-in-transit-testsandmethodsofrecording
Wefinishthesectionwithaproblemsuchas19-31.
Summary(page653)
Figure19-5(page654)ishelpfulinsummarizingthechapter.Figure19-5issimilartofiguresusedinotherchapters,butthisfigureisspecifictotheacquisitionandpaymentcycle.
(SeeFigure19-5)
Finally,Case19-32isintendedtocovertestsofcontrols,substantivetestsoftransactions,andtestsofdetailsofbalancesforacquisitions,cashdisbursements,andaccountspayable,includingconsiderationoftheauditriskmodelandanalyticalprocedures.
CHAPTER19
CROSS-REFERENCEOFLEARNINGOBJECTIVESANDPROBLEMMATERIAL
LearningObjectives
Review
Questions
Multiple
Choice
Discussion
Questionsand
Problems
Cases
19-1Identifytheaccountsandtheclassesoftransactionsintheacquisitionandpaymentcycle.
19-1
19-2Describethebusinessfunctionsandtherelateddocumentsandrecordsintheacquisitionandpaymentcycle.
19-7,19-8,
19-9,19-14
19-28
19-32
19-3Describehowe-commerceaffectstheacquisitionofgoodsandservices.
19-22
19-6
19-4Understandinternalcontrol,anddesignandperformtestsofcontrolsandsubstantivetestsoftransactionsfortheacquisitionandpaymentcycle.
19-2,19-3,
19-4,19-5,
19-6,19-7,
19-10,19-11
19-18
19-20,19-21,
19-23,19-25,
19-26,19-28
19-5Describethemethodologyfordesigningtestsofdetailsofbalancesforaccountspayableusingtheauditriskmodel.
19-11
19-25,19-28
19-6Designandperformanalyticalproceduresforaccountspayable.
19-24
19-7Designandperformtestsofdetailsofbalancesforaccountspayable,includingout-of-periodliabilitytests.
19-10,19-12,
19-16,19-17
19-19
19-23,19-24,
19-27,19-28,
19-29,19-31
19-8Dist