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TOPIC01　Thepurposeofexternalauditengagement

　　[与中文教材2008版第六章相关]

　　1.Anexternalauditisatypeofassuranceengagementthatiscarriedoutbyanauditortogiveanindependentopiniononasetoffinancialstatements.

　　Assuranceengagement鉴证业务

　　Externalaudit外部审计

　　Carryout执行

　　Independent独立的　　

　　LetterofEngagement审计业务约定书（审计准则2006－1111号）

　　2.Objectiveofexternalaudit　　

　　Theobjectiveofanauditoffinancialstatementsistoenabletheauditortoexpressanopiniononwhetherthefinancialstatementsareprepared,inallmaterialrespects,inaccordancewithanapplicablefinancialreportingframework.Thephrasesusedtoexpresstheauditor’sopinionaregiveatrueandfairvieworpresentfairly,inallmaterialrespects,whichareequivalentterms.Asimilarobjectiveappliestotheauditoffinancialorotherinformationpreparedinaccordancewithappropriatecriteria.　　

　　Material重要的;实质的

　　Inaccordancewith和……一致

　　Applicable适用的

　　Giveatrueandfairview如实和公允的反映实际情况

　　Inallmaterialrespects,presentfairly在所有重大方面,公允反映　　

　　Criteria规定,规则

　　[中文教材P105第二段]

　　3.ISA200Objectiveandgeneralprinciplesgoverninganauditoffinancialstatements

　　[中文教材P105第二段]

　　财务报表审计的目标和一般原则　　

　　4.Management’sresponsibilityforthefinancialstatements

　　ManagementisresponsibleforthepreparationandfairpresentationofthesefinancialstatementsinaccordancewithInternationalFinancialReportingStandards.Thisresponsibilityincludes:

designing,implementingandmaintaininginternalcontrolrelevanttothepreparationandfairpresentationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudforerror;selectingandapplyingappropriateaccountingpolicies;andmakingaccountingestimatesthatarereasonableinthecircumstances.　　

　　[中文教材P106]

　　IFRSvs.CAS&IAS

　　Internalcontrol内部控制　　

　　Freefrom远离；没有

　　Materialmisstatement重大错报　　

　　Fraud欺诈;舞弊

　　Accountingpolicy会计政策

　　Accountingestimate会计估计

　　5.Theauditreportreferstothefactanauditorobtainsevidenceonatestbasis.Hedoesnotcheckeverythingandisthereforegivingreasonablenotabsoluteassurance.　　

　　Testbasis在测试的基础上　　

　　Anauditgivesthereaderreasonableassuranceonthetruthandfairnessofthefinancialstatements.Theauditreportdoesnotguaranteethatthefinancialstatementsarecorrect,butthattheyaretrueandfairwithinareasonablemarginoferror.

　　Assurance保证;确信;

　　Guarantee保证

　　Marginoferror误差幅度

　　Oneofthereasonsthatanauditordoesnotgiveabsoluteassuranceistheinherentlimitationsofaudit.

　　Inherentlimitation固有限制

　　Theassurancegivenbyauditorsisgovernedbythefactthatauditorsusejudgmentindecidingwhatauditprocedurestouseandwhatconclusionstodraw,andalsobythelimitationsofeveryaudit.

　　Drawaconclusion得出结论　　

　　Judgment判断

　　Auditprocedure审计程序

　　Misstatementswhicharesignificanttoreadersmayexistinfinancialstatementsandauditorswillplantheirworkonthisbasis,thatis,withprofessionalskepticism.Theconceptofsignificanttoreadersistheconceptofmateriality.

　　Professionalskepticism专业的怀疑态度

　　Skepticism怀疑态度：

怀疑或疑问的态度或思想状态

　　Conceptofmateriality重要性概念

　　[中文教材P105&108]

　　6.Cycleapproach循环法

　　Transactioncycle交易循环

　　[中文教材P110]

　　7.Assertionsusedbytheauditor

Assertionsaboutclassesoftransactionsandeventsfortheperiodunderaudit

Occurrence:

transactionsandeventsthathavebeenrecordedhaveoccurredandpertaintotheentity

Completeness:

alltransactionsandeventsthatshouldhavebeenrecordedhavebeenrecorded

Accuracy:

amountsandotherdatarelatingtorecordedtransactionsandeventshavebeenrecordedappropriately

Cut-off:

transactionsandeventshavebeenrecordedinthecorrectaccountingperiod

Classification:

transactionsandeventshavebeenrecordedintheproperaccounts.

Assertionsaboutaccountbalancesattheperiod-end

Existence:

assets,liabilitiesandequityinterestsexit

Rightsandobligations:

theentityholdsorcontrolstherightstoassets,andliabilitiesaretheobligationsoftheequity

Completeness:

allassets,liabilitiesandequityintereststhatshouldhavebeenrecordedhavebeenrecorded

Valuationandallocation:

assets,liabilities,andequityinterestsareincludedinthefinancialstatementatappropriateamountsandanyresultingvaluationorallocationadjustmentsareappropriatelyrecorded

Assertionsaboutpresentationanddisclosure

Occurrenceandrightsandobligations:

disclosedevents,transactionsandothermattershaveoccurredandpertaintotheentity

Completeness:

alldisclosuresthatshouldhavebeenincludedinthefinancialstatementshavebeenincluded

Classificationandunderstandability:

financialinformationisappropriatelypresentedanddescribed,anddisclosuresareclearlyexpressed

Accuracyandvaluation:

financialandotherinformationaredisclosedfairlyandatappropriateamounts

　　[中文教材P112-113]

　　Assertion:

认定

　　Occurrence:

发生　　

　　Completeness:

完整性

　　Accuracy:

准确性

　　Cut-off:

截止

　　Classification:

分类　　

　　Assertionsaboutclassesoftransactionsandeventsfortheperiodunderaudit:

与各类交易和事项相关的认定　　

　　Existence:

存在;

　　Rightsandobligation:

权利和义务

　　Valuationandallocation:

计价和分摊　　

　　Assertionsaboutaccountbalancesattheperiod-end:

期末账户余额的认定

　　Occurrenceandrightsandobligations:

发生以及权利和义务

　　Classificationandunderstandability:

分类和可理解性:

　　Assertionsaboutpresentationanddisclosure:

与列报相关的认定

　　8.StagesofAuditing

　　[中文教材P115]

　　Planningoftheaudit

　　Auditrisk

　　Testofcontrol=compliancetest　　

　　Substantiveprocedure实质性程序[中文教材p298]

　　Analyticalreview分析程序

　　YouaretheauditmanagerofHoodEnterprisesalimitedliabilitycompany.Thecompany’sannualturnoverisover$10million.

　　Required:

　　（a）ComparetheresponsibilitiesofthedirectorsandauditorsregardingthepublishedfinancialstatementsofHoodEnterprises.　　　　　　　　　　　　　　　　　　　　　　（6marks）

　　Preparationoffinancialstatements

　　ThedirectorsarenormallyrequiredtopreparethefinancialstatementsofthecompanyusingtheappropriatelawoftheircountryandinaccordancewiththeIntermationalAccountingStandards（IASs）.Theauditorsarenormallyrequiredtocheckorauditthosefinalcialstatements,againinaccordancewiththelegislationoftheircountryandtheIntermationalStatementsonAuditing.

　　Fraudanderror

　　Thedirectorsareresponsibleforpreventinganddetectingfraudanderrorinthefinancialstatements,nomatterhowimmaterialthismaybe.Auditorsareresponsibleforensuringthatthefinancialstatementsshowatrueandfairview;inotherwordsthatthefinancialstatementsaremateriallycorrect.Auditorsarenotrequiredtodetectimmaterialfraudorerror.

　　Disclosure

　　ThedirectorsmustensurethatthereisadequatedisclosureofallmattersrequiredbystatuteorIASsinthefinancialstatements.Theauditorwillcheckthatdisclosureprovisionshavebeencompliedwith,andwherecertaindisclosureshavenotbeenmade（e.g.ISA550regardingrelatedpartytransactions）providethisinformationintheauditreport.

　　Goingconcern

　　Thedirectorsareresponsibleforensuringthatthecompanywillcontiuneinoperationalexistencefortheforeseeablefuture,andreporttothemembersinthepublishedfinancialstatementsifthisisunlikelytobethecase.Theauditorwillchecktheaccuracyofthedirectors’workingandassumptionsandiftheseareconsideredincorrectorinappropriate,thentheauditreportmaybemodifiedorqualifiedtobringthesituationtotheattentionofthemembersofthecompany.　　

　　ISA500AuditEvidence（Revised）statesthemanagementimplicitlyorexplicitlymakesassertionsrelationgtothevariouselementsorfinancialstatementsincludingrelateddisclosures.Auditorsmayusethreecategoriesofassertionstoformabasisforriskassessmentsandthedesignandperformanceoffurtherauditprocedures.ThethreecategoriessuggestedbyISA500relateto（i）classesoftransactions,（ii）accountbalances,and（iii）presentationanddisclosure,Oneassertionapplicabletoallthreecategoriesiscompleteness:

thatalltransactions,events,assets,liabilities,equityinterestsanddisclosuresthatshouldbeincluded,areincludedinthefinancialstatements.

　　Required:

　　（a）ListanddescribeSIXfinancialstatementassertions,otherthancompleteness,usedbyauditorsintheauditoffinancialstatements.　　　　　　　　　　　　　　　　　　　　　（6marks）

　　（a）Sixfinancialstatementassertions

　　（i）Existence:

anasset,liabilityorequityinterestexists;

　　（ii）Cutof:

transactionsandeventshavebeenrecordedinthecorrectaccountingperiod;

　　（iii）Occurrence:

atransactionoreventthathasbeenrecordedtookplaceandpertainstotheentityduringtheperiod;

　　（iv）Accuracyandvaluation:

financialandotherinformationisdisclosedfairlyandatappropriateamounts;

　　（v）Rightsandobligations:

theentityholdsorcontrolstherightstoassets,andliabilitiesorobligationsoftheentity;

　　（vi）Classification:

transactionsandeventshavebeenrecordedintheproperaccounts.