审计学一种整合方法 阿伦斯 英文版 第12版 课后答案 Chapter 6 Solutions Manual文档格式.docx

审计学一种整合方法 阿伦斯 英文版 第12版 课后答案 Chapter 6 Solutions Manual文档格式.docx

《审计学一种整合方法 阿伦斯 英文版 第12版 课后答案 Chapter 6 Solutions Manual文档格式.docx》由会员分享，可在线阅读，更多相关《审计学一种整合方法 阿伦斯 英文版 第12版 课后答案 Chapter 6 Solutions Manual文档格式.docx（17页珍藏版）》请在冰豆网上搜索。

6-2Itismanagement'

sresponsibilitytoadoptsoundaccountingpolicies,maintainadequateinternalcontrolandmakefairrepresentationsinthefinancialstatements.Theauditor'

sresponsibilityistoconductanauditofthefinancialstatementsinaccordancewithauditingstandardsandreportthefindingsoftheauditintheauditor'

sreport.

6-3Anerrorisanunintentionalmisstatementofthefinancialstatements.Fraudrepresentsintentionalmisstatements.Theauditorisresponsibleforobtainingreasonableassurancethatmaterialmisstatementsinthefinancialstatementsaredetected,whetherthosemisstatementsareduetoerrorsorfraud.

Anauditmustbedesignedtoprovidereasonableassuranceofdetectingmaterialmisstatementsinthefinancialstatements.Further,theauditmustbeplannedandperformedwithanattitudeofprofessionalskepticisminallaspectsoftheengagement.Becausethereisanattemptatconcealmentoffraud,materialmisstatementsduetofraudareusuallymoredifficulttouncoverthanerrors.Theauditor’sbestdefensewhenmaterialmisstatements（eithererrorsorfraud）arenotuncoveredintheauditisthattheauditwasconductedinaccordancewithauditingstandards.

6-4Misappropriationofassetsrepresentsthetheftofassetsbyemployees.Fraudulentfinancialreportingistheintentionalmisstatementoffinancialinformationbymanagementoratheftofassetsbymanagement,whichiscoveredupbymisstatingfinancialstatements.

Misappropriationofassetsordinarilyoccurseitherbecauseofinadequateinternalcontrolsoraviolationofexistingcontrols.Thebestwaytopreventtheftofassetsisthroughadequateinternalcontrolsthatfunctioneffectively.Manytimestheftofassetsisrelativelysmallindollaramountsandwillhavenoeffectonthefairpresentationoffinancialstatements.Therearealsothecasesoflargetheftofassetsthatresultinbankruptcytothecompany.Fraudulentfinancialreportingisinherentlydifficulttouncoverbecauseitispossibleforoneormoremembersofmanagementtooverrideinternalcontrols.Inmanycasestheamountsareextremelylargeandmayaffectthefairpresentationoffinancialstatements.

6-5True,theauditormustrelyonmanagementforcertaininformationintheconductofhisorheraudit.However,theauditormustnotacceptmanagement'

srepresentationsblindly.Theauditormust,wheneverpossible,obtainappropriateevidencetosupporttherepresentationsofmanagement.Asanexample,ifmanagementrepresentsthatcertaininventoryisnotobsolete,theauditorshouldbeabletoexaminepurchaseordersfromcustomersthatprovepartoftheinventoryisbeingsoldatapricethatishigherthanthecompany'

scostplussellingexpenses.Ifmanagementrepresentsanaccountreceivableasbeingfullycollectible,theauditorshouldbeabletoexaminesubsequentpaymentsbythecustomerorcorrespondencefromthecustomerthatindicatesawillingnessandabilitytopay.

6-6

CHARACTERISTIC

AUDITSTEPS

1.Management’scharacteristicsandinfluenceoverthecontrolenvironment.

Investigatethepasthistoryofthefirmanditsmanagement.

Discussthepossibilityoffraudulentfinancialreportingwithpreviousauditorandcompanylegalcounselafterobtainingpermissiontodosofrommanagement.

2.Industryconditions.

Researchcurrentstatusofindustryandcompareindustryfinancialratiostothecompany’sratios.Investigateanyunusualdifferences.

ReadAICPA’sIndustryAuditRiskAlertforthecompany’sindustry,ifavailable.Considertheimpactofspecificrisksthatareidentifiedontheconductoftheaudit.

3.Operatingcharacteristicsandfinancialstability.

Performanalyticalprocedurestoevaluatethepossibilityofbusinessfailure.

Investigatewhethermaterialtransactionsoccurclosetoyear-end.

6-7Thecycleapproachisamethodofdividingtheauditsuchthatcloselyrelatedtypesoftransactionsandaccountbalancesareincludedinthesamecycle.Forexample,sales,salesreturns,andcashreceiptstransactionsandtheaccountsreceivablebalanceareallapartofthesalesandcollectioncycle.Theadvantagesofdividingtheauditintodifferentcyclesaretodividetheauditintomoremanageableparts,toassigntaskstodifferentmembersoftheauditteam,andtokeepcloselyrelatedpartsoftheaudittogether.

6-8

GENERALLEDGERACCOUNT

CYCLE

Sales

AccountsPayable

RetainedEarnings

AccountsReceivable

Inventory

Repairs&

Maintenance

Sales&

Collection

Acquisition&

Payment

CapitalAcquisition&

Repayment

Collection

Inventory&

Warehousing

Payment

6-9Thereisacloserelationshipbetweeneachoftheseaccounts.Sales,salesreturnsandallowances,andcashdiscountsallaffectaccountsreceivable.Allowanceforuncollectibleaccountsiscloselytiedtoaccountsreceivableandshouldnotbeseparated.Baddebtexpenseiscloselyrelatedtotheallowanceforuncollectibleaccounts.Toseparatetheseaccountsfromeachotherimpliesthattheyarenotcloselyrelated.Includingtheminthesamecyclehelpstheauditorkeeptheirrelationshipsinmind.

6-10Managementassertionsareimpliedorexpressedrepresentationsbymanagementaboutclassesoftransactionsandtherelatedaccountsanddisclosuresinthefinancialstatements.Theseassertionsarepartofthecriteriamanagementusestorecordanddiscloseaccountinginformationinfinancialstatements.SAS106（AU326）classifiesassertionsintothreecategories:

1.Assertionsaboutclassesoftransactionsandeventsfortheperiodunderaudit

2.Assertionsaboutaccountbalancesatperiodend

3.Assertionsaboutpresentationanddisclosure

6-11Generalauditobjectivesfollowfromandarecloselyrelatedtomanagementassertions.Generalauditobjectives,however,areintendedtoprovideaframeworktohelptheauditoraccumulatesufficientappropriateevidencerequiredbythethirdstandardoffieldwork.Auditobjectivesaremoreusefultoauditorsthanassertionsbecausetheyaremoredetailedandmorecloselyrelatedtohelpingtheauditoraccumulatesufficientappropriateevidence.

6-12

RECORDINGMISSTATEMENT

TRANSACTION-RELATEDAUDIT

OBJECTIVEVIOLATED

Fixedassetrepairisrecordedonthewrongdate.

Repairiscapitalizedasafixedassetinsteadofanexpense.

Timing

Classification

6-13Theexistenceobjectivedealswithwhetheramountsincludedinthefinancialstatementsshouldactuallybeincluded.Completenessistheoppositeofexistence.Thecompletenessobjectivedealswithwhetherallamountsthatshouldbeincludedhaveactuallybeenincluded.

Intheauditofaccountsreceivable,anonexistentaccountreceivablewillleadtooverstatementoftheaccountsreceivablebalance.Failuretoincludeacustomer'

saccountreceivablebalance,whichisaviolationofcompleteness,willleadtounderstatementoftheaccountsreceivablebalance.

6-14Specificauditobjectivesaretheapplicationofthegeneralauditobjectivestoagivenclassoftransactions,accountbalance,orpresentationanddisclosure.Theremustbeatleastonespecificauditobjectiveforeachgeneralauditobjectiveandinmanycasesthereshouldbemore.Specificauditobjectivesforaclassoftransactions,accountbalance,orpresentationanddisclosureshouldbedesignedsuchthat,oncetheyhavebeensatisfied,therelatedgeneralauditobjectiveshouldalsohavebeensatisfiedforthatclassoftransactions,account,orpresentationanddisclosure.

6-15Forthespecificbalance-relatedauditobjective,allrecordedfixedassetsexistatthebalancesheetdate,themanagementassertionandthegeneralbalance-relatedauditobjectiveareboth"

existence."

6-16Managementassertionsandgeneralbalance-relatedauditobjectivesareconsistentforallassetaccountsforeveryaudit.TheyweredevelopedbytheAuditingStandardsBoard,practitioners,andacademicsoveraperiodoftime.Oneormorespecificbalance-relatedauditobjectivesaredevelopedforeachgeneralbalance-relatedauditobjectiveinanauditareasuchasaccountsreceivable.Foranygivenaccount,aCPAfirmmaydecideonaconsistentsetofspecificbalance-relatedauditobjectivesforaccountsreceivable,oritmaydecidetousedifferentobjectivesfordifferentaudits.

6-17Forthespecificpresentationanddisclosure-relatedauditobjective,readthefixedassetfootnotedisclosuretodeterminethatthetypesoffixedassets,depreciationmethodsandusefullivesareclearlydisclosed,themanagementassertionandthegeneralpresentationanddisclosure-relatedauditobjectiveareboth"

classificationandunderstandability."

6-18Thefourphasesoftheauditare:

1.Plananddesignanauditapproach.

2.Performtestsofcontrolsandsubstantivetestsoftransactions.

3.Performanalyticalproceduresandtestsofdetailsofbalances.

4.Completetheauditandissueanauditreport.

Theauditorusesthesefourphasestomeettheoverallobjectiveoftheaudit,whichistoexpressanopiniononthefairnesswithwhichthefinancialstatementspresentfairly,inallmaterialrespects,thefinancialposition,resultsofoperationsandcashflowsinconformitywithGAAP.Byaccumulatingsufficientap