sjyyjy0301.docx

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sjyyjy0301

TOPIC03　TheAuditPlanning

　　[与中文教材2008版第八章相关]

　　Auditplanningisavitalareaoftheaudit,primarilyconductedatthebeginningoftheauditprocesstoensuretheauditisconductedinaneffectivemanner.Theplandevelopedwillberevisedasnecessaryduringthecourseoftheaudit.

　　Inundertakingeffectiveplanning,theauditorneedstounderstandthedifferentstagesoftheauditandmakejudgmentsonthelevelanddetailoftheworktobeundertaken.

　　Thestagesofaudit

　　TheAuditProcess

　　Planningmateriality

　　Conceptofmateriality

　　Theconceptofmaterialitywasexaminedinanearlierchapter.Itwasconcludedthatanitemismaterialifitsomissionormisstatementcouldinfluencetheeconomicdecisionsofuserstakenonthebasisofthefinancialstatements.

　　Materialityisconsideredinplanningauditproceduresandinevaluatingtheeffectofmisstatements.

　　Inplanningtheaudit,theauditorthereforeneedstoestablishmaterialitylevelstoensurethatanymatcrialmisstatementoromissionsintheaccountingrecordsarediscovered.

　　Notes:

　　Materiality:

　　Omission

　　Misstatement

　　Materialitylevel:

　　Establishingmaterialitylevels

　　Therearetwolevelsofmaterialitytobeconsidered:

Materialityattheoverallfinancialstatementlevel

Materialforindividualbalancesandclassesoftransactions

　　Thelatterisusuallyderivedfromtheformer.

　　Thereisaninverserelationshipbetweenmaterialityandthelevelauditrisk.Thehigherthematerialitylevel,thelowertheauditrisk,andviceversa.

　　Where,forexample,materialityislow,auditriskisincreasedandtheauditorcancompensateforthisbyeithercarryingoutadditionaltestofcontrol,orbyincreasingsubstantiveprocedures.Eitherwillhavetheeffectofreducingtheassessedlevelofcontrolrisk.

　　Notes:

　　Inverse:

　　Viceversa:

　　Compensatefor:

　　Derivefrom:

　　Materialityattheplanningstageisoftensetatalowerlevelthanisstrictlynecessaryinordertoreducetheriskofundiscoveredmisstatements.Thisalsohelpstodealwiththepotentialproblemofhavingtoadjustmaterialitylevelsatalaterdateinthelightofevidenceobtained.

　　Themostcommonbasesusedareapercentageofsales（1-2%）,pre-taxprofit（5-10%）orassetvalues（2-5%）.

　　Notes:

　　Potentialproblem

　　Percentage:

　　Totalauditrisk,theriskofgivinganinappropriateopinionwhenfinancialstatementsaremateriallymisstated,hasthreecomponents:

　　·inherentrisk（orIR）

　　·controlrisk（orCR）

　　·detectionrisk（orDR）.

　　Thesethreerisksmultipliedtogethergivetotalauditrisk.Thus:

　　AR=IR×CR×DR

　　Theserisksareexplainedbelow.Remember,though,thatitistheauditor’sjudgementthatisalwaysusedtodeterminethevaluetobeplacedontheseitems-thereisnorulethattheauditorcanfollow.

　　Broadly,thelowertherisklevelrequired,thegreatertheauditworkrequired.

　　Inmostcases,internalauditorswilloperatearisk-basedapproachtoauditing,makingdecisionsbasedonimpactandprobabilityofrisksoccurringandthereforedirectingattentiontowardshighestimpactandhighestprobabilityrisks.

　　·Impactofrisk-Iftheriskmaterialised,whatwouldbethescaleofeffect,howfarcoulditaffecttheareaunderreview?

Forexample,ifthecompanybreachedregulatoryrequirementsresultinginfinesandnegativepublicity,thatcouldbeassessedashighimpactbecauseoftheadversefinancialandreputationaleffect.

　　·Probabilityofrisk-Thislooksathowlikelyistherisktomaterialize.Ariskmayhaveahighimpact（e.g.completelossofabuildingduetofire）,butmuchlowerprobability.

　　Assessingimpactandprobabilityhelpsprioritizationandunderstandingofthenatureoftherisksinvolved.

　　Inherentrisk,controlriskanddetectionrisk

　　Inherentriskisassessedatboththefinancialstatement（entity）level,andatthelevelaffectedbysuchitemsashowmuchthecompanyissubjecttomarketforces,thecashsituationofthecompany,thetradinghistoryofthecompany,andthenatureandincidenceofunusualtransactions.Abusinessintheconstructionindustryismoreriskythanafoodretailer,asitismorevolatile.

　　Attheaccountbalanceorclassoftransactionslevel,factorsaffectinginherentriskwillincludethesusceptibilitytomisappropriation,thecomplexityoftheunderlyingtransactionsorthedegreeofjudgmentinvolvedindeterminingaccountbalances.

　　Inventory,forexample,ismoreinherentlyriskythancash,asthereisgreaterscopeformanipulationanderror.

　　Notes:

　　Inherentrisk:

　　Controlrisk:

　　Detectionrisk:

　　Themore…themore:

　　Subjectto:

　　Incidenceofunusualtransaction:

　　Susceptibility:

易感性,感受性,感情,[物]磁化系数

　　Misappropriation:

据为己有,占有,挪用（只指定用途的一笔）,拨款

　　Controlrisk

　　Controlriskwillbeaffectedbysuchfactorsasthecontrolenvironmentatthecompanyincluding,forexample,theintegrityofthestaffoperatingthesystem,theextentofsupervisorycontrols,andthestrengthofcontrolsinparticularaccountareas.

　　Thepreliminaryassessmentofcontrolriskshouldalwaysbehighunlesstheauditorcaneitheridentifycontrolsthatarelikelytopreventordetectmisstatementsineacharea,orplanstoperformtestsofcontroltosupporttheassessment.

　　Thereshouldbefulldocumentationoftheaccountingandinternalcontrolsystemintheauditor’srecords,andfulldocumentationoftheauditor’sassessmentofcontrolrisk.

　　Evidenceshouldbeobtainedthroughtestsofcontroltosupportanyassessmentofcontrolriskthatislessthanhigh;thelowertheassessmentofcontrolrisk,themoreevidenceisneededtoshowthatsystemsaresuitablydesignedandoperatingeffectively.

　　Whentestsofcontrolarecomplete,auditorsshouldreviewtheirpreliminaryassessmentofcontrolrisk.

　　Notes:

　　Integrity:

正直,诚实;

　　Preliminaryassessment:

初步评估

　　Detectionrisk

　　Thisisthe‘variable’andisdeterminedbyre-arrangingtheauditriskequation:

　　DR=AR÷（IR×CR）

　　Theauditordeterminestheleveloftotalauditriskthatisacceptableandestimatestheinherentandcontrolrisksbyassessingthefactorsreferredtopreviously.Detectionriskcanthenbecalculated,asshowninthefollowingexample:

　　AR=5%IR=50%CR=20%

　　DR=0.05÷（0.5×0.2）=0.5i.e.50%

　　Ifcontrolriskandinherentriskarehighthendetectionriskwillbelow.Thelowerthelevelofdetectionriskthatisacceptable,thegreatertheleveloftestingrequired.

　　Clientriskevaluationquestionnaire

　　Inherentrisk（financialstatementandaccountbalance）

　　Controlrisk（controlenvironmentandspecificcontrols）

　　Notes:

　　Controlenvironment

　　ISA300Planninganauditoffinancialstatementsthatthemainobjectiveofplanningistoenabletheaudittobeperformedinaneffectivemanner.

　　Thepurposesofplanningareasfollows:

Toensurethatappropriateattentionispaidtothedifferentareasoftheaudit

Toensurethatpotentialproblemareasareidentified

Tofacilitatereview

　　Planningalsoassistintheproperallocationofworktotheauditteamandthecoordinationofworkdonebyotherauditorsandexperts.

　　Notes:

　　Facilitate

　　Coordination

　　Expert

　　ISA300keypoints

　　·Auditorsshouldplantheauditworksoastoperformtheauditinaneffectivemanner.

　　·Auditorsshouldestablishtheoverallauditstrategyfortheaudit.

　　·Auditorsshoulddevelopanddocumentanoverallauditplandescribingtheexpectedscopeandconductoftheaudit,inordertoreduceauditrisktoanacceptablylowlevel.

　　·Auditorsshoulddevelopanddocumentthenature,timingandextentofplannedauditproceduresrequiredtoimplementtheoverallauditplan.

　　·Theauditworkplannedshouldbereviewedand,ifnecessary,revisedduringthecourseoftheaudit.

　　Notes:

　　Nature

　　Timing

　　Extent

　　Review

　　Revise

　　AuditstrategytoAuditplantoauditprocedures

　　Whenplanninganaudit,theauditormustfirstestablishtheoverallauditstrategy,settingthescope,timinganddirectionoftheaudit,andguidingthedevelopmentofthemoredetailedauditplan.Theauditstrategywillconsider:

　　·Scope

　　·Whatistheapplicablefinancialreportingframework

　　·Whatindustry-specificfactorsarerelevant

　　·Timing

　　·Whatarethedeadlinesforcompletionoftheaudit

　　Notes:

　　Auditstrategy

　　Scope

　　Direction

　　Applicable

　　Deadline

　　Direction

　　·Whatareasarelikelytohavethehighestrisks?

　　·Isinternalcontrollikelytobeeffective

　　Oncetheauditstrategyhasbeenestablished,theauditorcanthenstartdevelopingamoredetailedauditplanaddressingthevariousmatters,identifiedintheauditstrategy.Thepurposeoftheauditplanistoensurethattheauditobjectivescanbeachievedthroughefficientuseoftheauditor’sresourceswhilereducingauditrisktoanacceptablylowlevel.Theauditplanwillinclude:

　　·Adescriptionoftheplannedriskassessmentproceduresdesignedtoassesstherisksofmaterialmisstatement.

　　·Adescriptionoftheplannedsubstantiveauditproceduresjudgednecessarydependingontherisksassessed.Thisleadsfromtherelativeemphasisexpectedtobeplacedontestsofcontrolasopposedtosubstantiveprocedures.

　　Typicalplanningprocedures

　　Planningproceduresvaryfromoneaudittothenext,butauditorsshouldtakeanorganized,step-by-stepapproachtotheplanningprocess.

　　Upgradetheauditors’understandingoftheentityanditsenvironment

　　·Outlineplan

　　·Reviewauditofthepreviousyear

　　·Changesinlegislationoraccountingpractice

　　·Managementorinterimaccounts

　　·Meettheseniormanagement

　　·Timing

　　·Client’semployees

　　·Experthelp

　　·Nu