审计学一种整合方法--课件Chapter09.ppt

2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-1Materiality and RiskChapter 92008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-2 2Learning Objective 1Apply the concept of materialityto the audit.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-3 3MaterialityIt is a major consideration in determiningthe appropriate audit report to issue.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-4 4MaterialityThe auditors responsibility is to determinewhether financial statements arematerially misstated.If there is a material misstatement,the auditor will bring it to the clientsattention so that a correction can be made.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-5 5Steps in Applying MaterialityPlanningextentof testsStep1Set preliminary judgmentabout materialityStep2Allocate preliminaryjudgment aboutmateriality tosegments2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-6 6Steps in Applying MaterialityEvaluatingresultsStep3Estimate totalmisstatement in segmentStep4Estimate thecombined misstatementCompare combinedestimate with judgmentabout materialityStep52008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-7 7Learning Objective 2Make a preliminary judgmentabout what amounts toconsider material.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-8 8Set Preliminary Judgment About MaterialityThis preliminary judgment is the maximumamount by which the auditor believes thestatements could be misstated and still notaffect the decisions of reasonable users.Auditors decide early in the auditthe combined amount of misstatementsof the financial statements that wouldbe considered material.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-9 9Factors Affecting JudgmentMateriality is a relative ratherthan an absolute concept.Bases are needed forevaluating materiality.Qualitative factors alsoaffect materiality.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-1010 GuidelinesAccounting and auditing standardsdo not provide specific materialityguidelines to practitioners.Professional judgment is to be usedat all times in setting and applyingmateriality guidelines.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-1111Learning Objective 3Allocate preliminary materialityto segments of the auditduring planning.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-1212Allocate Preliminary Judgment About Materiality to SegmentsThis is necessary because evidence isaccumulated by segments rather thanfor the financial statements as a whole.Most practitioners allocate materialityto balance sheet accounts.SAS 107(AU 312)2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-1313Learning Objective 4Use materiality to evaluateaudit findings.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-1414Estimated Total Misstatement and Preliminary JudgmentCashAccounts receivableInventoryTotal estimated misstatement amountPreliminary judgment about materiality$4,000 20,000 36,000$50,000$2,000 12,000 31,500$45,500$N/A 6,000 15,750$16,800$2,000 18,000 47,250$62,300TolerableMisstatementKnownMisstatementand DirectProjectionSamplingErrorTotalAccountEstimated Misstatement AmountN/A=Not applicableCash audited 100 percent2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-1515Estimated Total Misstatement and Preliminary JudgmentNet misstatements in the sample($3,500)Total recorded population value($450,000)Total sampled($50,000)=Direct projection estimate of misstatement($31,500)2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-1616Learning Objective 5Define risk in auditing.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-1717RiskAuditors accept some level of riskin performing the audit.An effective auditor recognizes thatrisks exist,are difficult to measure,and require careful thought to respond.Responding to risks properly is criticalto achieving a high-quality audit.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-1818Risk and EvidenceAuditors gain an understanding of theclients business and industry andassess client business risk.Auditors use the audit risk model to furtheridentify the potential for misstatementsand where they are most likely to occur.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-1919Illustration of Differing Evidence Among CyclesSales andcollectioncycleAcquisitionand paymentcyclePayroll andpersonnelcycleInherentriskAMediumHighLowControlriskBMediumLowLowAcceptableaudit riskCLowLowLowPlanneddetection riskDMediumMediumHigh2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-2020Illustration of Differing Evidence Among CyclesInventory andwarehousingcycleCapital acquisitionand repaymentcycleInherentriskAHighLowControlriskBHighMediumAcceptableaudit riskCLowLowPlanneddetection riskDLowMedium2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-2121Learning Objective 6Describe the audit risk modeland its components.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-2222Audit Risk Model for PlanningPDR=AAR (IR CR)PDR=Planned detection riskAAR=Acceptable audit riskIR=Inherent riskCR=Control riskwhere:2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-2323Learning Objective 7Consider the impact ofengagement risk onacceptable audit risk.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-2424Impact of Engagement Risk on Acceptable Audit RiskAuditors decide engagement risk and usethat risk to modify acceptable audit risk.Engagement risk closely relates to clientbusiness risk.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-2525Factors Affecting Acceptable Audit Risk The degree to which external usersrely on the statements The likelihood that a client will havefinancial difficulties after theaudit report is issued The auditors evaluation of managements integrity2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-2626Methods Practitioners Use to Assess Acceptable Audit RiskMethods Used to AssessAcceptable Audit RiskExternal usersreliance onfinancialstatementsExamine financial statementsRead minutes of the boardExamine form 10KDiscuss financing planswith managementFactors2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-2727Methods Practitioners Use to Assess Acceptable Audit RiskLikelihoodof financialdifficulties Analyze financial statementsfor difficulties using ratiosExamine inflows and outflowsof cash flow statementsManagementintegritySee Chapter 8 for clientacceptance and continuanceMethods Used to AssessAcceptable Audit RiskFactors2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-2828Learning Objective 8Consider the impact of severalfactors on the assessmentof inherent risk.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-2929Factors Affecting Inherent Risk Nature of the clients business Results of previous audits Initial versus repeat engagement Related parties Nonroutine transactions Judgment required to correctly recordaccount balances and transactions Makeup of the population Factors related to fraudulent financial reporting Factors related to misappropriation of assets2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-3030Learning Objective 9Discuss the relationship ofrisks to audit evidence.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-3131Relationship of Factors Influencing Risks to Risks and Risks to Planned EvidenceD=Direct relationship;I=Inverse relationshipFactorsinfluencingrisksAcceptable audit riskPlanneddetectionriskPlannedauditevidenceInherentriskControl riskIDIIDID2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-3232Relationship of Factors Influencing Risks to Risks and Risks to Planned Evidence The engagement may requiremore experienced staff The engagement will be reviewedmore carefully than usual Auditors can change the auditto respond to risks2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-3333Audit Risk for SegmentsBoth control risk and inherent risk areBoth control risk and inherent risk aretypically set for each cycle,eachtypically set for each cycle,eachaccount,and often even each auditaccount,and often even each auditobjective,not for the overall audit.objective,not for the overall audit.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-3434Tolerable Misstatement,Risks,and Balance-related Audit Objectives It is common to assess inherent and controlrisk for each balance-related audit objective It is not common to allocate materialityto objectives2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-3535Measurement LimitationsOne major limitation in the application of theaudit risk model is the difficulty of measuringthe components of the model.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-3636Relationships of Risk to EvidenceAcceptableaudit riskInherentriskControlriskPlanneddetectionriskAmount ofevidencerequiredSituationHighLowLowMediumHighLowLowHighMediumLowLowLowHighMediumMediumHighMediumLowMediumMediumLowMediumHighMediumMedium 1 2 3 4 52008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-3737Tests of Details of Balances Evidence Planning WorksheetAuditors develop various types of worksheetsto aid in relating the considerations affectingaudit evidence to the appropriateevidence to accumulate.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-3838Learning Objective 10Discuss how materiality and riskare related and integrated intothe audit process.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-3939Relationship of Tolerable Misstatement and Risks toPlanned EvidenceD=Direct relationship;I=Inverse relationshipAcceptableaudit riskInherentriskControlriskTolerablemisstatementPlanneddetection riskPlannedaudit evidenceIDIIIIDD2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-4040Audit Risk Model for PlanningAcAR=IR AcAR=IR CR CR AcDR AcDRAcAR=Achieved audit riskIR=Inherent riskCR=Control riskAcDR=Achieved detection riskwhere:2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-4141Audit Risk Models for Planning Evidence and Evaluating ResultsAcceptableauditriskInherentriskControlriskAchieveddetectionriskSubstantiveauditevidenceAchievedauditriskCompareDIDDD=Direct relationshipI=Inverse relationship2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-9-4242Revising Risks and EvidenceThe auditor must revise the originalassessment of the appropriate risk.The auditor should consider the effectof the revision on evidence requirements,without the use of the audit risk model.2008 Prentice Hall Business Publishing,2008 Prentice Hall Business Publishing,Auditing 12/e,Auditing 12/e,Arens/Beasley/Elder Arens/Beasley/Elder9-43End of Chapter 9此课件下载可自行编辑修改，供参考！感谢您的支持，我们努力做得更好！