审计过程风险评估过程

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1、初步评价重大错报风险把握有关财务报表整体的重大错报风险发现要特别对待的风险审计计划编制根据剩余风险的大小确定审计重点和审计程序执行审计程序针对要特别对待风险的审计程序采取措施：增加助理人员、配置专家、保证审计时间等了解企业和企业环境内部控制、经营风险财务报表项目财务报表整体What are thepurposes of preliminary analyticalprocedures?-understanding the clients industry-assessing going concern issues-indicating possible misstatements-reduc

2、ing detailed tests What is an engagement letter?Executory contract between the auditor and client Why is it necessary?To document terms of the audit and minimize misunderstandings.Do you know a lawsuit case?The letter is written by the auditor to the client,then signed by both.When should the letter

3、 be signed?Before or after the predecessor/successor auditor communication?Before or after the audit procedures?Must an engagement letter be in a written form?1136 Tenants Corporation CPA firmA realtor(president:Rothenburg)Only book keepingNo Audit service Rothenburg stole$130,000.The auditor did no

4、t report the Rothenbergs fraud to the managements of 1136 Tenants Corpororation Compilation fee:$600 Courts judgment:pay$230,000 to the 1136 Tenants Corp.Managed byHiredOral agreementWhy?-To identify clients reasons for an audit-Competency of the prior auditor-Hunting for opinion-Prior CPA left the

5、client because of illegal acts.-Support beginning balances 1.What if not sure about the beginning balance?-Are we independent?-Are we technically competent?-Is client reputable?-client lacking integrity-financially unstable client-client unable to pay audit fees-Why do they want us?Whatpotentialclie

6、nt might theauditor turndown?-training and overall experience-industry and client experience-supervision-need for specialistsAre we technically competent?Are we technically competent?-财务报表项目受会计偏向、如错误或舞弊影响的可能性，指假定被审计企业不存在相关内部控制政策或程序的情况下，某一账户或交易类别产生重大错报的可能性。some accounts,components,cycles are inherent

7、ly riskier than others-The risk that material misstatements will not be prevented or detected by internal controls Sampling risk auditor samples Non-sampling risk auditors may select ineffective audit procedures auditors may apply procedures ineffectively auditors may incorrectly evaluate the result

8、s of procedures a risk that material misstatements will not be detected by the audit procedures the greater the certainty the auditor wants to achieve98%thegreaterthe amountof auditevidenceandcoststhelowerthe audit risk2%=xxaudit riskinherent riskcontrol riskdetection riskRisk that material misstate

9、ments has occurredRisk that auditors do not detect the misstatementDR=AR IR x CRl检查风险与环境风险之间存在着反比的关系。因此，尽管审计人无法控制环境风险，但审计人可以通过必要的审计程序来分析和判断固有风险水平，根据被审计企业的内部控制的健全性和有效性情况，估计控制风险水平，计划可接受的检查风险水平，使审计风险降低到可接受的水平。l检查风险的水平直接决定实质性审计的严格程度。检查风险水平越低，实质性测试的严格程度越高。the greater the certainty the auditor wants to ac

10、hieve98%thegreaterthe amountof auditevidenceandcoststhelowerthe audit risk2%Materiality is the magnitude of omitted or misstated information that probably would have made a difference in the judgment of someone relying on that information(FASB 2).What ismateriality?$1000-WOW!$1000.peanuts-Circumstan

11、ces and User impact：舞弊或违法行为造成的错报比同样金额的错误造成的错报重要；与合同条款（例如债务协议中的比率）有关的细小差异也可能是重要的；单个账户的不重要的错报可能累计为重要的财务报表错报。-Not required to quantify-Judgmental-Rules of thumbs-5%to 10%of net income before tax-%to 1%of total asset-%to 1%of total revenue-1%of total equity-Multiple bases of materiality-E.g.,net income

12、is not misstated by$100,000,and total assets is not misstated by$300,000.“Investigate mis-statements over$1.”A small materialityestimate will resultin more/less evidence.A large materialityestimate will resultin more/less evidence.“Investigate misstate-ments over$1,000,000.”to identify related parti

13、es(SAS#16-关联方及其交易)-SAS#21-了解被审计单位情况 requires a reasonable understanding of the clients industry.to identify the need for outside specialists(SAS#12-利用专家的工作)obtainbackgroundinformationobtainclient motivationto misstate the financial statementsto misstate the financial statementsSAS#X SAS#X 财务报表审计中对舞弊

14、的考虑财务报表审计中对舞弊的考虑Are managementbonuses based on net income?-study corporate charter and bylaws-study minutes of board and stock-holder meetings-study existingcontractsobtaininformationaboutclients legal obligationshow?SAS#21SAS#21.违反法规行为违反法规行为performpreliminaryanalyticalproceduresWhat are the purpose

15、s ofpreliminary analyticalprocedures?-understanding the clients industryunderstanding the clients industry-assessing going concern issues-assessing going concern issues-indicating possible misstatements-indicating possible misstatements-reducing detailed tests-reducing detailed tests财务信息的可靠性表达和披露账户余额或交易循环权利和义务完整性存在或发生Internal Accounting Control Program