如何成为合格的审计咨询师16
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1、16-12003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAudit of the Inventoryand Warehousing CycleChapter 1616-22003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyLearning Objective 1Identify the business functionsand the related do
2、cumentsand records in the inventoryand warehousing cycle.16-32003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyFunctions in the Inventoryand Warehousing CycleProcesspurchaseordersStorerawmaterialsProcess the goodsReceive rawmaterials16-42003 Prentice Hall Business
3、Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyFunctions in the Inventoryand Warehousing CycleStorefinishedgoodsShipfinishedgoods16-52003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyLearning Objective 2Describe how e-commerceaffects inventory management.
4、16-62003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyHow E-Commerce Affects Inventory ManagementThe Internet enables clients to provide expandeddescriptions of their inventory on a real-time basis.The use of the Internet and other e-commerceapplications may lead t
5、o financial reportingrisks if access to inventory databases andsystems is not adequately controlled.16-72003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyLearning Objective 3Explain the five parts ofthe audit of the inventoryand warehouse cycle.16-82003 Prentice Ha
6、ll Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAudit of InventoryInternally transferassets and costs.Acquire and recordraw materials,labor,and overhead.Part of auditCycle in which testedAcquisition andpayment pluspayroll and personnelInventory andwarehousing16-92003 Prentice Ha
7、ll Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAudit of InventoryPhysically observeinventory.Price and compileinventory.Cycle in which testedShip goods and recordrevenue and costs.Part of auditSales andcollectionInventory andwarehousingInventory andwarehousing16-102003 Prentice
8、 Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyLearning Objective 4Design and perform audittests of cost accounting.16-112003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyCost Accounting ControlsRaw materialsWIPFinished goods16-122003 Prent
9、ice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyTests of Cost AccountingPhysical ControlsDocuments and records fortransferring inventoryPerpetual inventory master filesUnit cost records16-132003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/Beasl
10、eyLearning Objective 5Apply analytical procedures tothe accounts in the inventoryand warehousing cycle.16-142003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAnalytical Procedures for Manufacturing EquipmentAnalytical ProcedurePossible MisstatementCompare gross mar
11、ginOverstatement orpercentage with that ofunderstatement ofprevious years.inventory and costof goods soldCompare inventory turnoverObsolete inventory(cost of goods sold dividedOverstatement or by average inventory)withunderstatement ofthat of previous years.inventory16-152003 Prentice Hall Business
12、Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAnalytical Procedures for Manufacturing EquipmentAnalytical ProcedurePossible MisstatementCompare unit costs ofOverstatement orinventory with those ofunderstatement ofprevious years.unit costsCompare extendedMisstatements ininventory value wit
13、h thatcompilation,unitof previous years.costs,or extensions16-162003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAnalytical Procedures for Manufacturing EquipmentAnalytical ProcedurePossible MisstatementCompare current yearMisstatement of unitmanufacturing costs w
14、ithcosts of inventory,those of previous yearsespecially direct(variable costs should belabor andadjusted for changes inmanufacturingvolume).overhead16-172003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyMethodology for DesigningTests of Details of Balances Identify
15、 client business risks affectingthe inventory and warehousing cycles.Set tolerable misstatement andassess inherent risk for theinventory and warehousing cycles.Assess control risk for several cycles.16-182003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyMethodology
16、 for DesigningTests of Details of BalancesDesign and perform tests ofcontrols and substantive testsof transactions for theseveral cycles.Design and perform analyticalprocedures for the inventoryand warehousing cycle.16-192003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/B
17、easleyMethodology for DesigningTests of Details of BalancesDesign tests of detailsof inventory to satisfybalance-relatedaudit objectives.Audit proceduresSample sizeItems to selectTiming16-202003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyLearning Objective 6Desig
18、n and performphysical observationaudit tests for inventory.16-212003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyControlsProper instructions for the physical countSupervision by responsible personnelIndependent interval verification of the countsIndependent reconc
19、iliations of the physicalcounts with perpetual inventory master filesAdequate control over count sheets or tags16-222003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAudit Decisions16-232003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/B
20、easleyPhysical Observation Tests16-242003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyBalance-Related Objectives:Physical Inventory ObservationExistenceCompletenessAccuracyInventory as recorded on tags exist.Existing inventory iscounted and tagged.Inventory is cou
21、ntedaccurately.16-252003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyClassificationCutoffInventory is classified correctly on the tags.Transactions are recorded in the proper period.Balance-Related Objectives:Physical Inventory Observation16-262003 Prentice Hall B
22、usiness Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyBalance-Related Objectives:Physical Inventory ObservationRights The client has rightsto inventory recorded on tagsRealizable ValueObsolete and unusableinventory items areexcluded or noted.16-272003 Prentice Hall Business Publishing,Ess
23、entials of Auditing 1/e,Arens/Elder/BeasleyLearning Objective 7Design and perform audittests of pricing andcompilation for inventory.16-282003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAudit of Pricing and Compilation16-292003 Prentice Hall Business Publishing,E
24、ssentials of Auditing 1/e,Arens/Elder/BeasleyAudit of Pricing and Compilation16-302003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyBalance-Related Objectives:Inventory Pricing and CompilationDetailtie-inExistenceCompletenessAccuracy16-312003 Prentice Hall Business
25、 Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyBalance-Related Objectives:Inventory Pricing and CompilationClassificationRealizable valueRightsPresentationand disclosure16-322003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyValuation(Pricing)of Inventory
26、Pricing Purchased InventoryPricing Manufactured InventoryCost or Market16-332003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyLearning Objective 8Integrate the various parts ofthe audit of the inventoryand warehousing cycle.16-342003 Prentice Hall Business Publishi
27、ng,Essentials of Auditing 1/e,Arens/Elder/BeasleyInterrelationship ofVarious Audit TestsTests of acquisitionand payment cycleRaw materialsAcquisitions ofraw materialsWork in processOther manufacturingoverhead16-352003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyIn
28、terrelationship ofVarious Audit TestsTests of payrolland personnel cycleWork in processDirect laborWork in processIndirect labor16-362003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyInterrelationship ofVarious Audit TestsInventory testsRaw materialsEnding inventor
29、yWork in processEnding inventoryFinished goodsEnding inventory16-372003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyInterrelationship ofVarious Audit TestsTests of sales andcollection cycleFinished goodsCost of goods sold16-382003 Prentice Hall Business Publishing
30、,Essentials of Auditing 1/e,Arens/Elder/BeasleyIntegration of the Tests Acquisition and payment cycle Payroll and personnel cycle Sales and collection cycle Cost accounting Physical inventory,pricing,and compilation16-392003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyEnd of Chapter 16
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