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Auditing審計學 基于環境變化的概念Ritterch11.ppt

'Auditing審計學 基于環境變化的概念Ritterch11.ppt'
Chapter 11Audit of Acquisition Cycle and InventoryOverview of Acquisition CycleThe acquisition cycle covers the purchase, receipt, payment, and accounting for goods and servicesMajor accounts include inventory, accounts payable, and expensesMain phases in the acquisition and payment process:Authorized requisitionAuthorized purchaseReceipt of goods and services Approval for paymentCash disbursementDiscuss Risk and Business AnalysisAcquisition cycle deals with receipt of all goods and servicesMisstatements may occur just because of the volume of transactionsIt is also an area where fraud is likely to take place. For example,Employee theft of inventory causing inventory on the books to be overstatedEmployees setting up fictitious vendors and paying themselves for goods never received by the companyExecutives abusing travel and entertainment expenses for personal useCapitalizing expenses as assets to inflate earningsOverestimating "restructuring reserves" at the time of acquisition so expenses could be reduced in future periodsWhat are the red flags of the acquisition and payment cycle?There are a number of red flags unique to the acquisition and payment cycle. These include:Inventory growing at a rate greater than salesExpenses significantly above or below industry normsCapital assets growing faster than the business and for which there are not strategic plansSignificant reduction of "reserves"Expense accounts that have significant credit entriesTravel and entertainment expense accounts that do not have documentationInadequate follow-up to auditor recommendations on needed controls What analytical analysis can be done for misstatements?Analytical procedures to identify potential misstatements:Calculate and analyze dollar and percentage change in inventory, cost of goods sold, and expense accountsCompute and analyze ratios like inventory turnover and number of day's sales in inventoryPrepare common sized income statement to identify cost of good sold or expense accounts that are out of lineAuditor compares client analytics to past client performance, industry results, and auditor's expectationsOverview of Control Procedures and Control Risk AssessmentRequisition goods or services Need identifiedPre-numbered requisition form completed and sent to purchasingPurchase goods or services Purchase order shows quantity and price of goods ordered, quality specifications, shipping termsPurchase orders are pre-numbered to establish completenessPurchase orders must be properly authorizedMany companies have separate purchasing department:Agents job is to find best combination of price, service, and qualityReduces fraud by separating purchasing from custody and recordingCentralizes control in one locationControls set to stop purchasing agents from abusing their positions Overview of Control Procedures and Control Risk AssessmentReceive goods Receiving department should ensureOnly authorized goods are receivedThe goods meet 。省略部分。 damaged inventory to the client's inventory records to see if the items have been written downExplain Counting Inventory Before or After Year-endOn occasion, it may not be feasible to count inventory at year-endAcceptable to count inventory before or after year-end if:Controls are strongThe opportunity and motivation to misstate inventory is lowAuditor can test the year-end balance using analytics and tests of transactions between the physical count and year-end (called the roll-forward or rollback period)Auditor reviews intervening transactions for unusual activityCompleteness Inventory cutoff tests:Obtain information on last items shipped and received at year-endCompare this information to transactions recorded in the sales and purchases journalDetermine if transaction is recorded in correct accounting periodAuditor should also inquire about any inventory out on consignment or stored in a public warehouseTracing test counts and number of high-dollar items to the client's inventory records tests completeness (as well as existence)Comment on Allowance for ReturnsIn most situations, expected returns of inventory are not materialHowever, some companies provide return guarantees and expect significant returnsManagement can use previous experience, updated for current economic conditions, to develop estimates of returnsDiscuss Rights Most of the work regarding ownership of inventory is performed during the auditor's testing of purchasesAuditor should also review long-term contracts to determine obligationsInquiry should be made about inventory on consignmentExplain Inventory Valuation Most complex assertion related to inventory because of the:Volume of transactionsDiversity of productsVariety of costing methodsDifficulty in estimating net realizable value of productsAuditor uses direct tests and analytics to assess inventory valuation:Direct tests include verifying cost by reviewing vendor invoicesAuditor usually examines current market data and other conditions that might indicate inventory obsolescenceManagement inquiry and review of industry publications can help the auditor identify obsolete unitsAnalytics, like inventory turnover or day's sales in inventory, may identify slow-moving inventory which may need to be written downAuditor looks for obsolete units during the counting of inventory; these units may need to be written downComment on Appropriate DisclosureAuditor reviews client disclosure for compliance with GAAPDisclosure should include:Costing method(s) usedFrequency of accountingInventory pledged as collateralAny other unusual circumstanceDiscuss Cost of Goods SoldAudit of cost of goods sold can be direct tied to the audit of inventoryIf beginning and ending inventories have been verified and acquisitions have been tested, cost of goods sold can be direct calculatedAuditor should also apply analytics to cost of goods sold to see if there are any significant variations - either overall or by product line
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變化 環境 概念 ritterch11 基于 ritterch 審計學 11 auditing
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