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Auditing審計學 基于環境變化的概念Ritterch02.ppt

'Auditing審計學 基于環境變化的概念Ritterch02.ppt'
Chapter 2CORPORATE GOVERNANCE - ENHANCING THE AUDIT FUNCTIONDefine Corporate Governance"a process by which the owners and creditors of an organization exert control and require accountability for the resources entrusted to the organization. The owners (stockholders) elect a board of directors to provide oversight of the organization's activities"List primary parties involved in corporate governanceStockholdersBoards of DirectorsAudit Committees of the BoardManagementSelf-Regulatory Accounting Organizations (e.g. AICPA, FASB)Other Self-Regulatory Organizations (e.g. NYSE, NASD)Regulatory Agencies (e.g. SEC)External AuditorsInternal AuditorsWhat are SEC concerns regarding the auditing profession?Auditors were no longer willing to confront clients over questionable accounting practicesConsulting fees were impairing auditor independenceAccountants were using technical interpretations of GAAP to push the limits of accountingWhat are the Public Oversight Board (POB) concerns?Analytical procedures used inappropriately to replace direct tests of account balancesAudit firms not thoroughly evaluating internal control and applying substantive procedures to address weaknesses in controlAudit documentation, especially related to audit planning, did not meet professional standardsAuditors ignored warning signs of fraud and other problemsAuditors were not providing sufficient warning about companies that might not continue as 'going concerns'The Sarbanes/Oxley Act of 2002 was passed by Congress in response to massive accounting scandals.Significant provisions include:Establishes the Public Companies Accounting Oversight Board (PCAOB) with broad authority, including the power to set auditing standards for audits of publicly traded companies Requires the CEO and CFO certify the financial statementsRequires companies to provide a comprehensive report on internal controls over financial reporting and that auditors report on internal controlsAudit Committees given expanded powers as the 'audit client' and must pre-approve any non-audit services by its external auditorsAudit Committees must report their activities to the publicThe Sarbanes/Oxley Act of 2002 ContinuedAudit Committees must have at least one person who is a financial expert. Other members must be knowledgeable in financial accounting and controlAudit engagement partners, as well as other partners and managers with significant roles in the audit, must be rotated off the engagement every five yearsA "cooling off" period before an audit partner or manager can take a high-level position with an audit client without jeopardizing the independence of the public accounting firmIncreased disclosure of "off-balance sheet" transactions or agreements that may have a material effect Requires the GAO to study a number of issues including the effect of consolidation on competition with the accounting profession, and an analysis of mandatory audit firm rotation Sarbanes/Oxley granted the PCAOB bro。省略部分。rds Board of Internal Auditors as a self-regulatoryorganization Scope: Standards for the practice of internal auditing around the world Summary of Audit Standard Settings and AuthorityOverview of Audit Process: A Standards-Based Approach(1)Planning the AuditUnderstanding with the Audit ClientScope of services to be provided Management responsibilitiesCoordination of work with client personnelAudit fees and expectations of each partyDevelop an Understanding of MaterialityAudit must be planned to provide reasonable assurance that material misstatements will be detectedOverview of Audit Process: A Standards-Based Approach(2)Develop a Preliminary Audit ProgramDevelop understanding of client business and industryDevelop understanding of risks client faces and how they might affectthe company's financial statementsDevelop understanding of management compensation plans and how those plans may motivate management actionsDevelop preliminary understanding of client's internal controls overfinancial reporting Develop audit program on audit risk, internal control quality,accounting assertions, and materialityDevelop understanding of client's accounting policies and proceduresAnticipate financial statement items likely to require adjustmentIdentify factors that might require modification of audit testsDetermine the type of reports to be issued Overview of Audit Process: A Standards-Based Approach(3)Overview of Audit Process: A Standards-Based Approach(4)Gathering Audit Evidence: Testing AssertionsThird Standard of Fieldwork requires auditor to gather "sufficient, competent, evidential matter" in order to reach a conclusion on the fairness of the financial statementsAudit Process is Designed to Examine AssertionsThe assertions inherent in the accounting communication: existence,completeness, rights and obligations, valuation, and disclosure/presentation Overview of Audit Process: A Standards-Based Approach(5)Summarize Audit Evidence and Reach Audit ConclusionIf the evidence supports fair presentation, auditor can move on toother areas of investigation If the evidence does not support fair presentation, auditor will gather additional evidence. This will lead auditor to one of three states: Auditor reaches a conclusion and the client agrees to adjust the financial statements Auditor reaches a conclusion, but the client disagrees. The auditorwill issue a report describing the differences in opinionAuditor is unable to reach a conclusion and the amounts are so material, the auditor cannot render an opinion Overview of Audit Process: A Standards-Based Approach(6)Reach an Audit Conclusion and Issue a ReportFor most engagements, the auditor will reach a conclusion that the financial statements are fairly stated and will issue an unqualified audit reportBefore issuing the report, the auditor will meet with the audit committee to discuss the audit process and the overall fairness of the company's financial statements
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變化 環境 概念 ritterch02 基于 ritterch 審計學 02 auditing
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