审计规划和分析程序Audit Planning and Analytical Procedures(英文版).pptx

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AuditPlanningandAnalyticalProceduresChapter7 LearningObjective1Discusswhyadequateauditplanningisessential. PlanningTheworkistobeadequatelyplanned,andassistants,ifany,aretobeproperlysupervised.AcceptableauditriskInherentrisk PlanninganAuditandDesigninganApproachAcceptclientandperforminitialauditplanningUnderstandtheclient’sbusinessandindustryAssessclientbusinessriskPerformpreliminaryanalyticalprocedures PlanninganAuditandDesigninganApproachSetmateriality,andassessacceptableauditriskandinherentriskDevelopoverallauditplanandauditprogramUnderstandinternalcontrolandassesscontrolrisk LearningObjective2Makeclientacceptancedecisionsandperforminitialauditplanning. InitialAuditPlanningClientacceptanceandcontinuationIdentifyclient’sreasonsforaudit.Obtainanunderstandingwiththeclient.Selectstafffortheengagement. LearningObjective3Gainanunderstandingoftheclient’sbusinessandindustry. UnderstandingoftheClient’sBusinessandIndustryWhataresomefactorsthathaveincreasedtheimportanceofunderstandingtheclient’sbusinessandindustry?GlobaloperationsInformationtechnologyHumancapital UnderstandingoftheClient’sBusinessandIndustryUnderstandClient’sBusinessandIndustryIndustryandExternalEnvironmentBusinessOperationsandProcessesManagementandGovernanceObjectivesandStrategiesMeasurementandPerformance IndustryandExternalEnvironmentWhataresomereasonsforobtaininganunderstandingoftheclient’sindustryandexternalenvironment?RisksassociatedwithspecificindustriesInherentriskscommontoallclientsincertainindustriesUniqueaccountingrequirements BusinessOperationsandProcessesFactorstheauditorshouldunderstand:–majorsourcesofrevenue–sourcesofrevenue–keycustomersandsuppliers–sourcesoffinancing–informationaboutrelatedparties–abilitytoobtainfinancing ManagementandGovernanceManagementestablishesthestrategiesandprocessesfollowedbytheclient’sbusiness.Governanceincludestheclient’sorganizationalstructure,aswellastheactivitiesoftheboardofdirectorsandtheauditcommittee.CorporatecharterandbylawsMinutesofmeetings ClientObjectivesandStrategiesStrategiesareapproachesfollowedbytheentitytoachieveorganizationalobjectives.Auditorsshouldunderstandclientobjectives.EffectivenessandefficiencyofoperationsFinancialreportingreliabilityCompliancewithlawsandregulations MeasurementandPerformanceTheclient’sperformancemeasurementsystemincludeskeyperformanceindicators.Examples:Performancemeasurementincludesratioanalysisandbenchmarkingagainstkeycompetitors.–marketshare–salesperemployee–unitsalesgrowth–Websitevisitors–same-storesales–sales/squarefoot LearningObjective4Assessclientbusinessrisk. AssessClientBusinessRiskClientbusinessriskistheriskthattheclientwillfailtoachieveitsobjectives.Whatistheauditor’sprimaryconcern?–materialmisstatementofthefinancialstatementsduetoclientbusinessrisk TheClient’sBusiness,Risk,andAuditor’sRiskAssessmentIndustryandExternalEnvironmentBusinessOperationsandProcessesManagementandGovernanceObjectivesandStrategiesMeasurementandPerformanceUnderstandClient’sBusinessandIndustryAssessClientBusinessRiskAssessRiskofMaterialMisstatements LearningObjective5Performpreliminaryanalyticalprocedures. PreliminaryAnalyticalProceduresComparisonofclientratiostoindustryorcompetitorbenchmarksprovidesanindicationofthecompany’sperformance.Analyticalproceduresarealsoanimportantpartoftestingthroughouttheaudit. ExamplesofPlanningAnalyticalProceduresLiquidityActivityRatioInventoryturnover3.465.20AbilitytoMeetLong-TermObligationsDebttoequity1.732.51ProfitabilityReturnonassets0.090.09ClientIndustryShort-TermDebt-PayingAbilityCurrentratio3.865.20SelectedRatios KeyPartsofPlanningAcceptClientandPerformInitialPlanningNewclientacceptanceandcontinuanceObtainanunderstandingwithclientIdentifyclient’sreasonsfortheauditStafftheengagement KeyPartsofPlanningUnderstandtheClient’sBusinessandIndustryUnderstandclient’sindustryandexternalenvironmentUnderstandclient’soperations,strategies,andperformancesystem KeyPartsofPlanningAssessClientBusinessRiskEvaluatemanagementbusinesscontrolsaffectingbusinessriskAssessclientbusinessriskAssessriskofmaterialmisstatements KeyPartsofPlanningPerformPreliminaryAnalyticalProcedures SummaryofthePurposesofAuditingPlanningAmajorpurposeistogainanunderstandingoftheclient’sbusinessandindustry. LearningObjective6Statethepurposesofanalyticalproceduresandthetimingofeachpurpose. AnalyticalProceduresAnalyticalproceduresusecomparisonsandrelationshipstoassesswhetheraccountbalancesorotherdataappearreasonable.SAS56emphasizestheexpectationsdevelopedbytheauditor. TimingandPurposeofAnalyticalProcedures(Required)PlanningPhasePurposeUnderstandclient’sindustryandbusinessPrimarypurposeAssessgoingconcernSecondarypurposeIndicatepossiblemisstatements(attentiondirecting)PrimarypurposeReducedetailedtestsSecondarypurpose TimingandPurposeofAnalyticalProceduresTestingPhasePurposeUnderstandclient’sindustryandbusinessAssessgoingconcernIndicatepossiblemisstatements(attentiondirecting)SecondarypurposeReducedetailedtestsPrimarypurpose TimingandPurposeofAnalyticalProcedures(Required)CompletionPhasePurposeUnderstandclient’sindustryandbusinessAssessgoingconcernSecondarypurposeIndicatepossiblemisstatements(attentiondirecting)PrimarypurposeReducedetailedtests LearningObjective7Selectthemostappropriateanalyticalprocedurefromamongthefivemajortypes. FiveMajorTypesofAnalyticalProceduresCompareclientandindustrydata.Compareclientdatawithsimilarprior-perioddata.Compareclientdatawithclient-determinedexpectedresults.Compareclientdatawithauditor-determinedexpectedresults.Compareclientdatawithexpectedresults,usingnonfinancialdata. CompareClientandIndustryDataClientIndustry2002200120022001Inventoryturnover3.43.53.93.4Grossmarginpercent26.3%26.4%27.3%26.2% CompareClientDataWithSimilarPrior-periodData20022001(000,000)%of(000,000)%ofPreliminaryNetSalesAuditedNetSalesNetsales143100131100Costofgoodssold103729572Grossprofit40283628S&A32223023Other4333Netincome4332 LearningObjective8Computecommonfinancialratios. CommonFinancialRatiosShort-termdebt-payingabilityLiquidityactivityratiosAbilitytomeetlong-termdebtobligationsProfitabilityratios Short-termDebt-payingAbilityCashratio:(Cash+Marketablesecurities)÷CurrentliabilitiesQuickratio:(Cash+Marketablesecurities+Netaccountsreceivable)÷CurrentliabilitiesCurrentratio:Currentassets÷Currentliabilities LiquidityActivityRatiosAccountsreceivableturnover:Netsales÷AveragegrossreceivablesDaystocollectreceivables:365days÷AccountsreceivableturnoverInventoryturnover:Costofgoodssold÷Averageinventory LiquidityActivityRatiosDaystosellinventory:365days÷inventoryturnover AbilitytoMeetLong-termDebtObligationDebttoequity:Totalliabilities÷TotalequityTimesinterestearned:Operatingincome÷Interestexpense SummaryofAnalyticalProceduresTheyinvolvethecomputationofratiosandothercomparisonsofrecordedamountstoauditorexpectations.Theyareusedinplanningtounderstandtheclient’sbusinessandindustry.Theyareusedthroughouttheaudittoidentifypossiblemisstatements,reducedetailedtests,andtoassessgoing-concernissues. 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