1、18 - 12003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyCompleting the AuditChapter 1818 - 22003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 1Conduct a review for contingentliabilities and commitments.18 -
2、32003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleySummary of theAudit ProcessPhase IPlan and designan audit approach.Phase IIPerform tests ofcontrols andsubstantive testsof transactions.Phase IIIPerform analyticalprocedures andtests of detailsof balances.Phase I
3、VComplete theaudit and issuean audit report.18 - 42003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyPhase IV Completing the AuditReview forcontingentliabilitiesReview for subsequent eventsAccumulatefinal evidenceEvaluate resultsIssue audit reportCommunicate with
4、audit committeeand management18 - 52003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyA contingent liability is potential futureobligation to an outside party for anunknown amount resulting fromactivities that have already taken place.Contingent Liabilities18 - 62
5、003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLikelihood of Occurrence and Financial Statement TreatmentLikelihood ofFinancial StatementOccurrence of EventTreatmentRemote (slight chance)No disclosure necessaryReasonably possibleFootnote disclosure ProbableAdju
6、st financial statementsOR footnote disclosure18 - 72003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyAudit Procedures forFinding ContingenciesInquire of management (orally and in writing)about the possibility of unrecorded contingencies.Review current and previou
7、s years internalrevenue reports for income tax settlements.Review the minutes of directors and stockholdersmeetings for indications of lawsuits.18 - 82003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyAudit Procedures forFinding ContingenciesAnalyze legal expenses
8、 and review invoicesand statements from legal counsel.Obtain a letter from each major attorney of theclient as to the status of pending litigation.Examine letters of credit in force.Review audit documentation for any informationthat may indicate a potential contingency.18 - 92003 Prentice Hall Busin
9、ess Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 2Obtain and evaluate lettersfrom the clients attorneys.18 - 102003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyA list including (1) pending threatened litigation and(2) asserted or
10、 unasserted claims or assessmentswith which the attorney has had involvement.A request that the attorney furnish information orcomment about the progress of each item listed. Inquiry of Clients Attorneys18 - 112003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyA r
11、equest for the identification of any unlistedpending or threatened legal action or a statementthat the clients list is complete.A statement informing the attorney of the attorneysresponsibility to inform management of legal mattersrequiring disclosure in the financial statements andto respond direct
12、ly to the auditor.Inquiry of Clients Attorneys18 - 122003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 3Conduct a post-balance-sheetreview for subsequent events.18 - 132003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/El
13、der/BeasleyPeriod Covered bySubsequent Events ReviewClients endingbalance sheetdateAuditreportdateDate clientissues financialstatementsPeriod to whichreview forsubsequentevents appliesPeriod forprocessingthe financialstatements12-31-023-11-033-26-0318 - 142003 Prentice Hall Business Publishing, Esse
14、ntials of Auditing 1/e, Arens/Elder/BeasleyThose that have a direct effect on thefinancial statements and require adjustmentThose that have no direct effect on thefinancial statements but for whichdisclosure is advisableTypes of Subsequent Events18 - 152003 Prentice Hall Business Publishing, Essenti
15、als of Auditing 1/e, Arens/Elder/Beasley Declaration of bankruptcy by a customer with an accounts receivable balance. Settlement of a litigation at an amount different from the amount recorded on the booksRequiring Adjustment18 - 162003 Prentice Hall Business Publishing, Essentials of Auditing 1/e,
16、Arens/Elder/Beasley Disposal of equipment not being used in operations at a price below the current book value Sale of investments at a price below recorded costRequiring Adjustment18 - 172003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyAdvisability of Disclosur
17、e Decline in the market value of securities held for temporary investment or resale Issuance of bonds or equity securities Decline in the market value of inventory as consequence of government action barring further sale of a product Uninsured loss of inventories as a result of fire A merger or an a
18、cquisition18 - 182003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/Beasley Inquiry of management Correspond with attorneys Review internal statements prepared subsequent to the balance sheet date Review records prepared subsequent to the balance sheet date Examine minut
19、es issued subsequent to the balance sheet date Obtain a letter of representationAudit Tests18 - 192003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyThe first date is the date for the completionof field work except for a specific exception.The second date, which i
20、s always later,deals with the exception.Dual Dating18 - 202003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 4Design and perform the final stepsin the evidence-accumulationsegment of the audit.18 - 212003 Prentice Hall Business Publishing, Essen
21、tials of Auditing 1/e, Arens/Elder/Beasley1) Perform final analytical procedures.2) Evaluate the going-concern assumption.3) Obtain a management representation letter.4) Consider information accompanying the basic financial statements.5) Read other information in the annual reportFinal Evidence Accu
22、mulation18 - 222003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyInformation Accompanying Basic Financial StatementsBalance sheetIncome statementStatement ofcash flowsFootnotesBasicfinancialstatementsStandardauditorsreport18 - 232003 Prentice Hall Business Publis
23、hing, Essentials of Auditing 1/e, Arens/Elder/BeasleyInformation Accompanying Basic Financial StatementsDetailedcomparativestatementsStatistical dataSchedule ofinsurancecoverageInformationaccompanyingbasic financialstatementsSeparateparagraph unqualified,qualified,or disclaimer18 - 242003 Prentice H
24、all Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 5Integrate the audit evidencegathered, and evaluate theoverall audit results.18 - 252003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleySufficiency of evidenceEvidence suppor
25、ts auditors opinionFinancial statement disclosuresAudit documentation reviewIndependent reviewEvaluate Results18 - 262003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyEvaluating Results andReaching ConclusionsActual audit evidence(by cycle, account,and objective)
26、Audit proceduresSample sizeItems to selectTimingEvaluate results(by account and cycle)Estimated misstatement(by account)Achieved audit risk(by account and cycle)18 - 272003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyEvaluating Results andReaching ConclusionsEva
27、luate overallfinancial statementsEstimated misstatement(overall statements)Achieved audit risk(overall statements)Issueauditreport18 - 282003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyThe audit report is the only thing that most userssee in the audit process a
28、nd the consequences ofissuing an inappropriate report can be severe.Issue the Audit Report18 - 292003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 6Communicate effectively with theaudit committee and management.18 - 302003 Prentice Hall Busines
29、s Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyCommunicate fraud and illegal actsCommunicate reportable conditionsOther communication with audit committeeManagement lettersCommunicate with the Audit Committee and Management18 - 312003 Prentice Hall Business Publishing, Essentials of Au
30、diting 1/e, Arens/Elder/BeasleyLearning Objective 7Identify the auditorsresponsibilities whenfacts affecting the auditreport are discoveredafter its issuance.18 - 322003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyPeriod Covered bySubsequent Events ReviewClients
31、 endingbalance sheetdateAuditreportdateDate clientissues financialstatementsPeriod to whichreview forsubsequentevents appliesPeriod forprocessingthe financialstatements12-31-023-11-03 3-26-03Period in whichsubsequentdiscovery offacts is made18 - 332003 Prentice Hall Business Publishing, Essentials o
32、f Auditing 1/e, Arens/Elder/BeasleyEnd of Chapter 1818 - 342003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/Beasley9、静夜四无，荒居旧 。五月-21五月-21Thursday, May 13, 202110、雨中黄叶，灯下白人。04:09:5504:09:5504:095/13/2021 4:09:55 AM11、以我独沈久，愧君相 。五月-2104:09:5504:09May-2113-May-2112、故人江海，几
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