审计学-一种整合的方法课件.ppt

©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 1Audit Planning andAnalytical ProceduresChapter 8©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 2 2Learning Objective 1Discuss why adequate auditplanning is essential.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 3 3Three Main Reasons for Planning1. To obtain sufficient competent evidencefor the circumstances2. To help keep audit costs reasonable3. To avoid misunderstanding with the client©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 4 4Risk TermsØ Acceptable audit riskØ Inherent risk©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 5 5Planning an Audit and Designing an Audit ApproachAccept client and perform initial audit planning.Understand the client’s business and industry.Assess client business risk.Perform preliminary analytical procedures.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 6 6Planning an Audit and Designing an Audit ApproachSet materiality and assess acceptable audit riskand inherent risk.Understand internal control and assess control risk.Gather information to assess fraud risks.Develop overall audit plan and audit program.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 7 7Learning Objective 2Make client acceptance decisionsand perform initial audit planning.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 8 8Initial Audit PlanningØ Client acceptance and continuanceØ Identify client’s reasons for auditØ Obtain an understanding with the clientØ Develop overall audit strategy©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 9 9Learning Objective 3Gain an understanding of theclient’s business and industry.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 1010Understanding of the Client’s Business and IndustryFactors that have increased theimportance of understanding theclient’s business and industry:Ø Global operationsØ Information technologyØ Human capital©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 1111Understanding of the Client’s Business and IndustryIndustry and external environmentBusiness operations and processesManagement and governanceObjectives and strategiesMeasurement and performanceUnderstand client’s business and industry©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 1212Industry and External EnvironmentReasons for obtaining an understanding of theclient’s industry and external environment:1. Risks associated with specific industries2. Inherent risks common to all clients incertain industries3. Unique accounting requirements©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 1313Business Operationsand ProcessesFactors the auditor should understand:Ø Major sources of revenueØ Key customers and suppliersØ Sources of financingØ Information about related parties©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 1414Tour the Plant and OfficesBy viewing the physical facilities, the auditor can asses physical safeguards over assets and interpretaccounting data related to assets.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 1515Identify Related PartiesA related party is defined as an affiliatedcompany, a principal owner of the clientcompany, or any other party with whichthe client deals, where one of the partiescan influence the management orpolicies of the other.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 1616Management and GovernanceManagement establishes the strategies andprocesses followed by the client’s business.Governance includes the client’s organizationalstructure, as well as the activities of the boardof directors and the audit committee.Ø Corporate charter and bylawsØ Meeting minutesØ Code of ethics©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 1717Code of EthicsIn response to the Sarbanes-Oxley Act, the SECnow requires each public company to disclosewhether is has adopted a code of ethics thatapplies to senior management.The SEC also requires companies to discloseamendments and waivers to the code of ethics.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 1818Client Objectives and StrategiesStrategies are approaches followed by theentity to achieve organizational objectives.Auditors should understand client objectives.Ø Effectiveness and efficiency of operationsØ Financial reporting reliabilityØ Compliance with laws and regulations©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 1919Measurement and PerformanceThe client’s performance measurement systemincludes key performance indicators. Examples:Ø market shareØ sales per employeeØ unit sales growthØ Web site visitorsØ same-store salesØ sales/square footPerformance measurement includes ratio analysisand benchmarking against key competitors.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 2020Learning Objective 4Assess client business risk.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 2121Assess Client Business RiskClient business risk is the risk that theclient will fail to achieve its objectives.Ø What is the auditor’s primary concern?Ø Material misstatements in the financialstatements due to client business risk©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 2222Client’s Business, Risk, andRisk of Material MisstatementUnderstand client’sbusiness and industryIndustry and external environmentBusiness operations and processesManagement and governanceObjectives and strategiesMeasurement and performanceAssess client businessriskAssess risk of materialmisstatements©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 2323Sarbanes-Oxley (new title)The Sarbanes-Oxley Act requires thatmanagement certify it has designeddisclosure controls and procedures toensure that material information aboutbusiness risks is made known to them.It also requires that management certifyit has informed the auditor and auditcommittee of any significant deficienciesin internal control.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 2424Enterprise Risk ManagementEnterprise risk management (ERM) hasemerged as a new paradigm for managing risk.ERM integrates and coordinates riskmanagement across the entire enterprise.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 2525Learning Objective 5Perform preliminary analyticalprocedures.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 2626Preliminary Analytical ProceduresComparison of client ratios to industryor competitor benchmarks provides anindication of the company’s performance.Preliminary tests can reveal unusualchanges in ratios. ©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 2727Examples of Planning Analytical ProceduresLiquidity activity ratio:Inventory turnover3.365.20Ability to meet long-term obligations:Debt to equity1.732.51Profitability ratio:Profit margin0.050.07Short-term debt-paying ability:Current ratio3.865.20ClientClientIndustryIndustrySelected RatiosSelected Ratios©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 2828Summary of the Partsof Auditing PlanningA major purpose is to gain an understanding of the client’s business and industry.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 2929Key Parts of PlanningAccept client and perform initial planningØ New client acceptance and continuanceØ Identify client’s reasons for auditØ Obtain an understanding with clientØ Staff the engagement©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 3030Key Parts of PlanningUnderstand the client’s business and industryØ Understand client’s industry and externalenvironmentØ Understand client’s operations, strategies,and performance system©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 3131Key Parts of PlanningØ Assess client business riskØ Evaluate management controlsaffecting business riskØ Assess risk of material misstatements©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 3232Key Parts of PlanningPerform preliminary analytical procedures©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 3333Learning Objective 6State the purposes of analyticalprocedures and the timingof each purpose.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 3434Analytical Procedures1.Required in the planning phase2.Often done during the testing phase3.Required during the completion phaseSAS 56 emphasizes the expectationsdeveloped by the auditor.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 3535Timing and Purposes of Analytical Procedures(Required)PlanningPhasePurposeUnderstand client’sindustry and businessPrimarypurposeAssess going concernSecondarypurposeIndicate possiblemisstatements(attention directing)PrimarypurposeReduce detailed testsSecondarypurposeSecondarypurposePrimarypurposeSecondarypurposePrimarypurposeTestingPhase(Required)CompletionPhase©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 3636Learning Objective 7Select the most appropriateanalytical procedure fromamong the five major types.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 3737Five Types of Analytical ProceduresCompare client data with:1. Industry data2. Similar prior-period data3. Client-determined expected results4. Auditor-determined expected results5. Expected results using nonfinancial data.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 3838Compare Client and Industry DataInventory turnover 3.4 3.5 3.9 3.4Gross margin26.3%26.4%27.3%26.2%ClientClientIndustryIndustry2007200620072006©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 3939Compare Client Data with Similar Prior Period DataNet sales$143,086 100.0$131,226100.0Cost of goods sold 103,241 72.1 94,876 72.3Gross profit$ 39,845 27.9$ 36,350 27.7Selling expense 14,810 10.3 12,899 9.8Administrative expense 17,665 12.4 16,757 12.8Other 1,689 1.2 2,035 1.6Earnings before taxes$ 5,681 4.0$ 4,659 3.5Income taxes 1,747 1.2 1,465 1.1Net income$ 3,934 2.8$ 3,194 2.420072007(000)(000)Prelim.Prelim.% of% ofNet salesNet sales20062006(000)(000)Prelim.Prelim.% of% ofNet salesNet sales©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 4040Learning Objective 8Compute common financial ratios.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 4141Common Financial RatiosØ Short-term debt-paying abilityØ Liquidity activity ratiosØ Ability to meet long-term debt obligationsØ Profitability ratios©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 4242Short-term Debt-paying AbilityCurrent ratioCurrent assetsCurrent liabilities=Cash ratio(Cash + Marketable securities)Current liabilities=Quick ratio(Cash + Marketable securities+ Net accounts receivable)Current liabilities=©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 4343Liquidity Activity RatiosAccounts receivableturnoverNet salesAverage gross receivables=Days to collectreceivable365 days365 daysAccounts receivable turnover=InventoryturnoverCost of goods soldCost of goods soldAverage inventory=Days to sellinventory365 days365 daysInventory turnover=©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 4444Ability to Meet Long-term Debt ObligationDebt to equityTotal liabilitiesTotal equity=Times interestearnedOperating incomeInterest expense=©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 4545Profitability RatiosEarningsper shareNet incomeAverage common shares outstanding=Gross profitpercent(Net sales – Cost of goods sold)Net sales=Profit marginOperating incomeNet sales=©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 4646Profitability RatiosReturn oncommonequity(Income before taxes– Preferred dividends)Average stockholders’ equityAverage stockholders’ equity=Return onassetsIncome before taxesAverage total assets=©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 8 - 4747Summary of Analytical ProceduresThey involve the computation of ratiosand other comparisons of recordedamounts to auditor expectations.They are used in planning to understandthe client’s business and industry.They are used throughout the audit to identifypossible misstatements, reduce detailed tests,and to assess going-concern issues.©2008 Prentice Hall Business Publishing, ©2008 Prentice Hall Business Publishing, Auditing 12/e,Auditing 12/e, Arens/Beasley/Elder Arens/Beasley/Elder8 - 48End of Chapter 8。