Auditing\u8fc7\u8fc7\u8fc7 - fenghuang920715 Auditing Outline 1 Client acceptance-sign engagement letter 2 Plan your audit Understanding entity environment(Major

Auditingu8fc7u8fc7u8fc7 - fenghuang920715 Auditing...

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Unformatted text preview: 更多高分总结笔记找学姐:微信号 fenghuang920715 Auditing Outline: 1. Client acceptance-­‐-­‐-­‐sign engagement letter 2. Plan your audit. Understanding entity & environment (Major event, business model) 3. what you should do in your audit? Understanding ICS to get preliminary assessment of CR, in order to decide audit strategy for specific accounts. • If preliminary assessment of CR is high, cannot rely on IC, predominantly substantive approach. Obtain audit evidences primarily from substantive tests. • If preliminary assessment of CR is low, can rely on IC (design effectiveness), lower assessed level of CR approach. move on test of control (operating effectiveness). 4. Final assessment of control risk & inherent risk in this account-­‐-­‐-­‐set of the level of detection risk 5. What extent of effort-­‐-­‐-­‐nature, time, extent of substantive test. Week 1 Introduction & overview of auditing 目标:审计功能和经济重要性 audit function & recognize its economic importance 背景: 审计当代背景 current context for the auditing 理论: 审计功能需求的理论 the theories explaining the demand for the audit function 框架:审计监管框架 regulatory framework of auditing Part A: 什么是审计 1. 定义:“an audit is a professional service which involves an objective and critical examination of a subject matter with the aim of assessing its credibility in order to provide assurance by issuing an objective opinion” 注 1:reasonable assurance=high level of assurance; assurance 不等于 absolute assurance/ guarantee. because there are limitations of an audit. 注 2: 关注点在 FS audit 注 3: free from material misstatements. Immaterial misstatements may not be detected. 注 4: 注意委托代理问题和欺诈和人为错误 principal-agent relationship; fraud and human error 2. 为什么审计很重要? 1. 股东 Shareholders: • 使财务报表更可信,因为审计是独立的第三方 Make FS reliable (Auditing is an independent third party) • 减少代理成本 Auditing can help reduce agent costs • 信息不对称 Information asymmetry 2. 监管机构 Regulators (ASIC): • 维 护 资 本 市 场 稳 定 : support the stability of capital markets and assist in ensuring accountability for the government sector • 是公司治理的重要部分:a crucial part of business and corporate governance 注:managers often manipulating statements to meet bonus target 3. 借贷者 Creditors/ lenders: • 增加信息的可信度和可靠性:enhance credibility and increase reliability of info • 看公司有没有偿还能力: money is recoverable, can get money back. 3. 审计的发展 • 十九世纪起源 Ø 一个令人尊重的职业:a venerable profession th Ø 起源于十九世纪的公司立法:formalized with 19 c. companies legislation Ø 早起关注点在资产负债表上并检测欺诈和错误: early focus on B/S and detecting fraud & error 更多高分总结笔记找学姐:微信号 fenghuang920715 Ø 深受英国案例法影响: influence of UK case law ü reasonable skill &care ü assurance, not a guarantee ü importance of professional standards • 二十世纪的审计 Ø 审计抽样 audit sampling——有 sampling risk -cannot represent all data Ø 审计风险模型 audit risk model Ø 广泛的风险分析 broad-­‐ based risk analysis Ø 审计期望差 andit expectation gap • 二十一世纪的审计经历信任危机, 先破后立 Ø 信任危机 post the ‘credibility crisis’: massive corporate failures & scandals in period 2000-­‐ 2002. 如美国的 Enron-failure of Andersen 安达信审计失败, Sunbeam, WorldCom & many others; 澳洲的 HIH, Harris Scarfe, One. Tel; 中国的 ZhengBaiWen, MonkeyKing, Yorkpoint & YinGuangXia Ø 危 机 说 明 了 审 计 缺 乏 独 立 性 : alleged lack of independence (joint provision of audit & consulting) 注:NON-audit services(NAS):other services (not audit) provided by auditors, they do business/ tax/ consulting. Audit firms maintain good relationships to get more NAS, so economic bonding/ dependence to clients. Ø 监管先破后立:regulatory backlash (crash-­‐ then-­‐ law) ü institutional changes in China ü SOX:Sarbanes-­‐ Oxley Act (US)萨班斯-奥克斯利法案-审计独立性增强 ü CLERP reforms to Corporations law (澳洲): 公司法律经济改革项目 ü Govt takes control of AUASB (auditing and assurance standard board) Ø 变化方向: ü 增加政府监管: increased government regulation ü 审计独立性: renewed focus on audit independence ü 反欺诈监测: renewed focus on fraud detection • 2008+ 美国次贷危机-变为全球金融危机(bank failures & ballouts, investment frauds & failures worldwide) Ø 增加监管-意味着增加审计费用 ü 增加内部控制: reporting on internal control (SOX) ü 2005 change to IFRS Ø 其他保证服务的增长 growth in other assurance services ü 可持续发展报告 sustainability reporting 4. Part A 总结 • 审计对维持资本市场功能很重要:auditing critical to functioning of capital markets in the economy • 审计本质和范围的变革-保证水平提高:evolution of nature & scope of audit (growth of assurance services) • 对审计的监管加强:regulation of auditing (government & professional standards) • 审计质量/审计独立性:importance of audit quality & auditor independence Part B: 对财务报表的审计和为什么需要审计 financial reporting audits & the demand for auditing 1. 为什么需要审计: the demand for auditing 审计给财务信息提供 credibility & reliability, why is this service demanded? (4 点:代理理论;需求信息假说;需求保险假说;立法要求) • 代理理论: agency theory:Watts & Zimmerman (1983) Ø 股 东 聘 用 管 理 者 代 替 他 们 管 理 公 司 : shareholders (principals) employ directors & managers (agents) to conduct the business in the interests of owners. Ø 代理问题是管理者可能追求个人利益从而损害了股东利益:Agency problem is that manger may pursue self-­‐interest to the detriment of principals 更多高分总结笔记找学姐:微信号 fenghuang920715 • Eg 1: 公款消费: excessive consumption of perquisites 额外利益 Eg 2: 建立自己的权力帝国:empire-building , the acting of attempting to increase the size & scope of an individual or organisation’s power and influence. Eg 3: 不愿支付股利:dividend retention is low Eg 4: 目光短浅:horizon problem: managers have shorter horizon than shareholders due to limited-­‐period contract. (short-­‐sighting) Ø 信息不对称: information asymmetry-one party has more/ better info than the other. The separation of ownership and control of organisations has resulted in an information asymmetry problem for the owners of the organisation-also known as an agency problem. ü 假设:人是理性的,寻求个人利益最大化:rational, utility-­‐ maximizing agents & principals. ü 分析: management are engaged to run the company on the behalf of owners, but will probably be trying to maximize their own resource consumption. The owners know that the managers do not have the same incentives as they do and they will assume that managers are acting in their own interests. Managers have a large amount of control as to how decisions are made in companies and there are any ways in which they might act in their own interests to the detriment of shareholders. Eg 1: 管理者坐头等舱等公款过度消费:managers might enjoy first-­‐class travel, dining and accommodation which may be more than is necessary for their company duties. Eg 2: 管理者操纵盈利数字以获取短期奖金:Managers might manipulate earnings in the short-­‐term to earn bonuses, which would not be in the long-­‐term interest of the company. Ø 代理成本: agency costs ü 监管成本:monitoring costs-cost of external audit to verify 核实 financial report assertions of management (给审计公司的钱属于监管成本) ü 绑定成本:bonding costs-alignment of interests, but never fully align because owners want to maximize their profits and managers want to maximize their personal utility which was not necessary aligned with the owners. Eg: compensation scheme ü 剩余成本:residual loss-the remaining value loss to managers (公车私用) 需求信息假说:information hypothesis (valuation role)审计可提供信息质量 Ø 现在盈利水平影响对未来现金流的期望,因而影响股价 current earnings • expectations of future CF share price ü 股价是期望未来现金流的现值:share price is present value of expected future CF ü 期望未来现金流源自当前信息包括报告的当期盈利:expectations of future CF derived from current information, including reported earnings ü 因此当期盈利影响股价:current earnings therefore impact on share prices Ø 投资者需求被审计过的财务信息来做决策: investors demand audited financial info for decision making Ø 信息要能够衡量投资的回报与风险: info required to assess expected returns and risks of their investments Ø 审计通过降低 estimation risk 来提高财务信息的质量:auditing improves the quality of financial info by lowering the associated uncertainty (estimation risk) 注:代理理论和需求信息假说的重合部分 agency demand for auditing-stewardship role of accounting 管理角色 information hypothesis-decision usefulness role of accounting 决策有用决策 需求保险假说: insurance hypothesis Ø the auditor serves as a means of ‘insuring’ against investments losses Ø 审计保险机制利于两个群体: ü investors and creditors: auditors have ‘deep pockets’财力雄厚 更多高分总结笔记找学姐:微信号 fenghuang920715 好处 注 1: deep pockets: the ability to shift financial responsibility for reported data to an auditor lowers the expected loss from litigation or related settlements to managers, creditors and others 注 2: auditing is an insurance mechanism, shareholders and creditors can sue auditors and get back your losses if the company has auditor and collapsed. ü Regulators: who can potentially insulate 使隔离 themselves from criticism by directing blame at auditors. Ø Menon & Williams (1994); failure of US audit firm Laventhol & Horwath Ø Analysis of share prices of LH client portfolio ü Price decline for insurance ‘premium on failure’ ü No corresponding rise in price on appointment of new auditor (expected if agency problem caused change) 2. 审计的好处和缺陷 缺陷 1. 维护资本市场 Access to capital markets Public companies - statutory audit requirements under Corporations Act 2001. Listed companies- ASX listing rules 没有审计公司可能被拒绝进入资本市场,设计这些准则的 目 的 是 为 了 保 护 资 本 市 场 中 的 投 资 者 : Without audit, companies may be denied access to these capital markets by the ASX。 There requirements are designed to ensure protection for investors in the capital markets. 2. 降低资本成本 Lower cost of capital 增加信息的可信度会降低风险提高声誉,因此降低资本成 本。通常声誉和资本成本成反比: Increase info’s credibility and reliability, so decrease risk and increase reputation. For creditors: low interest rates For investors: be willing to accept a low rate of return 3. 制止低效和欺诈 Deterrent to inefficiency and fraud 可以提高员工的效率和诚实度,审计不负责监测出欺诈行 为,审计师的职责是在怀疑产生的时候调查和报告:good effect on employee efficiency and honesty. An audit is not designed to detect fraud. Auditor’s duty to investigate and report irregularities arises only in circumstances in which suspicions are aroused. 1. 时间拖延 Time lapse 在报告周期结束(31 June)到审计报告出台可能长达四个 月:The lapse of time between the end of the reporting period and the presentation of the auditor’s report may be up to 4 months. By the time the audit report is released the info is relatively “old” 2. 抽样风险 sampling risk 抽样风险-可能无法代表总体: sampling risk ( the risk that a sample drawn down from a population may not be representative of that population) 但是抽样风险可被量化:sampling risk can be quantified 3. 重要程度的判断太主观 (significant item) 需要较高水平的主观判断,可能产生误差:high degree off professional judgment, is not objective one, is a personally subjective judgment, hence, bias maybe occur, the judgment could be wrong quantitative considerations: no threshold qualitative: the impact of the misstatement 4. 审计师不了解高专业度的领域 High specialized areas audit-value art auditors may do not have specialized areas, which can often result in disagreement between auditors and clients. Eg: high-­‐ tech areas. 4. 提高控制和运营 control and operational improvements 独 立 审 计 可 以 提 高 运 营 效 率 和 控 制 : The independent auditor can suggest how controls could be improved and how greater operating efficiencies within the entity’s organisation may be achieved. Eg: management letter. 5. 报告格式缺陷 Report format limitations 审计报告的固定版式可能无法全面反映审计过程的复杂和 审计师的观点:The standard format of the auditor’s report may not reflect fully the complexities involved in the audit 更多高分总结笔记找学姐:微信号 fenghuang920715 process and the decision of the audit opinion. As a result, the expectation gap often arises with users of financial reports. 3. 审计师的任命-体现 independence Independence is illustrated by the fact that once a relationship between an auditor and coy is established, it is not easy to dissolve 解除. This allows the auditors the freedom to speak out without the threat of being easily dismissed 解雇 by the client. • Corporations Act Ø S. 301 财务报表必须审计: a company must have its financial statements audited 公司成员任命审计师: auditor appointed by members of company. ü Now audit committee on behalf of shareholders of the company ü 特例:小私企(small proprietary company)不用审计除非 ASIC 或者有至 少 5%股权的股东要求审计 Ø s. 331 公司支付审计师费用: coy liable to pay auditor’s reasonable fees & expenses in conducting audit Ø S.327 审计师终身制:an auditor holds office until his or her death, removal or resignation or the company goes into liquidation. Ø S. 1279 审计师必须在 ASIC 注册:auditors must be registered with ASIC (四条注册条件) ü 职业团体的成员:Member of professional body (CAANZ; CPA Australia; IPA) ü 学术认证:Academic qualifications:hold a degree, diploma or certificate….P 252 ü 工作经验:Practical experience in auditing ü 健康合适的人 Be a fit and proper person and be capable of performing the duties of an auditor. Ø S. 324 其他质量控制机制:other quality control mechanisms ü 审计师不能是公司职员:prohibits or disqualifies any person who is an officer of the coy, a partner of an officer of the coy, an employer or employee of an officer of the coy, or a partner or employee of an employee of an officer of the coy. ü 审计公司的成员不能欠公司超过 5000 刀:Member of audit firm cannot owe company more than $5000 Authorized audit company (AAC) may also be registered company auditors. 4. 审计师的辞职 Resignation 审计师先向 ASIC 申请,如果 ASIC 同意审计师需写书面通知给公司才能辞职。 auditors apply to ASIC -auditors notify company by writing of the application (exception: small proprietary company 无需向 ASIC 申请) -if ASIC gives its consent, then the auditor may resign after fiving written notice to the company. - The companies auditors and liquidators disciplinary board on application to ASIC, has the power to hold hearings and decide whether to cancel or suspend the registration of an auditor. It also has the power to impose penalties (including a reprimand) or to require the auditor to undertake or refrain from a certain conduct. 5. 审计师的免职 Removal 必须通过股东大会全体决议 only by resolution of coy at general meeting, with special notice of 2 months at least two months before the meeting is held • copies of notice to auditor & ASIC • Auditor can respond to all members & meeting: 7 days to make representation in writing • S. 1290-­‐98 CALDB (Companies Auditors and Liquidations Disciplinary Board) of ASIC can cancel/ suspend registration & impose penalties 注:增强独立性:these provisions regarding the removal of an auditor have the effect of strengthening the auditor’s independence. The auditor can therefore qualify the accounts or argue an accounting position without the potential threat of immediate dismissal 解雇 by the directors. 6. 审计师的责任 duties of auditor (与公司有合同关系:a contractual relationship with company) audit engagement letter [ASA 200] • 有合理的技能和注意的责任:duty to use reasonable skill and care Ø the interpretation of ‘reasonable care and skill is a matter of professional judgment’ 更多高分总结笔记找学姐:微信号 fenghuang920715 有独立性的责任:duty to be independent Ø the auditor must not only be independent (fact) but also be seen to be independent (appearance). Auditors are entitled to seek assistance from the company’s directors, officers and accountants in carrying out their function. 然而 they should not rely on information obtained in this manner without exercising reasonable care and diligence, applying their own tests and independent judgment as required. • 有向成员和 ASIC 报告的法定责任:Statutory duty to report to members & ASIC Ø s. 308 to members ü 不管在审计师的观点中这份财务报表是否合理拟定, 都要给出以下三点 a) true & fair view of financial affairs of coy b) 符合 Corporations Act c) 符合 applicable accounting standards(不管是 individual auditors 还是 audit coy 都要遵循,审计标准有法律强制力) ü 例外:以下不用报告 on an exception basis a) all info & assistance recesived by auditor b) proper financial records & registers maintained Ø s. 311 to ASIC ü 审计师如果有合理的理由发现财务报表违反了公司法需向 ASIC 报告:auditors must notify ASIC if reasonable grounds to suspect contravention 违反 of corporations Act ü 除非在审计报告中通过引起管理者的注意已经解决该问题: unless matter can be dealt with by bringing to attention of directors or in audit report ü 已被审计过的财务报表存放在:ASIC audited financial statements lodged with ASIC 7. 审计准则 auditing standards (minimum level of care) • 两个来源:AUASB & IAASB AUASB harmonies Australian standards with international standards (ISAs) • 结构图: FRC (financial reporting council) AUASB (auditing & Assurance standards board) ASAS (Australian auditing standards 2004) 解释:FRC 管 AUASB, AUASB 制定颁布 ASAS。 • 2006.7.1 Australia fully adopted ISAs (international auditing standards) • 8. 审计师与其他群体的关系 auditor relationships (4 类) • 股 东 是 主 要 受 益 者 : shareholders rely on the audited financial reports for assurance that management has properly discharged its stewardship responsibility. The relationship with shareholders is certainly one that tests the auditors professional (CLERP 9 reforms: 股东在 AGM 上提交纸质问题, 审计师必须参加 AGM) • 董事会和审计委员会:the board of directors and audit committee ü the board of directors is responsible for ensuring that the entity operates in the best interests of the shareholders. 注:executive director: part of the management non-­‐executive director: independent, outside members ü 审计委员会 audit committee: 帮助董事会完善公司治理和监 管 责 任 : help board of directors fulfil their corporate governance and oversight responsibility ü 审计师不能成为 committee 的一员:neither the independent auditor not the internal auditor should be a member of audit committee. 更多高分总结笔记找学姐:微信号 fenghuang920715 • • ü 审计委员会的主要成员是独立管理者,至少有一名委员会成员 具备财务专长 :non-­‐executive, independent directors and at least one member should have significant financial expertise 内部审计师不能代替独立审计师 internal auditors are members of company. Internal auditors (appointed by executive directors not shareholders)control and verify documents during whole year, while 外部审计只在二月前来审计。 内部审计可以减轻独立审计师的工作负担: ü effective internal control system-­‐-­‐-­‐independent auditor may choose to rely on internal controls and reduce the amount of detailed testing performed ü no effective internal controls-­‐-­‐-­‐independent auditors will perform extensive tests 管理与审计的关系 Ø 职业怀疑 professional skepticism: 既不能不相信管理报告也不能完全不经考虑的接受 this means the auditor should neither disbelieve management’s assertions not thoughtlessly 欠考虑地 accept them without concern for their truthfulness. Rather, the auditor should recognize the need to evaluate objectively the conditions observed and evidence obtained during the audit. Ø 责任划分 Division of responsibility 9. 审计报告 audit report • • level of assurance - high level/ reasonable assurance, but not absolute Ø moderate level= limited level of assurance=低端保障 Ø reasonable = high level of assurance=高端保障=90%左右 (审计要求达到高端) a positive statement of opinion given to shareholders 总结: 1. demand of auditing Ø 减少信息不对称:reduce info asymmetry Ø 提高信息质量: improve quality of info 2. corporations act 管束 auditing, 条文 provisions 保持审计独立性 independence 3. audit report 是与 users 沟通的主要方法 4. audit expectation gap: comprises the difference between what financial statement users believe the audit provides and what an audit actually does provide. Ø reasonableness gap: a gap between what society expects auditors to achieve and what they can be reasonably expected to accomplish. (社会对审计师的实际预期与社会应该对审计 师的合理预期之间的差距,是预期之间的差距) ü unreasonable expectations(存在不合理的预期) Ø performance gap: a gap between what society can reasonably expect auditors to accomplish and what they are perceived to achieve(社会对审计师的合理预期与审计师的实际行为之 间的差距,是合理预期与实际行为的差距) ü deficient performance: 表现不足,审计师实际行为低于现实准则的差距 ü deficient standards:准则不足,现实准则低于合理预期的差距 Ø 怎样降低 gap 呢?首先 educating users about what an audit is actually designed to provide 其次加强对 auditor 的培训和专业度 5. auditor opinion 分类: Ø modified opinion ü 保留意见:qualified opinion -审计师对财务报表某一特定方面不于发表意见 ü 否定意见:adverse opinion-审计师认为整份财务报表并不真实而公平地呈列 ü 无法表示意见:disclaimer of opinion-审计师对整份报表不予发表意见 Ø unmodified opinion=clear 6. primary financial reports users that auditors need to be concerned about: current shareholders current shareholder is paramount in terms of an auditor’s legal liability. 7. 审计标准具有法律效力 Auditing standards are legally required to be followed under the CA. 更多高分总结笔记找学姐:微信号 fenghuang920715 8. 审计师不是用来检测欺诈的,因为欺诈是故意隐藏很难检测:audit role was not to detect fraud: fraud is difficult to detect because it difers from errors in that there is an intention to hide it, thereby making it harder to find than standard errors. Auditors are bloodhounds not just watchdogs 9. 审计师应在怀疑产生时检测欺诈的可能性 :Auditors should pay due regard to the possibility of fraud and actively investigate the possibility of fraud if suspicious circumstances exist. 10. 澳洲是如何回应二十一世纪初的 corporate collapses 的? CLERP(corporate law economic reform program) in 2004 -加强对 FS 的 regulation. ü independence ü FRC (financial reporting council...
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