VerificationofSelectedAccounts(英文版)

15-12003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyCompleting the Tests in theAcquisition and PaymentCycle:Verificationof Selected AccountsChapter 1515-22003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyLearning Objective 1Recognize the many accounts inthe acquisition and payment cycle.15-32003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAssetsCashInventorySupplies Property,plant,and equipmentPatents,trademarks,and copyrightsPrepaid rentPrepaid taxesPrepaid insuranceAccounts Associated with Acquisitionand Payment Cycle Transactions15-42003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAccounts Associated with Acquisitionand Payment Cycle TransactionsCost of goods soldRent expenseProperty taxesIncome tax expenseInsurance expenseProfessional feesRetirement benefitsUtilitiesExpenses15-52003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAccounts Associated with Acquisitionand Payment Cycle TransactionsAccounts payableRent payableAccrued professional feesAccrued property taxesOther accrued expensesIncome taxes payableLiabilities15-62003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyLearning Objective 2Design and perform audittests of property,plant,andequipment related accounts.15-72003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAuditing Manufacturing Equipmentand Related AccountsAnalytical proceduresCurrent year disposalsEnding balance in the asset accountDepreciation expenseEnding balance in accumulated depreciationCurrent year acquisitions15-82003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAnalytical Procedures for Manufacturing EquipmentAnalytical ProcedurePossible MisstatementCompare depreciationMisstatement inexpense divided by grossdepreciation expensemanufacturing equipmentand accumulatedcost with previous years.depreciationCompare accumulatedMisstatement indepreciation divided by grossaccumulatedmanufacturing equipmentdepreciationcost with previous years.15-92003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAnalytical Procedures for Manufacturing EquipmentAnalytical ProcedurePossible MisstatementCompare monthly or annualExpensing amountsrepairs and maintenance,that should besupplies expense,small toolscapitalizedexpense,and similar accountswith previous years.Compare gross manufacturingIdle equipment orcost divided by some measureequipment that hasof production with previousbeen disposed of,butyears.not written off.15-102003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyVerifying Current Year AcquisitionsThe proper recording of current year additionsis important because of the long-term effectthe assets have on the financial statements.Because of the importance of current periodacquisitions,seven of the nine balance-relatedaudit objectives are used as a frame of reference.15-112003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyMajor Balance-RelatedAudit ObjectivesExisting acquisitions are recorded.Completeness1.Examine vendors invoices of closely relatedaccounts to uncover items that should bemanufacturing equipment.2.Review lease and rental agreements.15-122003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyCurrent year acquisitions as listed are accurate.Major Balance-RelatedAudit ObjectivesAccuracy1.Examine vendors invoices.15-132003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyCurrent year acquisitions as listed are properly classified.Major Balance-RelatedAudit ObjectivesClassificationExamine:1.Vendors invoices in mfg.equipment account.2.Vendors invoices of closely related accounts.3.Rent and lease expense for capitalizable leases.15-142003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyVerifying Current Year DisposalsReview whether newly acquired assets replace existing assets.Analyze gains and losses on disposal.Review documents for indicationsof deletion of equipment.Make inquiries about the possibilityof the disposal of assets.15-152003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyVerifying Ending Balanceof Asset Accounts1.All equipment owned is recorded.2.All recorded equipment physically 3.exists on the balance sheet date.15-162003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyVerifying Depreciation ExpenseThe most important objective is accuracy.ConsistentdepreciationpolicyCorrectcalculations15-172003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyVerifying Ending Balance in Accumulated Depreciation1.Accumulated depreciation as statedin the property master file agreeswith the general ledger.2.Accumulated depreciation in themaster file is accurate.15-182003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyLearning Objective 3Design and perform audittests of prepaid expenses.15-192003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAudit of Prepaid Expenses Prepaid rent Organization cost Prepaid taxes Patents Prepaid insurance Trademarks Deferred charges Copyrights15-202003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyPrepaid InsuranceInternal Controls1.Controls over the acquisition andrecording of insurance2.Controls over the insurance register3.Controls over the charge-off ofinsurance expense15-212003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyPrepaid InsuranceAudit TestsCompare total prepaid insurance and insuranceexpense with previous years.Compute the ratio of prepaid insurance to insuranceexpense and compare it with previous years.Compare the individual insurance policy coverageon the schedule of insurance obtained with thepreceding years schedule.15-222003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyPrepaid InsuranceAudit TestsCompare the computed prepaid insurance balancefor the current year on a policy-by-policy basiswith that of the preceding year.Review the insurance coverage listed on theprepaid insurance schedule with an appropriateclient official or insurance broker.15-232003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyLearning Objective 4Design and perform audittests of accrued liabilities.15-242003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAudit of Accrued Liabilities Accrued income taxes Accrued interest Accrued pension costs Accrued professional fees Accrued rent Accrued warranty costs15-252003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAccrued Property Taxesand Related AccountsAccrued Property TaxesProperty Tax ExpenseBeginning balancePaymentsCurrent period(property taxes)property tax expenseEnding balance15-262003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyLearning Objective 5Design and perform audit testsof income and expense accounts.15-272003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyApproach to Auditing Incomeand Expense AccountsAnalytical proceduresTests of controls and substantivetests of transactionsTests of details of account balances15-282003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAnalytical Procedures forIncome and Expense AccountsAnalytical ProcedurePossible MisstatementCompare individualOverstatement orexpenses with previousunderstatement of ayear.balance in an expensesheet.15-292003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAnalytical Procedures forIncome and Expense AccountsAnalytical ProcedurePossible MisstatementCompare individual assetOverstatement orand liability balances withunderstatement of aprevious years.balance sheet accountthat would also affectan income statementaccount15-302003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAnalytical Procedures forIncome and Expense AccountsAnalytical ProcedurePossible MisstatementCompare individualMisstatement ofexpenses with budgets.expenses and relatedbalance sheetaccountsCompare gross marginMisstatement of costpercentage with previousof goods sold andyears.inventory15-312003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAnalytical Procedures forIncome and Expense AccountsAnalytical ProcedurePossible MisstatementCompare inventoryMisstatement of costturnover ratio withof goods sold andprevious years.inventoryCompare prepaid insuranceMisstatement ofexpense with previousinsurance expenseyears.and prepaid insurance15-322003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAnalytical Procedures forIncome and Expense AccountsAnalytical ProcedurePossible MisstatementCompare commissionMisstatement ofexpense divided by salescommission expense,with previous years.accrued commissionsCompare individualMisstatement ofmanufacturing expensesindividual mfg.divided by total mfg.expenses and relatedexpenses with previous years.balance sheet accounts15-332003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyTests of Controls and SubstantiveTest of TransactionsUnderstanding internal control and therelated tests of controls and substantivetests of transactions to determine theappropriate assessed control risk arethe most important means of verifyingmany of the income statement accountsin each of the transaction cycles.15-342003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyTests of Details of AccountBalances:Expense AnalysisExpense account analysis is the examination of underlying documentation of individual transactions and amounts making up the detail of the total of an expense account.15-352003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyTests of Details of Account Balances:AllocationSeveral expense accounts result from the allocationof accounting data rather than discrete transactions.These include depreciation,depletion,and theamortization of copyrights and catalog cost.The allocation of manufacturing overhead betweeninventory and cost of goods sold is an example ofa different type of allocation that affects expenses.15-362003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyEnd of Chapter 1515-372003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/Beasley演讲完毕，谢谢观看！