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单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,*,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,*,?2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder,6-,1,Audit Responsibilities,and Objectives,Chapter 6,?2008 Prentice Hall Business P,?2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder,6-,2,Learning Objective 1,Explain the objective of,conducting an audit of,financial statements and,an audit of internal controls.,?2008 Prentice Hall Business P,?2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder,6-,3,Objective of Conducting an,Audit of Financial Statements,The objective of the ordinary audit of financial,statements is the expression of an opinion of,the fairness with which they present fairly,in,all respects,financial position,result of,operations,and its cash flows in,conformity with GAAP,.,?2008 Prentice Hall Business P,?2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder,6-,4,Steps to Develop Audit,Objectives,1.,Understand objectives and,responsibilities for the audit.,2.,Divide financial statements into cycles.,3.,Know management,assertions about,accounts.,?2008 Prentice Hall Business P,?2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder,6-,5,Steps to Develop Audit,Objectives,4.,Know general audit objectives for,classes of transactions and accounts.,5.,Know specific audit objectives for,classes of transactions and accounts.,?2008 Prentice Hall Business P,?2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder,6-,6,Learning Objective 2,Distinguish managements,responsibility for the financial,statements and internal control,from the auditors responsibility,for verifying the financial,statements and effectiveness,of internal control.,?2008 Prentice Hall Business P,?2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder,6-,7,Managements,Responsibilities,Management is responsible for the financial,statements and for internal control.,The Sarbanes-,Oxley Act increases managements,responsibility for the financial statements.,It requires the CEO and the CFO of public,companies to certify the quarterly and annual,financial statements submitted to the SEC.,?2008 Prentice Hall Business P,?2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder,6-,8,Managements,Responsibilities,The Sarbanes-Oxley Act provides for criminal,penalties for anyone who knowingly falsely,certifies the statements.,?2008 Prentice Hall Business P,?2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder,6-,9,Learning Objective 3,Explain the auditors,responsibility for discovering,material misstatements.,?2008 Prentice Hall Business P,?2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder,6-,10,Auditors Responsibilities,?,Material versus immaterial misstatements,?,Reasonable assurance,?,Errors versus fraud,?,Professional skepticism,?,Fraud resulting from fraudulent financial,reporting versus misappropriation of assets,?2008 Prentice Hall Business P,?2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder,6-,11,Auditors Responsibilities for,Discovering Illegal Acts,?,Direct-effect illegal acts,?,Indirect-effect illegal acts,?,Evidence accumulation when there is no reason,to believe indirect-effect illegal act exists,?2008 Prentice Hall Business P,?2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder,6-,12,Auditors Responsibilities for,Discovering Illegal Acts,?,Evidence accumulation and other actions,when there is reason to believe direct-,or,indirect-effect illegal acts may exist,?,Actions when the auditor knows of an illegal act,?2008 Prentice Hall Business P,?2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder,6-,13,Learning Objective 4,Classify transactions and account,balances into financial statement,cycles and identify benefits of a,cycle approach to segmenting,the audit.,?2008 Prentice Hall Business P,?2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder,6-,14,Financial Statements Cycles,Audits are performed by dividing the financial,statements into smaller segments or components.,?2008 Prentice Hall Business P,?2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder,6-,15,Transaction Flow Example,Ledgers,Trial Balance,and Financial,Statements,General ledger,and subsidiary,records,General ledger,trial balance,Financial,statements,Acquisition,of goods,and services,Sales,Cash,receipts,Transactions,Cash receipts,journal,Sales,journal,Acquisitions,journal,Journals,?2008 Prentice Hall Business P,?2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder,6-,16,Transaction Flow Example,Allocation,and,adjustments,Cash,disbursements,Payroll,services and,disbursements,Ledgers,Trial Balance,and Financial,Statements,General ledger,and subsidiary,records,General ledger,trial balance,Financial,statements,Transactions,Payroll,journal,Cash,disbursements,jour
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