Topic E2 Audit Procedures09年ACCA_CAT考试

文章作者 100test 发表时间 2009:07:25 23:19:17
来源 100Test.Com百考试题网


  Substantive tests may be incorporated with other procedures such tests of control.
  Types of substantive procedures
  ISA500 sets out the types of substantive procedures that an auditor will carry out.
  (1)Inspection of records and documents
  (2)Inspection of tangible assets
  (3)Observation (looking at processes and procedures being performed)
  (4)Inquiry (seeking information from knowledgeable persons)
  (5)Confirmation (a specific type of enquiry, the process of obtaining a representation from a third party)
  (6)Recalculation (checking the mathematical accuracy of documents or records)
  (7)Re performance (the auditor’s independence execution of procedures previously performed by entity staff)
  (8)Analytical procedures
  The evidence should be reliable.
  Sources and relative merits of the different types of evidence available
  Although the reliability of audit evidence is dependent upon the particular circumstances, the following general presumptions may be found helpful.
  (1)Evidence obtained from independent external sources is more reliable than that obtained from the entity’s records
  (2)Evidence obtained from the entity’s records is more reliable where the accounting and internal control system operate effectively
  (3)Evidence obtained directly by auditors by such means as analysis and physical inspection is more reliable than evidence obtained by or from the entity
  (4)Documentary evidence is more reliable than oral evidence
  (5)Original documents are more reliable than copies, telexed or faxes
  Documentary evidence
  Created by held by
  Least reliable entity entity
  More reliable third party entity
  Most reliable third party auditor
  Conclusions drawn from differing types of evidence should be consistent with one another
  (1)Synergy
  (2)Reliability in doubt when inconsistent
  No hard and fast rules measured for the reliability of evidence. need the judgment of auditors
  When obtaining confirmation from third parities as a source of evidence the auditor should consider:
  (1)When such evidence is appropriate
  (2)Which assertions are satisfied
  (3)How can such evidence be obtained and what use(s) can be made of it
  Typical situations where such evidence is invaluable is with receivable confirmations, bank confirmations (and, in some cases) payable confirmations.
  Where third party evidence relates to specific balances e.g. bank, receivables, payables then it provides persuasive evidence as to rights and obligations and where relevant ownership of assets.
  Analytical procedures as substantive tests
  Analytical procedures deal with comparisons of financial and non-financial information and were considered in the stage of planning.
  Analytical procedures used as substantive tests can be used alone where the total amounts involved are immaterial and in conjunction with detailed tests of transactions and balances elsewhere. These procedures provide good ‘overall’ evidence as to the accuracy of a balance or class of transactions.
  Examples include the following:
  (1)A comparison of payroll costs on a monthly basis taking account of wage rises, starters and leavers and seasonal work.
  (2)A comparison of sales with expenses, on a monthly basis and as a comparison with prior years
  (3)A comparison of the ageing of inventory or receivables on a monthly or quarterly basis and calculation of receivable days or inventory turnover
  Analytical procedures are used widely but are limited by factors such as the accuracy and predictability of relationships and the availability, relevance and comparability of information. They are also limited by the auditor’s knowledge of the business and the availability of other types of evidence.
  A key feature of analytical procedure is the investigation, explanation and corroboration of significant fluctuations and unexpected relationships. This emphasizes the need for predictable patterns in the business.
  The use of accounting estimates
  In some case, amounts in the financial statements have to be estimated as it is not possible to state a definite value for them.
  For example:
  (1)Legal claims
  (2)Provisions for depreciation, deferred tax, write-downs to NRV such as doubtful debt and obsolescence provisions
  (3)Profit and loss recognition on long-term contracts,
  (4)Warranties, guarantee or rectification provisions, contingent liabilities
  (5)Accruals and prepayments
  (6)Other areas in which a significant element of judgment
  Such items are inherently more risky than non-judgmental items and control risk is usually higher as these are non-routine transactions.
  ISA540 Audit of accounting estimates

相关文章


ACCA:Overall statement of financial statements09年ACCA_CAT考试
Topic F4 History Exam Question Analysis09年ACCA_CAT考试
Planning an Audit Typical planning procedures09年ACCA_CAT考试
Three of the procedures for the management09年ACCA_CAT考试
Topic E2 Audit Procedures09年ACCA_CAT考试
南京高级财务人才稀缺 考个ACCA年薪能拿50万09年ACCA_CAT考试
ACCA欢迎IASB完成“最重要项目”09年ACCA_CAT考试
ACCA行业新闻:中国需要什么样的财务人才09年ACCA_CAT考试
ACCA行业新闻:会计人的自由与信任之争09年ACCA_CAT考试
澳大利亚华人论坛
考好网
日本华人论坛
华人移民留学论坛
英国华人论坛