戰(zhàn)略系統(tǒng)審計(jì)資料(英文版)

1、Audit Comfort Cycle 4 Key Questions What does management need to get comfort on? How does management get comfort? Are they entitled to that comfort? Can we audit that comfort?Market OverviewStrategyValue Creating ActivitiesFinancial PerformanceOTHER AUDIT PROCEDURES FINANCIAL STATEMENTSCOMPLETIONACC

2、EPTANCE/CONTINUANCE ASSESSMENTSUBSTANTIVE AUDIT EVIDENCEMAINLY SUBSTANTIVEANALYTICAL PROCEDURESSIGNIFICANTCONTROLSCOMFORTNO/LIMITEDCONTROLSCOMFORTAuditcomfortcycleMAINLY TESTSOF DETAILS0Scoping: Forming a Point of View Perform company and industry analytical procedures Research and analyze external

3、communications Partners connect with staff members Document the teams understanding of the business Knowledge broker to capture and share industry information Form a point of view on the risks that management should be concerned about1Scoping: Business Analysis Framework23Strategic Analysis Understa

4、nd the clients strategic advantage 456Risk Assessment Understand the risks that threaten attainment of the clients business objectives “The primary goal of management control is to ensure that risk monitoring and control activities are aligned properly with overall strategic objectives” p. 35 Strate

5、gic risks Process risks7Scoping:Risk Assessment Key Risks Key RiskWe identify audit risk through understanding the entitys business objectives and related risks.Business RisksAudit Risks Key Risk Key Risk Key Risk Key RiskKey risks are those conditions or factors within an audit that, in the judgmen

6、t of the auditor, give rise to a greater risk of material financial misstatement or other matters resulting in the issuance of an inappropriate audit report. 8Scoping: Analytical Procedures High Level Understand the business Identify areas of risk Disaggregated Account Level Determine the nature, ti

7、ming & extent of testing External benchmarking to peers, market trends Looking for anomalies, areas of risk Use of extensive knowledge management tools available9Business Process Analysis Understand the key processes and related competencies needed to realize strategic advantage Process driven c

8、ompetition Measure and benchmark process performance Document understanding of the clients ability to create value and generate future cash flows using a client business model, process analyses, key performance indicators, and a business risk profile10BusinessRisks related to achieving ObjectivesBus

9、iness Process A Completeness Accuracy Validity Restricted AccessBusiness Process B Completeness Accuracy Validity Restricted Access Business Process C Completeness Accuracy Validity Restricted AccessAccount Balances and TransactionsAccount Balances and TransactionsGeneral Computer ControlsAccount Ba

10、lances and TransactionsConnecting the Dots Business ObjectivesFinancial Statement Assertions/Audit ObjectivesClasses of Transactions Occurrence Completeness Accuracy Cutoff ClassificationAccount Balances Rights & Obligations Existence Completeness Accuracy/ValuationPresentation & Disclosure

11、Occurrence/R&O Completeness Understandability Accuracy/Valuation1112Assess implications for business and audit Is risk identification complete? Are they prioritized properly? Are there controls to minimize risks to acceptable level? Do accounting choices and disclosures adequately reflect uncont

12、rolled risks? Groups residual business risk by financial statement assertion13Scoping Translated into Audit StrategyWhere controls over significant account balances or classes of transaction are not aligned, we will need to perform substantive tests of details.StakeholdersRisksControlsAlignmentBusin

13、ess Objectives14Business MeasurementUse the comprehensive business knowledge decision frame to develop expectations about key assertions embodied in the overall financial statementsCompare reported financial result to expectations and design additional audit test work to address any gaps between exp

14、ectations and reported resultsTransaction based auditing procedures are applied to non-routine transactions and non-routine and highly judgmental accounting estimates (p. 36).Computer audit techniques filter routine transactions for unusual itemsAdditional test work is performed when interrelated fi

15、nancial and Nonfinancial performance measures are inconsistent and when key financial-statement assertions are not consistent with the auditors understanding of the organizations strategic-systems dynamicQuality of earnings are assessedProcess performance evaluated onCycle timeProcess qualityProcess

16、 cost15Scoping: Audit Team of SpecialistsOur best teams use our specialist capabilities to help in forming a point of view.StakeholdersBusiness ObjectivesFinancial RiskBusiness ProcessEnterprise-wide RiskSystems & TechnologyEnergy Trading RiskBusiness ResilienceProject ManagementInternal Audit S

17、ecurity Data RiskRegulatory/ CompliancePerformance ImprovementTreasuryRisksControlsAlignmentComputer-Assisted Audit TechniquesFraud16Audit Comfort Cycle4 Key Questions What does management need to get comfort on?Market OverviewStrategyValue Creating ActivitiesFinancial PerformanceOTHER AUDIT PROCEDU

18、RES FINANCIAL STATEMENTSCOMPLETIONACCEPTANCE/CONTINUANCE ASSESSMENTSUBSTANTIVE AUDIT EVIDENCEMAINLY SUBSTANTIVEANALYTICAL PROCEDURESSIGNIFICANTCONTROLSCOMFORTNO/LIMITEDCONTROLSCOMFORTAuditcomfortcycleMAINLY TESTSOF DETAILS How does management get comfort? Are they entitled to that comfort? Can we au

19、dit that comfort?17“Taking Stock”: Real-Time Linkage in the Iterative ProcessShare team members cumulative knowledgeUpdate risk identification and assessmentConsider the audit comfort gained to date, by audit assertionAnswer: “Do we have enough comfort?”Answer: “What do we do next?”18Substantive Aud

20、it EvidenceMarket OverviewStrategyValue Creating ActivitiesFinancial PerformanceOTHER AUDIT PROCEDURES FINANCIAL STATEMENTSCOMPLETIONACCEPTANCE/CONTINUANCE ASSESSMENTSUBSTANTIVE AUDIT EVIDENCEMAINLY SUBSTANTIVEANALYTICAL PROCEDURESSIGNIFICANTCONTROLSCOMFORTNO/LIMITEDCONTROLSCOMFORTAuditcomfortcycleM

21、AINLY TESTSOF DETAILS19Assurance HierarchyWill we obtain audit assurance from tests of controls?Test controls.No further testing required.Can we obtain audit assurance from substantive analytical procedures?Perform substantive analytical procedures.Perform tests of details.Do we need additional audit assurance?No Yes No No Yes Yes 20Other Audit ProceduresMarket OverviewStrategyValue Creating ActivitiesF