審計(jì)學(xué)：一種整合方法(英文版)-第14版-參考答案AEB14-SM-CH01-v1

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SEQCHAPTER\h\r1

Chapter1

TheDemandforAuditandOtherAssuranceServices

ReviewQuestions

1-1 Therelationshipamongauditservices,attestationservices,andassuranceservicesisreflectedinFigure1-3onpage12ofthetext.Anassuranceserviceisanindependentprofessionalservicetoimprovethequalityofinformationfordecisionmakers.AnattestationserviceisaformofassuranceserviceinwhichtheCPAfirmissuesareportaboutthereliabilityofanassertionthatistheresponsibilityofanotherparty.Auditservicesareaformofattestationserviceinwhichtheauditorexpressesawrittenconclusionaboutthedegreeofcorrespondencebetweeninformationandestablishedcriteria.

Themostcommonformofauditserviceisanauditofhistoricalfinancialstatements,inwhichtheauditorexpressesaconclusionastowhetherthefinancialstatementsarepresentedinaccordancewithanapplicablefinancialreportingframeworksuchasU.S.GAAPorIFRS.Anexampleofanattestationserviceisareportontheeffectivenessofanentity’sinternalcontroloverfinancialreporting.Therearemanypossibleformsofassuranceservices,includingservicesrelatedtobusinessperformancemeasurement,healthcareperformance,andinformationsystemreliability.

1-2 Anindependentauditisameansofsatisfyingtheneedforreliableinformationonthepartofdecisionmakers.Factorsofacomplexsocietywhichcontributetothisneedare:

Remotenessofinformation

Owners(stockholders)divorcedfrommanagement

Directorsnotinvolvedinday-to-dayoperationsordecisions

Dispersionofthebusinessamongnumerousgeographiclocationsandcomplexcorporatestructures

Biasesandmotivesofprovider

Informationwillbebiasedinfavoroftheproviderwhenhisorhergoalsareinconsistentwiththedecisionmaker'sgoals.

Voluminousdata

Possiblymillionsoftransactionsprocesseddailyviasophisticatedcomputerizedsystems

Multipleproductlines

Multipletransactionlocations

Complexexchangetransactions

Newandchangingbusinessrelationshipsleadtoinnovativeaccountingandreportingproblems

Potentialimpactoftransactionsnotquantifiable,leadingtoincreaseddisclosures

1-3 1. Risk-freeinterestrateThisisapproximatelytheratethebankcouldearnbyinvestinginU.S.treasurynotesforthesamelengthoftimeasthebusinessloan.

BusinessriskforthecustomerThisriskreflectsthepossibilitythatthebusinesswillnotbeabletorepayitsloanbecauseofeconomicorbusinessconditionssuchasarecession,poormanagementdecisions,orunexpectedcompetitionintheindustry.

InformationriskThisriskreflectsthepossibilitythattheinformationuponwhichthebusinessriskdecisionwasmadewasinaccurate.Alikelycauseoftheinformationriskisthepossibilityofinaccuratefinancialstatements.

Auditinghasnoeffectoneithertherisk-freeinterestrateorbusinessrisk.However,auditingcansignificantlyreduceinformationrisk.

1-4 Thefourprimarycausesofinformationriskareremotenessofinformation,biasesandmotivesoftheprovider,voluminousdata,andtheexistenceofcomplexexchangetransactions.

Thethreemainwaystoreduceinformationriskare:

Userverifiestheinformation.

Usersharestheinformationriskwithmanagement.

Auditedfinancialstatementsareprovided.

Theadvantagesanddisadvantagesofeachareasfollows:

ADVANTAGES

DISADVANTAGES

USERVERIFIESINFORMATION

Userobtainsinformationdesired.

Usercanbemoreconfidentofthequalificationsandactivitiesofthepersongettingtheinformation.

Highcostofobtaininginformation.

Inconveniencetothepersonprovidingtheinformationbecauselargenumberofuserswouldbeonpremises.

USERSHARESINFORMATIONRISKWITHMANAGEMENT

Noauditcostsincurred.

Usermaynotbeabletocollectonlosses.

AUDITEDFINANCIALSTATEMENTSAREPROVIDED

Multipleusersobtaintheinformation.

Informationriskcanusuallybereducedsufficientlytosatisfyusersatreasonablecost.

Minimalinconveniencetomanagementbyhavingonlyoneauditor.

Maynotmeetneedsofcertainusers.

Costmaybehigherthanthebenefitsinsomesituations,suchasforasmallcompany.

1-5 Todoanaudit,theremustbeinformationinaverifiableformandsomestandards(criteria)bywhichtheauditorcanevaluatetheinformation.ExamplesofestablishedcriteriaincludegenerallyacceptedaccountingprinciplesandtheInternalRevenueCode.Determiningthedegreeofcorrespondencebetweeninformationandestablishedcriteriaisdeterminingwhetheragivensetofinformationisinaccordancewiththeestablishedcriteria.TheinformationforJonesCompany'staxreturnisthefederaltaxreturnsfiledbythecompany.TheestablishedcriteriaarefoundintheInternalRevenueCodeandallinterpretations.FortheauditofJonesCompany'sfinancialstatementstheinformationisthefinancialstatementsbeingauditedandtheestablishedcriteriaaregenerallyacceptedaccountingprinciples.

1-6 TheprimaryevidencetheinternalrevenueagentwilluseintheauditoftheJonesCompany'staxreturnincludeallavailabledocumentationandotherinformationavailableinJones’officeorfromothersources.Forexample,whentheinternalrevenueagentauditstaxableincome,amajorsourceofinformationwillbebankstatements,thecashreceiptsjournalanddepositslips.Theinternalrevenueagentislikelytoemphasizeunrecordedreceiptsandrevenues.Forexpenses,majorsourcesofevidencearelikelytobecancelledchecksandelectronicfundstransfers,vendors'invoices,andothersupportingdocumentation.

1-7 Thisapparentparadoxarisesfromthedistinctionbetweenthefunctionofauditingandthefunctionofaccounting.Theaccountingfunctionistherecording,classifyingandsummarizingofeconomiceventstoproviderelevantinformationtodecisionmakers.Therulesofaccountingarethecriteriausedbytheauditorforevaluatingthepresentationofeconomiceventsforfinancialstatementsandheorshemustthereforehaveanunderstandingofaccountingstandards,aswellasauditingstandards.Theaccountantneednot,andfrequentlydoesnot,understandwhatauditorsdo,unlessheorsheisinvolvedindoingaudits,orhasbeentrainedasanauditor.

1-8

OPERATIONAL

AUDITS

COMPLIANCE

AUDITS

AUDITSOF

FINANCIAL

STATEMENTS

PURPOSE

Toevaluatewhetheroperatingproceduresareefficientandeffective

Todeterminewhethertheclientisfollowingspecificproceduressetbyhigherauthority

Todeterminewhethertheoverallfinancialstatementsarepresentedinaccordancewithspecifiedcriteria(usuallyGAAP)

USERSOFAUDITREPORT

Managementoforganization

Authoritysettingdownprocedures,internalorexternal

Differentgroupsfordifferentpurposes—manyoutsideentities

NATURE

Highlynonstandard;oftensubjective

Notstandardized,butspecificandusuallyobjective

Highlystandardized

PERFORMEDBY:

CPAs

Frequently

Occasionally

Almostuniversally

GAO

AUDITORS

Frequently

Frequently

Occasionally

IRS

AUDITORS

Never

Universally

Never

INTERNAL

AUDITORS

Frequently

Frequently

Frequently

1-9 Fiveexamplesofspecificoperationalauditsthatcouldbeconductedbyaninternalauditorinamanufacturingcompanyare:

Examineemployeetimerecordsandpersonnelrecordstodetermineifsufficientinformationisavailabletomaximizetheeffectiveuseofpersonnel.

Reviewtheprocessingofsalesinvoicestodetermineifitcouldbedonemoreefficiently.

Reviewtheacquisitionsofgoods,includingcosts,todetermineiftheyarebeingpurchasedatthelowestpossiblecostconsideringthequalityneeded.

1-9(continued)

Reviewandevaluatetheefficiencyofthemanufacturingprocess.

Reviewtheprocessingofcashreceiptstodetermineiftheyaredepositedasquicklyaspossible.

1-10 Whenauditinghistoricalfinancialstatements,anauditormusthaveathoroughunderstandingoftheclientanditsenvironment.Thisknowledgeshouldincludetheclient’sregulatoryandoperatingenvironment,businessstrategiesandprocesses,andmeasurementindicators.Thisstrategicunderstandingisalsousefulinotherassuranceorconsultingengagements.Forexample,anauditorwhoisperforminganassuranceserviceoninformationtechnologywouldneedtounderstandtheclient’sbusinessstrategiesandprocessesrelatedtoinformationtechnology,includingsuchthingsaspurchasesandsalesviatheInternet.Similarly,apractitionerperformingaconsultingengagementtoevaluatetheefficiencyandeffectivenessofaclient’smanufacturingprocesswouldlikelystartwithananalysisofvariousmeasurementindicators,includingratioanalysisandbenchmarkingagainstkeycompetitors.

1-11 Themajordifferencesinthescopeofauditresponsibilitiesare:

CPAsperformauditsinaccordancewithauditingstandardsofpublishedfinancialstatementspreparedinaccordancewithU.S.GAAPorIFRS.

GAOauditorsperformcomplianceoroperationalauditsinordertoassuretheCongressoftheexpenditureofpublicfundsinaccordancewithitsdirectivesandthelaw.

IRSagentsperformcomplianceauditstoenforcethefederaltaxlawsasdefinedbyCongress,interpretedbythecourts,andregulatedbytheIRS.

Internalauditorsperformcomplianceoroperationalauditsinordertoassuremanagementortheboardofdirectorsthatcontrolsandpoliciesareproperlyandconsistentlydeveloped,appliedandevaluated.

1-12 ThefourpartsoftheUniformCPAExaminationare:AuditingandAttestation,FinancialAccountingandReporting,Regulation,andBusinessEnvironmentandConcepts.

1-13 ItisimportantforCPAstobeknowledgeableaboutinformationtechnology,includinge-commerce,becausemanyoftheirclientsrelyextensivelyonthesetechnologies.Examplesofcommonlyusede-commercetechnologiesincludepurchasesandsalesofgoodsthroughtheInternet,automaticinventoryreorderingviadirectconnectiontoinventorysuppliers,andonlinebanking.CPAswhoperformauditsorprovideotherassuranceservicesaboutinformationgeneratedwiththesetechnologiesneedabasicknowledgeandunderstandingofinformationtechnologyande-commerceinordertoidentifyandrespondtorisksinthefinancialandotherinformationgeneratedbythesetechnologies.

MultipleChoiceQuestionsFromCPAExaminations

1-14 a. (3) b. (2) c. (2) d. (3)

1-15 a. (2) b. (3) c. (4) d. (3)

DiscussionQuestionsAndProblems

1-16 a. Therelationshipamongauditservices,attestationservicesandassuranceservicesisreflectedinFigure1-3onpage12ofthetext.Auditservicesareaformofattestationservice,andattestationservicesareaformofassuranceservice.Inadiagram,auditservicesarelocatedwithintheattestationservicearea,andattestationservicesarelocatedwithintheassuranceservicearea.

1. (2) Anattestationserviceotherthananauditservice

(1) Anauditofhistoricalfinancialstatements

(2) Anattestationserviceotherthananauditservice

(2) Anattestationserviceotherthananauditservice;or

(3) Anassuranceservicethatisnotanattestationservice(WebTrustdevelopedfromtheAICPASpecialCommitteeonAssuranceServices,buttheservicemeetsthecriteriaforanattestationservice.)

(2) Anattestationserviceotherthananauditservice

(2) Anattestationserviceotherthananauditservice

(2) Anattestationservicethatisnotanauditservice(Reviewservicesareaformofattestation,butareperformedaccordingtoStatementsonStandardsforAccountingandReviewServices.)

(2) Anattestationserviceotherthananauditservice

(2) Anattestationserviceotherthananauditservice

(3) Anassuranceservicethatisnotanattestationservice

1-17 a. Theinterestratefortheloanthatrequiresareviewreportislowerthantheloanthatdidnotrequireareviewbecauseoflowerinformationrisk.Areviewreportprovidesmoderateassurancetofinancialstatementusers,whichlowersinformationrisk.Anauditreportprovidesfurtherassuranceandlowerinformationrisk.Asaresultofreducedinformationrisk,theinterestrateislowestfortheloanwiththeauditreport.

Giventhesecircumstances,BuschshouldselecttheloanfromFirstCityBankthatrequiresanannualaudit.Inthissituation,theadditionalcostoftheauditislessthanthereductionininterestduetolowerinformationrisk.Thefollowingisthecalculationoftotalcostsforeachloan:

1-17(continued)

LENDER

CPASERVICE

COSTOFCPASERVICES

ANNUALINTEREST

ANNUALLOANCOST

Existingloan

None

0

$247,500

$247,500

UnitedNationalBank

Review

$20,000

$202,500

$222,500

FirstCityBank

Audit

$45,000

$157,500

$202,500

BuschshouldselecttheloanfromUnitedNationalBankduetothehighercostoftheauditandthereducedinterestratefortheloanfromUnitedNationalBank.Thefollowingisthecalculationoftotalcostsforeachloan:

LENDER

CPASERVICE

COSTOFCPASERVICES

ANNUALINTEREST

ANNUALLOANCOST

Existingloan

None

0

$247,500

$247,500

UnitedNationalBank

Review

$20,000

$180,000

$200,000

FirstCityBank

Audit

$55,000

$157,500

$212,500

d. Buschmaydesiretohaveanauditbecauseofthemanyotherbenefitsthatanauditprovides.TheauditwillprovideBusch’smanagementwithassuranceaboutannualfinancialinformationusedfordecision-makingpurposes.Theauditmaydetecterrorsorfraud,andprovidemanagementwithinformationabouttheeffectivenessofcontrols.Inaddition,theauditmayresultinrecommendationstomanagementthatwillimproveefficiencyoreffectiveness.

e. Theauditormusthaveathoroughunderstandingoftheclientanditsenvironment,includingtheclient’se-commercetechnologies,industry,regulatoryandoperatingenvironment,suppliers,customers,creditors,andbusinessstrategiesandprocesses.Thisthoroughanalysishelpstheauditoridentifyrisksassociatedwiththeclient’sstrategiesthatmayaffectwhetherthefinancialstatementsarefairlystated.Thisstrategicknowledgeoftheclient’sbusinessoftenhelpstheauditoridentifywaystohelptheclientimprovebusinessoperations,therebyprovidingaddedvaluetotheauditfunction.

1-18 a. TheservicesprovidedbyConsumersUnionareverysimilartoassuranceservicesprovidedbyCPAfirms.TheservicesprovidedbyConsumersUnionandassuranceservicesprovidedbyCPAfirmsaredesignedtoimprovethequalityofinformationfordecisionmakers.CPAsarevaluedfortheirindependence,andthereportsprovidedbyConsumersUnionarevaluedbecauseConsumersUnionisindependentoftheproductstested.

1-18(continued)

Theconceptsofinformationriskforthebuyerofanautomobileandfortheuseroffinancialstatementsareessentiallythesame.Theyarebothconcernedwiththeproblemofunreliableinformationbeingprovided.Inthecaseoftheauditor,theuserisconcernedaboutunreliableinformationbeingprovidedinthefinancialstatements.Thebuyerofanautomobileislikelytobeconcernedaboutthemanufacturerordealerprovidingunreliableinformation.

Thefourcausesofinformationriskareessentiallythesameforabuyerofanautomobileandauseroffinancialstatements:

RemotenessofinformationItisdifficultforausertoobtainmuchinformationabouteitheranautomobilemanufacturerortheautomobileitselfwithoutincurringconsiderablecost.Theautomobilebuyerdoeshavetheadvantageofpossiblyknowingotheruserswhoaresatisfiedordissatisfiedwithasimilarautomobile.

BiasesandmotivesofproviderThereisaconflictbetweentheautomobilebuyerandthemanufacturer.Thebuyerwantstobuyahighqualityproductatminimumcostwhereasthesellerwantstomaximizethesellingpriceandquantitysold.

VoluminousdataThereisalargeamountofavailableinformationaboutautomobilesthatusersmightliketohaveinordertoevaluateanautomobile.Eitherthatinformationisnotavailableortoocostlytoobtain.

ComplexexchangetransactionsTheacquisitionofanautomobileisexpensiveandcertainlyacomplexdecisionbecauseofallthecomponentsthatgointomakingagoodautomobileandchoosingbetweenalargenumberofalternatives.

Thethreewaysusersoffinancialstatementsandbuyersofautomobilesreduceinformationriskarealsosimilar:

UserverifiesinformationhimorherselfThatcanbeobtainedbydrivingdifferentautomobiles,examiningthespecificationsoftheautomobiles,talkingtootherusersanddoingresearchinvariousmagazines.

UsersharesinformationriskwithmanagementThemanufacturerofaproducthasaresponsibilitytomeetitswarrantiesandtoprovideareasonableproduct.Thebuyerofanautomobilecanreturntheautomobileforcorrectionofdefects.Insomecasesarefundmaybeobtained.

ExaminetheinformationpreparedbyConsumerReportsThisissimilartoanauditinthesensethatindependentinformationisprovidedbyanindependentparty.TheinformationprovidedbyConsumerReportsiscomparabletothatprovidedbyaCPAfirmthatauditedfinancialstatements.

1-19 a. Thefollowingpartsofthedefinitionofauditingarerelatedtothenarrative:

Altmanisbeingaskedtoissueareportaboutqualitativeandquantitativeinformationfortrucks.Thetrucksarethereforetheinformationwithwhichtheauditorisconcerned.

TherearefourestablishedcriteriawhichmustbeevaluatedandreportedbyAltman:existenceofthetrucksonthenightofJune30,2011,ownershipofeachtruckbyRegionalDeliveryService,physicalconditionofeachtruckandfairmarketvalueofeachtruck.

SamanthaAltmanwillaccumulateandevaluatefourtypesofevidence:

Countthetruckstodeterminetheirexistence.

UseregistrationsdocumentsheldbyBurrowforcomparisontotheserialnumberoneachtrucktodetermineownership.

Examinethetruckstodetermineeachtruck'sphysicalcondition.

Examinethebluebooktodeterminethefairmarketvalueofeachtruck.

SamanthaAltman,CPA,appearsqualified,asacompetent,independentperson.SheisaCPA,andshespendsmostofhertimeauditingusedautomobileandtruckdealershipsandhasextensivespecializedknowledgeaboutusedtrucksthatisconsistentwiththenatureoftheengagement.

Thereportresultsaretoinclude:

whichofthe25trucksareparkedinRegional'sparkinglotthenightofJune30.

whetherallofthetrucksareownedbyRegionalDeliveryService.

theconditionofeachtruck,usingestablishedguidelines.

fairmarketvalueofeachtruckusingthecurrentbluebookfortrucks.

TheonlypartsoftheauditthatwillbedifficultforAltmanare:

Evaluatingthecondition,usingtheguidelinesofpoor,good,andexcellent.Itishighlysubjectivetodoso.Ifsheusesadifferentcriterionthanthe"bluebook,"thefairmarketvaluewillnotbemeaningful.Herexperiencewillbeessentialinusingthisguideline.

Determiningthefairmarketvalue,unlessitisclearlydefinedinthebluebookforeachcondition.

1-20 a. ThemajoradvantagesanddisadvantagesofacareerasanIRSagent,CPA,GAOauditor,oraninternalauditorare:

EMPLOYMENT

ADVANTAGES

DISADVANTAGES

INTERNAL

REVENUE

AGENT

Extensivetraininginindividual,corporate,gift,trustandothertaxesisavailablewithconcentrationinareachosen.

Hands-onexperiencewithsophisticatedselectiontechniques.

Experiencelimitedtotaxes.

Noexperiencewithoperationalorfinancialstatementauditing.

Trainingisnotextensivewithanybusinessenterprise.

CPA

Extensivetraininginauditoffinancialstatements,complianceauditingandoperationalauditing.

Opportunityforexperienceinauditing,taxconsulting,andmanagementconsultingpractices.

Experienceinadiversityofenterprisesandindustrieswiththeopportunitytospecializeinaspecificindustry.

Exposuretotaxesandtothebusinessenterprisemaynotbeasin-depthastheinternalrevenueagentortheinternalauditor.

Likelytobelessexposedtooperationalauditingthanislikelyforinternalauditors.

GAOAUDITOR

Increasingopportunityforexperienceinoperationalauditing.

Exposuretohighlysophisticatedstatisticalsamplingandcomputerauditingtechniques.

Littleexposuretodiversityofenterprisesandindustries.

Bureaucracyoffederalgovernment.

INTERNAL

AUDITOR

Extensiveexposuretoallsegmentsoftheenterprisewithwhichemployed.

Constantexposuretooneindustrypresentingopportunityforexpertiseinthatindustry.

Likelytohaveexposuretocompliance,financialandoperationalauditing.

Littleexposuretotaxationandtheauditoftaxes.

Experienceislimitedtooneenterprise,usuallywithinoneoralimitednumberofindustries.

Otherauditingcareersthatareavailableare:

Auditorswithinmanyofthebranchesofthefederalgovernment(e.g.,AtomicEnergyCommission)

Auditorsformanystateandlocalgovernmentunits(e.g.,stateinsuranceorbankauditors)

1-21 Themostlikelytypeofauditorandthetypeofauditforeachoftheexamplesare:

EXAMPLE

TYPEOFAUDITOR

TYPEOFAUDIT

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

IRS

GAO

InternalauditororCPA

CPAorInternalauditor

GAO

CPA

G