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AuditResponsibilitiesandObjectives Chapter6 welcome ONE OBJECTIVEOFCONDUCTINGANAUDITOFFINANCIALSTATEMENTSTWO MANAGEMENT SRESPONSIBILITIESTHREE AUDITOR SRESPONSIBILITIESFOUR FINANCIALSTATEMENTCYCLESFIVE SETTINGAUDITOBJECTIVES LearningObjective1 Explaintheobjectiveofconductinganauditoffinancialstatementsandanauditofinternalcontrols ObjectiveofConductinganAuditofFinancialStatements Thepurposeofanauditistoprovidefinancialstatementuserswithanopinionbytheauditoronwhetherthefinancialstatementsarepresentedfairly inallmaterialrespects inaccordancewiththeapplicablefinancialaccountingframework Auditorsaccumulateevidenceinordertoreachconclusionsaboutwhetherthefinancialstatementsarefairlystatedandtodeterminetheeffectivenessofinternalcontrol afterwhichtheyissuetheappropriateauditreport Iftheauditorbelievesthatthestatementsarenotfairlypresentedorisunabletoreachaconclusionbecauseofinsufficientevidence theauditorhastheresponsibilityresponsibilityofnotifyingusersthroughtheauditor sreport StepstoDevelopAuditObjectives 1 Understandobjectivesandresponsibilitiesfortheaudit 2 Dividefinancialstatementsintocycles 3 Knowmanagementassertionsaboutaccounts StepstoDevelopAuditObjectives 4 Knowgeneralauditobjectivesforclassesoftransactionsandaccounts 5 Knowspecificauditobjectivesforclassesoftransactionsandaccounts ONE OBJECTIVEOFCONDUCTINGANAUDITOFFINANCIALSTATEMENTSTWO MANAGEMENT SRESPONSIBILITIESTHREE AUDITOR SRESPONSIBILITIESFOUR FINANCIALSTATEMENTCYCLESFIVE SETTINGAUDITOBJECTIVES LearningObjective2 Distinguishmanagement sresponsibilityforthefinancialstatementsandinternalcontrolfromtheauditor sresponsibilityforverifyingthefinancialstatementsandeffectivenessofinternalcontrol Theresponsibilityforadoptingsoundaccountingpolicies maintainingadequateinternalcontrol andmakingfairrepresentationsinthefinancialstatementsrestswithmanagementratherthanwiththeauditor Management sresponsibilityfortheintegrityandfairnessoftherepresentations assertions inthefinancialstatementscarrieswithittheprivilegeofdeterminingwhichpresentationsanddisclosuresitconsidersnecessary Ifmanagementinsistsonfinancialstatementdisclosurethattheauditorfindsunacceptable theauditorcaneitherissueanadverseorqualifiedopinionorwithdrawfromtheengagement Management sResponsibilities TheSarbanes OxleyActrequiresthechiefexecutiveofficer CEO andthechieffinancialofficer CFO ofpubliccompaniestocertifythequarterlyandannualfinancialstatementssubmittedtotheSEC ONE OBJECTIVEOFCONDUCTINGANAUDITOFFINANCIALSTATEMENTSTWO MANAGEMENT SRESPONSIBILITIESTHREE AUDITOR SRESPONSIBILITIESFOUR FINANCIALSTATEMENTCYCLESFIVE SETTINGAUDITOBJECTIVES LearningObjective3 Explaintheauditor sresponsibilityfordiscoveringmaterialmisstatements Whentheauditoralsoreportsontheeffectivenessofinternalcontroloverfinancialreporting theauditorisalsoresponsibleforidentifyingmaterialweaknessesininternalcontroloverfinancialreporting Auditor sResponsibilities Materialversusimmaterialmisstatements Reasonableassurance Errorsversusfraud Professionalskepticism Fraudresultingfromfraudulentfinancialreportingversusmisappropriationofassets Misstatementsareusuallyconsideredmaterialifthecombineduncorrectederrorsandfraudinthefinancialstatementswouldlikelyhavechangedorinfluencedthedecisionsofareasonablepersonusingthestatements Assuranceisameasureofthelevelofcertaintythattheauditorhasobtainedatthecompletionoftheaudit reasonableassuranceisahigh butnotabsolute levelofassurancethatthefinancialstatementsarefreeofmaterialmisstatements Auditor sresponsibleforreasonableassurance butnotabsoluteassurance Mostauditevidenceresultsfromtestingasampleofapopulationsuchasaccountsreceivableorinventory AccountingpresentationscontaincomplexestimatesFraudulentlypreparedfinancialstatementsareoftenextremelydifficult Errorsversusfraud Anerrorisanunintentionalmisstatementofthefinancialstatements whereasfraudisintentional ProfessionalSkepticism Theauditmustbeplannedandperformedwithanattitudeofprofessionalskepticisminallaspectsoftheengagement Professionalskepticismisanattitudethatincludesaquestioningmindandacriticalassessmentofauditevidence FraudResultingfromFraudulentFinancialReportingVersusMisappropriationofAssets Fraudulentfinancialreportingharmsusersbyprovidingthemincorrectfinancialstatementinformationfortheirdecisionmaking Whenassetsaremisappropriated stockholders creditors andothersareharmedbecauseassetsarenolongeravailabletotheirrightfulowners fraudulentfinancialreportingiscommittedbymanagement sometimeswithouttheknowledgeofemployees Managementisinapositiontomakeaccountingandreportingdecisionswithoutemployees knowledge Thetheftofassetsandmisstatements Assetsweretakenandthetheftwascoveredbymisstatingassets Assetsweretakenandthetheftwascoveredbyunderstatingrevenuesoroverstatingexpenses Assetsweretaken butthemisappropriationwasdiscovered Auditor sResponsibilitiesforDiscoveringIllegalActs Direct effectillegalacts Indirect effectillegalacts Evidenceaccumulationwhenthereisnoreasontobelieveindirect effectillegalactexists Auditor sResponsibilitiesforDiscoveringIllegalActs Evidenceaccumulationandotheractionswhenthereisreasontobelievedirect orindirect effectillegalactsmayexist Actionswhentheauditorknowsofanillegalact Thefirstcourseofactionwhenanillegalacthasbeenidentifiedistoconsidertheeffectsonthefinancialstatements includingtheadequacyofdisclosures Iftheauditorconcludesthatthedisclosuresrelativetoanillegalactareinadequate theauditorshouldmodifytheauditreportaccordingly TheauditorshouldalsoconsidertheeffectofsuchillegalactsontheCPAfirm srelationshipwithmanagement Theauditorshouldcommunicatewiththeauditcommitteeorothersofequivalentauthoritytomakesurethattheyknowoftheillegalact ONE OBJECTIVEOFCONDUCTINGANAUDITOFFINANCIALSTATEMENTSTWO MANAGEMENT SRESPONSIBILITIESTHREE AUDITOR SRESPONSIBILITIESFOUR FINANCIALSTATEMENTCYCLESFIVE SETTINGAUDITOBJECTIVES LearningObjective4 Classifytransactionsandaccountbalancesintofinancialstatementcyclesandidentifybenefitsofacycleapproachtosegmentingtheaudit FinancialStatementsCycles Auditsareperformedbydividingthefinancialstatementsintosmallersegmentsorcomponents Thedivisionmakestheauditmoremanageableandaidsintheassignmentoftaskstodifferentmembersoftheauditteam Aftertheauditofeachsegmentiscompleted includinginterrelationshipswithothersegments theresultsarecombined Aconclusioncanthenbereachedaboutthefinancialstatementstakenasawhole CycleApproachtoSegmentinganAudit Cycleapproach amethodofdividinganauditbykeepingcloselyrelatedtypesoftransactionsandaccountbalancesinthesamesegment Totheextentthatitispractical thecycleapproachcombinestransactionsrecordedindifferentjournalswiththegeneralledgerbalancesthatresultfromthosetransactions TransactionFlowExample Ledgers TrialBalance andFinancialStatements Generalledgerandsubsidiaryrecords Generalledgertrialbalance Financialstatements Acquisitionofgoodsandservices Sales Cashreceipts Transactions Cashreceiptsjournal Salesjournal Acquisitionsjournal Journals TransactionFlowExample Allocationandadjustments Cashdisbursements Payrollservicesanddisbursements Ledgers TrialBalance andFinancialStatements Generalledgerandsubsidiaryrecords Generalledgertrialbalance Financialstatements Transactions Payrolljournal Cashdisbursementsjournal Generaljournal Journals Atrialbalanceisusedtopreparefinancialstatementsandisaprimaryfocusofeveryaudit AllgeneralledgeraccountsandjournalsforHillsburgHardwareCo areincludedatleastonce Somejournalsandgeneralledgeraccountsareincludedinmorethanonecycle Thesalesandcollectioncycleisthefirstcyclelistedandisaprimaryfocusonmostaudits Thecapitalacquisitionandrepaymentcycleiscloselyrelatedtotheacquisitionandpaymentcycle Theinventoryandwarehousingcycleiscloselyrelatedtoallothercycles especiallyforamanufacturingcompany RelationshipsAmongTransactionCycles Generalcash Capitalacquisitionandrepaymentcycle Salesandcollectioncycle Acquisitionandpaymentcycle Payrollandpersonnelcycle Inventoryandwarehousingcycle Transactioncyclesareanimportantwaytoorganizeaudits Forthemostpart auditorstreateachcycleseparatelyduringtheaudit Althoughauditorsneedtoconsidertheinterrelationshipsbetweencycles theytypicallytreatcyclesindependentlytotheextentpracticaltomanagecomplexauditseffectively ONE OBJECTIVEOFCONDUCTINGANAUDITOFFINANCIALSTATEMENTSTWO MANAGEMENT SRESPONSIBILITIESTHREE AUDITOR SRESPONSIBILITIESFOUR FINANCIALSTATEMENTCYCLESFIVE SETTINGAUDITOBJECTIVES L
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