分析4审计风险与

AR审计风险

PAP=PreliminaryAnalyticalProcedures

主要的RatioRevenue

GP/GPMOP/OPM

Currentratio/QuickratioGearing

Interestcover=PBIT/FC(Interest)

Effectiveinterestrate=FC/Finance(Interestbearingdebt)Effectivetaxrate=Tax/PBT

AR–2013/6Q1a

PerformPAP=5(1point=1mark)EvaluateAuditRisk>14(1point=2marks)Additionalinfo<5(1point=1mark)

变动幅度不统一

Salesdecrease(7800-8500)/8500=8%

COSdecrease(5680-5800)/5800=2%Operatingexpensedecrease(1230-1378)/1378=11%

Risk=MisallocationofexpensesbetweenCOSandoperatingexpensesAdditionalinfo=Detailedsalesandexpensesanalysis

GP,OP,PATdecreasedueto:recession,competitornewproduct,cuttingprice.Risk=GCuncertainty

分类错误

COSmaybeoverstatedby$250duetotheprovisionforfinepayable,whichshould

havebeenclassifiedasoperatingexpenses.Andprobablyitwasunderstatedby

$200(=450-250)

Additionalinfo=Correspondencewithregulator,discusswithmanagement,tofindoutwhyonly250wasprovided.

Effectivefinancecost

Financecost

155

125

Finance,include:

13,585

10,410

Preferenceshare

3,125

3,125

Loan

3,800

2,600

Leaseliability-NCL

4,900

4,000

Leaseliability-CL

860

685

Overdraft

900

0

%

1.1%

1.2%

Bothyearsappearlow,comparedtopreferencedividend2%Risk=FCisunderstated

Additionalinfo=Loanagreementtoverifydetails,especiallyinterestrate

EffectivetaxrateLY300/1,197=25%TY70/735=10%

VerylowcomparedtoLY

Risk=Taxaccrualisunderstated

Impact=Overstateprofit,understateliability

Capitaliseddevelopmentcost2250/27250=8%ofTA,materialtoSOFP

ItcanonlybecapitalisedwhenPRIATEconditionhasbeenmetperIAS38,however,cashbalance=(900).Itseemsthatnosufficientresourcetocomplete.

Risk=WronglycapitalisedasIAImpact=Overstateasset,overstateprofit

Currentratiodropsfrom1.8to0.96

Quickratiodropsfrom0.82to0.25

Botharelowerthan1&negativecashbalance(900)Risk=Notabletopayshort-termdebt,GCproblem

Inventorydates如果增加，存货减值风险

TRdates如果增加,坏账风险

TPdays如果增加，现金流风险

Revaluationsurplusincreasedby500,materialRevaluationshouldbeperformedasperIAS16&IFRS13F.Risk=Didnotcomplywithrelevantaccountingstandards

Additionalinfo=Detailsofvaluer,suchasqualification,experience,sourcedataandvaluationreport

AR–2013/6Q1a

Newfinancelease–旧准则

Leaseliabilitywasnotrecordedasperaccountingstandards.

Additionalinfo=Leaseagreement,toconfirmdetailsofthelease,e.g.date,leaseterm,interestrate,etc.

IConOTpaymentisnotfollowed,nosegregationofduties=CRincreasesAdditionalinfo=IAreporttounderstandmoreaboutICsystem

Newclient,lackofcumulativeknowledge&openingbalancenotauditedbyus

=DRincreases

补充-PPE

2016/3&6Q1(UpgradePPE,Complexasset,Borrowingcost)

TheGrouphasnotchangeditsoperationssignificantlythisyear.However,ithascompletedamodernisationprogrammeofitswarehousingfacilitiesatacostof

$25million.Theprogrammewasfinancedwithcashraisedfromtwosources:$5millionwasraisedfromadebentureissue,and$20millionfromthesaleof5%ofthesharecapitalofCalgaryCo,withthesharesbeingpurchasedbyaninstitutionalinvestor.

2016/3&6Q1(UpgradePPE,Complexasset,Borrowingcost)

Notes:

1.Severaloldwarehousesweremodernisedduringtheyear.Themodernisationinvolvedtheredesignofthelayoutofeachwarehouse,theinstallationofnew

computersystems,andthereplacementofelectricalsystems.

补充-PPE

Modernisationofwarehousingfacilities

IncreaseinPPE230-187=43/367=12%ofTA,materialtoSOFPCostofmoderisation=25/367=7%ofTA,materialtoSOFP

IAS16,modernisationcostswhichgiverisetoenhancedFEBshouldbecapitalised,whereascostswhichdonotcreateFEBshouldbeexpensed.

RMM=Capitalandrevenueexpendituremaynothavebeencorrectlyidentifiedandaccountedfor.

Impact=MisstatementofPPEandexpenses.

Modernisationofwarehousingfacilities

Inaddition,IAS16requiresthateachpartofanitemofPPEwithacostwhichissignificantinrelationtothetotalcostoftheitemshouldbeaccountedforasdifferentassetsanddepreciatedseparately.

RMM=Variouscomponentsofeachwarehousehavenotbeentreatedasseparatecomponentsanddepreciatedoveraspecificusefullife.

Impact=Misstatementoftheassets’carryingvaluesanddepreciationexpenses.

Modernisationofwarehousingfacilities

Anotherissueisthefinancecostsinrespectofthe$5milliondebenturetakenouttofinancethemodernisationprogramme.

IAS23,aqualifyingassetisanassetwhichtakesasubstantialperiodoftimetogetreadyforitsintendeduseorsale,sodependingonthelengthoftimethatthemodernizationhastaken,itmaymeetthedefinitionsoborrowingcostswouldneedtobecapitalised.

RMM=Borrowingcostshavenotbeencapitalisedifthequalifyingassetdefinitionhasbeenmet,andequallyariskthatborrowingcostsmayhavebeencapitalisedincorrectlyifthedefinitionhasnotbeenmet.

Impact=Misstatementoftheasets’carryingvalues,depreciationandfinancecost.

补充–PPE&DTL

2015/9&12Q1(PPErevaluation,DTrelatingtoPPErevaluation)

Thefinancedirectorrecommendedthatthecompany’smanufacturingsitesshouldberevalued.AnexternalvaluationwasperformedinJune2015,resultinginarevaluationsurplusof$3·5millionbeingrecognisedinequity.Thefinancedirectorhasinformedtheauditcommitteethatnodeferredtaxneedstobeprovidedinrespectofthevaluationbecausethepropertyispartofcontinuingoperationsandthereisnoplanfordisposal.

Revaluationofproperty

$3.5/90=3.9%ofTA,materialtoSOFP.

PropertyshouldberevaluedsuchthattheCVisclosetoFVatyearend.

FVofpropertyshouldbedeterminedaccordingtoIFRS13FVMeasurement.

Allpropertiesinthesameclassshouldberevalued;noselectiverevaluation.

RMM=

DeterminationofFVissubjective,whichisinherentlyrisky.

Notallmanufacturingsiteshavebeenincludedintherevaluationexercise,theamountsrecognisedwillnotbecorrect.

Depreciationhadnotbeenrecalculatedonnewrevaluedamount.Insufficientdisclosure,e.g.revaluationpolicy

Impact=MisstatementofPPEandexpenses.

补充–PPE&DTL

Deferredtaxrecognition

IAS12requiresDTtoberecognisedinrespectoftaxabletemporarydifferenceswhicharisebetweenthecarryingamountandtaxbaseofassetsandliabilities,includingthedifferenceswhichariseontherevaluationofnon-currentassets,regardlessofwhethertheassetsarelikelytobedisposedofintheforeseeablefuture.Assuch,FD’sargumentfornotrecognisingDTisincorrect.

Misstatement=NoDTwasrecognised.

Impact=(DrOCI,CrDTL)Overstateequity,understateofliability.

2017/3&6Q1(DTL)

2017/3&6Q1(DTL)

Notes:

4.Thedeferredtaxliabilityrelatestotimingdifferencesinrespectofacceleratedtaxdepreciation(capitalallowances)ontheGroup’sproperty,plantandequipment.Theliabilityhasincreasedfollowingchangestotheestimatedusefullivesofassetsdiscussedinnote1.

Duringtheyear,areviewofassets’estimatedusefullivesconcludedthatmanyweretooshort,andasaresult,theprojecteddepreciationchargefortheyearis$5millionlessthanthecomparativefigure.

Deferredtaxliability10/358=2.8%ofTA,materialtoSOFP.AndDTLhasincreasedby5times.

IAS12,whenPPE’sCV>Taxbase,DTLarisesanditiscalculatedasfollowed:DTL=Temporarydifference*taxrate

RMM&Impact=

（Depreciationlower,CVhigher,Taxbaseremainsnochange）

TheimpactonprofitandCVofPPEis$5,hence,the$8increase(=10-2)inDTL

seemsinappropriateanditislikelythattheliabilityisoverstated.

补充–DTA

PPE/Inventoryimpairment

Accrualandpensionliability

Lossonfinancialassetsheldatfairvalueareeitherrecognisedinprofitorlossorinothercomprehensiveincome.

DrExps

CrPPE/Inv