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Презентация на тему: Audit Reports


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Презентация на тему: Audit Reports


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№ слайда 1 Chapter 3 Audit Reports
Описание слайда:

Chapter 3 Audit Reports

№ слайда 2 Presentation Outline The Standard Audit Report Section 404 of the Sarbanes-Oxley
Описание слайда:

Presentation Outline The Standard Audit Report Section 404 of the Sarbanes-Oxley Act Conditions Requiring an Explanatory Paragraph or Modified Report Wording Other Opinion Possibilities Scope Limitation GAAP Departure Lack of Independence Other Information

№ слайда 3 I. The Standard Audit Report The Seven Parts of the Auditor’s Standard Report Fi
Описание слайда:

I. The Standard Audit Report The Seven Parts of the Auditor’s Standard Report Five Conditions for the Standard Report

№ слайда 4 A. The Seven Parts of the Auditor’s Standard Report Report title – Must include
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A. The Seven Parts of the Auditor’s Standard Report Report title – Must include the word independent. Audit report address – Customary to address to board of directors and stockholders to demonstrate independence. Introductory paragraph – States that an audit has been performed; identifies the financial statements and appropriate dates; states that the financial statements are the responsibility of the entity’s management. Scope paragraph – States that auditor followed GAAS or PCAOB standards and indicates that the audit only provides reasonable assurance. Opinion paragraph – Communicates the results of the audit. Name of CPA firm or practitioner. Audit report date showing last day of field work. Auditor is held accountable only through this date

№ слайда 5 B. Five Conditions for the Standard Report All 4 of the basic financial statemen
Описание слайда:

B. Five Conditions for the Standard Report All 4 of the basic financial statements are included. Three General Standards have been followed. Sufficient evidence has been accumulated and three Field Work Standards have been followed. Financial Statements are in accordance with U.S. GAAP. No circumstances require an explanatory paragraph or modified wording of the report.

№ слайда 6 II. Section 404 of the Sarbanes-Oxley Act PCAOB Auditing Standard 2 The Time Per
Описание слайда:

II. Section 404 of the Sarbanes-Oxley Act PCAOB Auditing Standard 2 The Time Period Covered The Audit Report

№ слайда 7 A. PCAOB Auditing Standard 2 Section 404 requires the auditor of a public compan
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A. PCAOB Auditing Standard 2 Section 404 requires the auditor of a public company to attest to management’s report on the effectiveness of internal control over financial reporting. PCOAB Auditing Standard 2 requires the audit of internal control to be integrated with the audit of the financial statements.

№ слайда 8 B. The Time Period Covered Although the audit opinion on the financial statement
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B. The Time Period Covered Although the audit opinion on the financial statements addresses multiple reporting periods, management’s assertion about the effectiveness of internal control is as of the end of the most recent fiscal year.

№ слайда 9 C. The Audit Report The auditor may choose to issue separate reports or a combin
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C. The Audit Report The auditor may choose to issue separate reports or a combined report, such as the one shown in Figure 3-3 on page 50. The combined report on financial statements and internal control over financial reporting addresses both the financial statements and management’s report on internal control over financial reporting.

№ слайда 10 III. Conditions Requiring an Explanatory Paragraph or Modified Report Wording La
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III. Conditions Requiring an Explanatory Paragraph or Modified Report Wording Lack of Consistency Going Concern Problem Auditor Agrees with a Departure from GAAP Emphasis of a Matter Reports Involving Other Auditors

№ слайда 11 A. Lack of Consistency The following affect consistency and require an explanato
Описание слайда:

A. Lack of Consistency The following affect consistency and require an explanatory paragraph when material (See Fig. 3-4 on page 51): Change in accounting principles (i.e., FIFO to LIFO) Change in reporting entities (i.e., change is companies in combined financial statements) Corrections of changing from unacceptable to acceptable accounting principles.

№ слайда 12 B. Going Concern Problem SAS No. 59 requires auditor to evaluate going concern f
Описание слайда:

B. Going Concern Problem SAS No. 59 requires auditor to evaluate going concern for a reasonable time (not over one year from date of financial statements). Include an explanatory paragraph that includes the phrases “substantial doubt” and “going concern.” See Figure 3-5 on page 53.

№ слайда 13 C. Auditor Agrees with a Departure from GAAP An auditor may issue an unqualified
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C. Auditor Agrees with a Departure from GAAP An auditor may issue an unqualified opinion when a departure from GAAP is necessary to prevent financials from being misleading. Modify report wording by adding an explanatory paragraph.

№ слайда 14 D. Emphasis of A Matter The auditor may add an explanatory paragraph to emphasiz
Описание слайда:

D. Emphasis of A Matter The auditor may add an explanatory paragraph to emphasize items such as: Significant related party transactions Important subsequent events Factors affecting comparability of financial statements. Material uncertainties disclosed in the notes to the financial statements.

№ слайда 15 E. Reports Involving Other Auditors Assume Responsibility If you accept responsi
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E. Reports Involving Other Auditors Assume Responsibility If you accept responsibility for the other auditor’s work (and it is unqualified) the standard report may be issued without modification. If the other auditors report is qualified and the qualification is material to the financial statements taken as a whole, you must qualify your report.

№ слайда 16 IV. Other Opinion Possibilities Qualified Opinion Adverse Opinion Disclaimer of
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IV. Other Opinion Possibilities Qualified Opinion Adverse Opinion Disclaimer of Opinion

№ слайда 17 A. Qualified Opinion Use the term “except for” in the opinion paragraph to exclu
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A. Qualified Opinion Use the term “except for” in the opinion paragraph to exclude a specific item from the auditor’s opinion. Qualified opinion is appropriate when there is a: Material scope limitation (qualified scope, additional paragraph, and qualified opinion) Material departure from GAAP (additional paragraph, qualified opinion)

№ слайда 18 B. Adverse Opinion Financials as a whole are not fairly presented. Used when aud
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B. Adverse Opinion Financials as a whole are not fairly presented. Used when auditor feels that financial statements contain contain a highly material departure from GAAP.

№ слайда 19 C. Disclaimer of Opinion Auditor can not express an opinion. Disclaimer of opini
Описание слайда:

C. Disclaimer of Opinion Auditor can not express an opinion. Disclaimer of opinion is appropriate when: There is a highly material scope limitation. There is a lack of independence

№ слайда 20 V. Scope Limitation Scope Limitation Defined Effect of Scope Limitation on Audit
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V. Scope Limitation Scope Limitation Defined Effect of Scope Limitation on Audit Report – Qualified Opinion Effect of Scope Limitation on Audit Report – Disclaimer of Opinion

№ слайда 21 A. Scope Limitation Defined An unqualified opinion can only be issued for an imm
Описание слайда:

A. Scope Limitation Defined An unqualified opinion can only be issued for an immaterial scope limitation. If the scope is restricted by the client, the auditor will usually disclaim an opinion. If scope is restricted by other conditions: Qualified opinion if statements “as a whole” are not affected. Disclaimer if scope limitation affects numerous financial statement items.

№ слайда 22 B. Effect of Scope Limitation on Audit Report – Qualified Opinion Introductory p
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B. Effect of Scope Limitation on Audit Report – Qualified Opinion Introductory paragraph is same as in standard report. Scope paragraph identifies limitation by adding “except as discussed in the following paragraph.” A separate explanatory paragraph is added to the report to describe the scope limitation. Opinion paragraph wording is changed to express an “except for” qualified opinion.

№ слайда 23 C. Effect of Scope Limitation on Audit Report – Disclaimer of Opinion Introducto
Описание слайда:

C. Effect of Scope Limitation on Audit Report – Disclaimer of Opinion Introductory paragraph modified to say “We were engaged to audit…” rather than “We have audited …”. Scope paragraph is omitted. A separate explanatory paragraph is added to the report to describe the scope limitation. Opinion paragraph wording is changed to disclaim an opinion.

№ слайда 24 VI. GAAP Departure GAAP Departure Defined Effect of GAAP Departure on Audit Repo
Описание слайда:

VI. GAAP Departure GAAP Departure Defined Effect of GAAP Departure on Audit Report – Qualified Opinion Effect of Scope Limitation on Audit Report – Adverse Opinion

№ слайда 25 A. GAAP Departure Defined An unqualified opinion can only be issued if GAAP depa
Описание слайда:

A. GAAP Departure Defined An unqualified opinion can only be issued if GAAP departure is immaterial. If financial statements “taken as a whole” are not misleading, then a qualified opinion can be issued. Required for omission of statement of cash flows (SAS 58). If financial statements “taken as a whole” are misleading, then an adverse opinion must be issued. See Nature of Item on page 58.

№ слайда 26 B. Effect of GAAP Departure on Audit Report – Qualified Opinion Introductory par
Описание слайда:

B. Effect of GAAP Departure on Audit Report – Qualified Opinion Introductory paragraph is same as in standard report. Scope paragraph is the same as the standard report. A separate explanatory paragraph is added to the report to describe the GAAP departure and its effect on the financial statements. Opinion paragraph wording is changed to express an “except for” qualified opinion.

№ слайда 27 C. Effect of GAAP Departure on Audit Report – Adverse Opinion Introductory parag
Описание слайда:

C. Effect of GAAP Departure on Audit Report – Adverse Opinion Introductory paragraph is same as in standard report. Scope paragraph is the same as the standard report. Separate explanatory paragraphs are added to the report to describe the GAAP departures and their effects on the financial statements. Opinion paragraph wording is changed to express an adverse opinion .

№ слайда 28 VII. Lack of Independence An accountant who is not independent is required to is
Описание слайда:

VII. Lack of Independence An accountant who is not independent is required to issue a special disclaimer of opinion. One paragraph report with no title (See Figure 3-12 on page 61). No opinion is expressed.

№ слайда 29 VIII. Other Information In regard to other information included with the audited
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VIII. Other Information In regard to other information included with the audited financial statements in the annual report, the auditor is required to read the information to ensure that it is not materially inconsistent with the audited financial statement. Auditors are not currently responsible for information on a company’s web site, even if it includes audited financial statements.

№ слайда 30 Summary
Описание слайда:

Summary

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