cpaexamreviewauditingattestationmodule2internalcontrol(编辑修改稿)

cpaexamreviewauditingattestationmodule2internalcontrol(编辑修改稿)内容摘要：

it 24 Copyright 高才国际教育集团 Module 2: Internal Control AU314 Section B covers the auditor’s consideration of internal control 1. Obtain an understanding of the entity and its environment, including its internal control 2. Assess the risks of material misstatement and design further audit procedures 3. Perform further audit procedures including tests of controls and substantive tests Internal control is a part of each of these three stages. This section discusses the responsibility among these steps. B The Auditor’s Consideration of Internal Control 25 Copyright 高才国际教育集团 Module 2: Internal Control B The Auditor’s Consideration of Internal Control 26 Obtain understanding of internal control (perform risk assessment procedure) Document the understanding of internal control Assess risks of material misstatement and design further audit procedures Consider internal control and results of other risk assessment procedures (tests of controls and substantive procedures Questionnaires, Written narratives and Flowcharts Control environment, risk assessment, Accounting information and munication system, Control activities and Monitoring Is assessment based on expectation that controls operate effectively? Perform tests of controls and evaluate results Complete the planned substantive procedures Do controls operate as effectively as expected? Modify and plete the planned substantive procedures Inquiry, Inspection, Observation, Reperformance No yes Yes No Copyright 高才国际教育集团 Module 2: Internal Control 1. Obtain an understanding of internal control At this stage, the auditors perform work to understand the design and whether the controls have been implemented. * Risk assessment procedures for internal control include: Inquiries of management and others within the pany Observing the application of specific controls Inspecting documents and records Tracing transactions through the information system B The Auditor’s Consideration of Internal Control 27 Copyright 高才国际教育集团 Module 2: Internal Control 1. Obtain an understanding of internal control *The knowledge obtained through risk assessment is used: to identify types of potential misstatements to consider factors that affect the risk of material misstatement to design tests of controls and substantive procedures And if determined to reply on controls, the auditors then considers 1) how the controls was applied 2) the consistency with which it was applied and 3) by who (or what means) it is applied, to evaluate the operating effectiveness of the controls B The Auditor’s Consideration of Internal Control 28 Copyright 高才国际教育集团 Module 2: Internal Control 1. Obtain an understanding of internal control The level of understanding necessary for the 5 ponents 1) Control environment To understand management’s and the board of directors attitude, awareness and actions concerning the control environment. 2) Risk Assessment To understand how management considers risks relevant to financial reporting objectives and decides about the actions to address those risks. B The Auditor’s Consideration of Internal Control 29 Copyright 高才国际教育集团 Module 2: Internal Control 1. Obtain an understanding of internal control The level of understanding necessary for the 5 ponents 3) Control activities To understand the activities that are relevant to planning the audit. 4) Information and munication to understand * the major transaction classes * how these transactions are initiated * the available accounting records and support * the manner of processing of transactions * the financial reporting process used to prepare financial statements and * the means the entity uses to municate financial reporting roles and responsibilities. B The Auditor’s Consideration of Internal Control 30 Copyright 高才国际教育集团 Module 2: Internal Control 1. Obtain an understanding of internal control The level of understanding necessary for the 5 ponents 5) Monitoring the auditors should obtain knowledge to understand the major types of monitoring activities the entity uses to monitor internal control over financial reporting, including how those activities are used to initiate corrective action. B The Auditor’s Consideration of Internal Control 31 Copyright 高才国际教育集团 Module 2: Internal Control 1. Obtain an understanding of internal control The auditors can perform a bination of the following procedures to obtain an understanding of internal control: 1. Previous experience with the entity。 2. Inquiries。 3. Inspection of documents and records and 4. Observation of entity activities . B The Auditor’s Consideration of Internal Control 32 Copyright 高才国际教育集团 Module 2: Internal Control 1. Obtain an understanding of internal control While obtaining an understanding of the design of a control, including whether it has been implemented, an auditor may either by plan or by chance obtain some information on operating effectiveness. In essence, some tests of controls may have been concurrently performed with obtaining an understanding of internal control. B The Auditor’s Consideration of Internal Control 33 Copyright 高才国际教育集团 Module 2: Internal Control 1. Obtain an understanding of internal control Documentation of understanding of internal control B The Auditor’s Consideration of Internal Control 34 Method Advantages Disadvantages Questionnaire 1. Easy to plete 2. Comprehensive list of questions make it unlikely that important portions of internal control will be overlooked 1. May be answered without a。