Você está na página 1de 39

Overall Audit Plan

and Audit Program

Chapter 13

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 1


Learning Objective 1

Use the five types of audit tests


to determine whether financial
statements are fairly stated.

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 2


Types of Tests

 Risk assessment procedures

 Further audit procedures

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 3


Further Audit Procedures
and the Audit Risk Model
Audit risk AAR
model = PDR
IR × CR

Sufficient
Substantive Tests of
Tests of Analytical competent
+ tests of + procedures + details of = evidence
controls
transactions balances
per GASS

Further audit procedures

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 4


Risk Assessment Procedures

A major part of these procedures are


done to obtain an understanding
of internal control.

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 5


Role of All Audit Tests in the
Sales and Collection Cycle
Accounts Cash in
Sales Receivable Bank
Sales Cash receipts
transactions transactions
Audited by Audited by
TOC, STOT, and AP TOC, STOT, and AP

Ending Ending
balance balance
Audited by AP and TDB

TOC + STOT + AP + TDB


= Sufficient appropriate evidence per GAAS
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 6
Learning Objective 2

Select the appropriate types


of audit tests.

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 7


Relationship Between Further Audit
Procedures and Evidence
Type of Evidence

Documentation
Confirmation
examination

Observation
Physical
Further Audit Procedures
Tests of controls  
Substantive tests of transactions 
Analytical procedures
Tests of details of balances   

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 8


Relationship Between Further Audit
Procedures and Evidence
Type of Evidence

Reperformance

Recalculation
Procedures
Inquiries of

Analytical
the Client
Further Audit Procedures
Tests of controls  
Substantive tests of transactions   
Analytical procedures  
Tests of details of balances   

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 9


Audit Assurance at Different Levels
of Internal Control Effectiveness
Acceptable C3
assurance AUDIT ASSURANCE
Audit assurance
C2 from control risk
assessment and
tests of control
C1
Audit assurance
from substantive
No tests
assurance
A C B
INTERNAL CONTROL EFFECTIVENESS
Weak control Strong control
Reliance on controls: C3 – None, C2 – Some, C1 – Maximum
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 10
Learning Objective 3

Understand how information


technology affects audit testing.

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 11


Impact of Information
Technology on Audit Testing
SAS 80 (AU 326) and SAS 109 (AU 319)
provide guidance for auditors of entities
that transmit, process, maintain, or access
significant information electronically.

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 12


Impact of Information
Technology on Audit Testing
Computer assisted audit techniques may be
used to test automated controls or data.

Reports produced by IT may be used to test


the effectiveness of IT general controls.
 Program change controls
 Access controls

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 13


Learning Objective 4

Understand the concept of


evidence mix and how it
should be varied in
different circumstances.

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 14


Variations in Evidence Mix
Tests Substantive Tests of
of Tests of Analytical Details of
Controls Transactions Procedures Balances
Audit 1 E S E S
Audit 2 M M E M
Audit 3 N E M E
Audit 4 M E E E
Amount of testing: Extensive, Medium, Small, None

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 15


Learning Objective 5

Design an audit program.

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 16


Audit Program

Part 1:
Tests of controls and substantive
tests of transactions

Part 2:
Analytical procedures

Part 3:
Tests of details and balances

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 17


Tests of Controls and Substantive
Tests of Transactions
1. Apply the transaction-related audit objectives
to the class of transactions being tested.

2. Identify key controls that should reduce


control risk for each audit objective.

3. Develop appropriate tests of controls.

4. Design substantive tests of transactions.

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 18


Methodology for Designing
Controls and Substantive Tests
Perform risk assessment Determine
Assess
procedures to extent
control
understand internal of testing
risk
control controls

Design tests of controls Audit procedures


and substantive tests Sample size
of transactions to meet
transaction-related Items to select
audit objectives Timing
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 19
Four-Step Approach to Designing
Control and Substantive Tests
Identify key controls and
Apply transaction-related
make a preliminary
audit objectives to a class
assessment of control risk
of transactions (Step 1)
(Step 2)

Design substantive tests of Design tests of controls


transactions (Step 4) (Step 3)
Audit procedures Audit procedures
Sample size Sample size
Items to select Items to select
Timing Timing

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 20


Methodology for Designing Tests of
Balances – Accounts Receivable
Identify client Set tolerable Assess control
business risks misstatement and risk for sales
affecting accounts assess inherent risk and collection
receivable for accounts receivable cycle

Design and perform Design and perform tests


analytical procedures of controls and substantive
for accounts tests of transactions for
receivable balance sales and collection cycle

Design tests of details of Audit procedures Items to select


accounts receivable balance
to satisfy balance-related
audit objectives Sample size Timing

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 21


Approach to Designing Tests
of Details of Balances
Apply transaction-related Design tests of controls
audit objectives to a class
of transactions Audit procedures
Sample size
Items to select
Timing

Design substantive tests


of transactions
Audit procedures
Identify key controls Sample size
and make an assessment
of control risk Items to select
Timing
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 22
Approach to Designing Tests
of Details of Balances
Apply balance- Make preliminary
related audit Decide tolerable
judgment about
objectives to an misstatement
materiality
account balance

Design analytical
procedures

Assess inherent risk


Decide acceptable
Design tests audit risk
of details of Assess client
balances business risk
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 23
Learning Objective 6

Compare and contrast


transaction-related audit
objectives and balance-related
audit objectives.

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 24


Relationship of Transaction-related
Audit Objectives to Balance-related
Audit Objectives
Transaction- Balance-
related related
Audit Audit Nature of
Objective Objective Relationship
Existence Existence or completeness Direct
Completeness Completeness or existence Direct
Accuracy Accuracy Direct
Posting and Detail tie-in Direct
summarization
Classification Classification Direct
Timing Cutoff Direct
Realizable value None
Rights and obligation None

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 25


Relationship Among Five Key
Evidence-related Terms
 Phases of the audit process

 Audit objectives

 Types of tests

 Evidence decisions

 Types of evidence

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 26


Phases of the Audit Process

I. Plan and design an audit approach.


II. Perform tests of controls and
substantive tests of transactions.
III. Perform analytical procedures and
tests of details of balances.
IV. Complete the audit and issue an
audit report.

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 27


Audit Objectives

 Transaction-related

 Balance-related

 Presentation and disclosure-related

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 28


Types of Tests

 Risk assessment procedures

 Tests of controls

 Substantive tests of transactions

 Analytical procedures

 Tests of details of balances

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 29


Evidence Decisions

 Audit procedures

 Sample size

 Items to select

 Timing

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 30


Types of Evidence

 Documentation
 Inquiries of the client
 Analytical procedures
 Observation
 Reperformance
 Recalculation
 Physical examination
 Confirmation

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 31


Learning Objective 7

Integrate the four phases


of the audit process.

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 32


Summary of the Audit Process

Perform analytical
Plan and design procedures and
Phase I an audit approach Phase III tests of details
of balances

Perform tests of
Complete the
controls and
Phase II Phase IV audit and issue
substantive tests
an audit report
of transactions

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 33


Summary of the Audit
Process: Phase I
Accept client and perform initial planning

Understand the client’s business and industry

Assess client’s business risk

Perform preliminary analytical procedures

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 34


Summary of the Audit
Process: Phase I
Set materiality and assess acceptable
audit risk and inherent risk

Understand internal control and assess control risk

Gather information to assess fraud risks

Develop overall audit plan and audit program

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 35


Summary of the Audit
Process: Phase II
Plan to reduce assessed No
level of control risk?

Yes
Perform tests of controls

Perform substantive tests of transactions

Assess likelihood of misstatements in


financial statements
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 36
Summary of the Audit
Process: Phase III

High or
Low Medium
unknown
Perform analytical procedures
Perform tests of key items
Perform additional tests
of details of balances

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 37


Summary of the Audit
Process: Phase IV
Perform additional tests for
presentation and disclosure

Accumulate final evidence

Evaluate results

Issue audit report

Communicate with audit


committee and management
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 38
End of Chapter 13

©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 13 - 39

Você também pode gostar