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(1)

Completing the Audit

Completing the Audit

(2)

Learning Objective 1

Learning Objective 1

Design and perform audit tests

Design and perform audit tests

related to presentation and

related to presentation and

disclosure audit objectives.

(3)

Presentation and Disclosure

Presentation and Disclosure

Audit Objectives (page 761)

Audit Objectives (page 761)

Occurrence and rights and obligations:

Disclosed events and transactions have occurred and pertain to the entity.

Completeness:

(4)

Presentation and Disclosure

Presentation and Disclosure

Audit Objectives (page 761)

Audit Objectives (page 761)

Accuracy and valuation:

Financial and other information are

disclosed fairly and at appropriate amounts.

Classification and understandability:

Financial information is appropriately

(5)

Learning Objective 2

Learning Objective 2

Conduct a review for contingent

Conduct a review for contingent

liabilities and commitments.

(6)

Contingent Liabilities

Contingent Liabilities

A contingent liability is a potential future obligation to an outside party for an

(7)

Likelihood of Occurrence and

Likelihood of Occurrence and

Financial Statement Treatment

Financial Statement Treatment

Reasonably

possible Footnote disclosureis necessary Probable

(likely to occur) Adjust financial statementsor note disclosure Remote

(slight chance) No disclosureis necessary Likelihood of

(8)

Auditor’s Concerns

Auditor’s Concerns

 Pending litigation for patent infringement, product liability, or other actions

 Income tax disputes  Product warranties

 Notes receivable discounted

 Guarantees of obligations of others

(9)

Audit Procedures for Finding

Audit Procedures for Finding

Contingencies

Contingencies

Inquire of management about the possibility of unrecorded contingencies.

Review current and previous years’ internal revenue reports for income tax settlements.

Review the minutes of directors’ and

(10)

Audit Procedures for Finding

Audit Procedures for Finding

Contingencies

Contingencies

Analyze legal expenses and review invoices and statements from legal counsel.

Obtain a letter from each major attorney of the client as to the status of pending litigation.

Review audit documentation for any information that may indicate a potential contingency.

(11)

Learning Objective 3

Learning Objective 3

Obtain and evaluate letters from

Obtain and evaluate letters from

the client’s attorneys.

(12)

Inquiry of Client’s Attorneys

Inquiry of Client’s Attorneys

A list including: (1) pending threatened litigation and (2) asserted or unasserted claims or

assessments with which the attorney has had involvement.

A request that the attorney furnish information

(13)

Inquiry of Client’s Attorneys

Inquiry of Client’s Attorneys

A request of the law firm to identify any unlisted pending or threatened legal actions or a

statement that the client’s list is complete.

A statement informing the attorney of the attorney’s responsibility to inform management of legal matters requiring disclosure in the financial statements

(14)

Sarbanes-Oxley Act

Sarbanes-Oxley Act

Congress included provisions in this act directing the SEC to issue rules requiring attorneys serving public companies to report material violations

by the company of federal securities laws.

(15)

Learning Objective 4

Learning Objective 4

Conduct a post-balance-sheet

Conduct a post-balance-sheet

review for subsequent events.

(16)

Period Covered by Subsequent

Period Covered by Subsequent

Events Review

Period to which review for

(17)

Types of Subsequent Events

Types of Subsequent Events

Those that have a direct effect

on the financial statements and require adjustment

Those that have do not have a direct

(18)

Requiring Adjustment

Requiring Adjustment

 Declaration of bankruptcy by a customer with an accounts receivable balance

 Settlement of a litigation at an amount different from the amount recorded

on the books

 Disposal of equipment not being used in operations at a price below the current book value

(19)

Advisability of Disclosure

Advisability of Disclosure

 Decline in the market value of securities held for temporary investment or resale  Issuance of bonds or equity securities  Decline in the market value of inventory as a consequence of government action barring further sale of a product

 Uninsured loss of inventories as a result of fire

(20)

Audit Tests

Audit Tests

1. Procedures normally integrated as a part of the verification of year-end account balances.

2. Procedures performed specifically for the purpose of discovering events or transactions that must be recognized as subsequent events.

(21)

 Inquire of management

 Correspond with attorneys

 Review internal statements prepared subsequent to the balance sheet date  Review records prepared subsequent

to the balance sheet date

 Examine minutes issued subsequent to the balance sheet date

 Obtain a letter of representation

Audit Tests

(22)

Dual Dating

Dual Dating

The first date is the date for the completion

of field work except for a specific exception

The second date, which is always later,

deals with the exception

(23)

Learning Objective 5

Learning Objective 5

Design and perform the final steps

Design and perform the final steps

in the evidence-accumulation

in the evidence-accumulation

segment of the audit.

(24)

1. Perform final analytical procedures.

2. Evaluate the going-concern assumption.

3. Obtain a management representation letter. 4. Consider information accompanying the

basic financial statements.

5. Read other information in the annual report.

Final Evidence Accumulation

(25)

Management Representation

Management Representation

Letter

Letter

1. To impress upon management its responsibility for the assertions in the financial statements.

2. To remind management of potential misstatements or omissions in the financial statements.

(26)

1. Financial statements

2. Completeness of information

3. Recognition, measurement, and disclosure 4. Subsequent events

Four Categories in

Four Categories in

Management Representation

Management Representation

Letter

(27)

Information Accompanying

Information Accompanying

Basic Financial Statements

Basic Financial Statements

Balance sheet

(28)

Learning Objective 6

Learning Objective 6

Integrate the audit evidence

Integrate the audit evidence

gathered and evaluate the

gathered and evaluate the

overall audit results.

(29)

Evaluate Results

Evaluate Results

Sufficient appropriate evidence

Evidence supports auditor’s opinion Financial statement disclosures

Audit documentation reviewIndependent review

(30)

Evaluating Results and

Evaluating Results and

Reaching Conclusions

Reaching Conclusions

Actual audit evidence (by cycle, account,

and objective)

Audit procedures Sample size Items to select

Timing

Evaluate results

(by account and cycle)

Estimated misstatement (by account)

(31)

Evaluating Results and

Evaluating Results and

Reaching Conclusions

(32)

The audit report is the only thing that most users see in the audit process, and the

consequences of issuing an inappropriate report can be severe.

Issue the Audit Report

(33)

Learning Objective 7

Learning Objective 7

Communicate effectively with the

Communicate effectively with the

audit committee and management.

(34)

Communicate fraud and illegal acts

Communicate internal control deficiencies Other communication with audit committee Management letters

Communicate with the Audit

Communicate with the Audit

Committee and Management

(35)

Learning Objective 8

Learning Objective 8

Identify the auditor’s

Identify the auditor’s

responsibilities when facts

responsibilities when facts

affecting the audit report are

affecting the audit report are

discovered after its issuance.

(36)

Review for Subsequent Events

Review for Subsequent Events

and Discovery of Facts

and Discovery of Facts

Date client

Period to which review for

(37)

End of Chapter 24

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