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Audit

Responsibilities

and Objectives

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Learning Objective 1

Explain the objective of

conducting an audit of

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Objective of Conducting an Audit

of Financial Statements

The primary objective of the audit

is to express an opinion on the

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Steps to Develop

Audit Objectives

Understand objectives and

responsibilities for the audit.

1

2 Divide financial statements

_{into cycles.}

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Steps to Develop

Audit Objectives

Know general audit objectives for

classes of transactions and accounts.

4

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Learning Objective 2

Distinguish management’s

responsibilities for preparing

financial statements from the

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Responsibilities

Management is responsible

for the financial statements,

and for internal control.

Auditors issue an

opinion on fairness

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Learning Objective 3

Explain the auditor’s

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Auditor’s Responsibilities

Material versus immaterial misstatements

Reasonable assurance

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Responsibilities for Discovering

Illegal Acts

Direct-effect illegal acts

Indirect-effect illegal acts

Evidence accumulation

when there is no reason

to believe indirect-effect

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Responsibilities for Discovering

Illegal Acts

Evidence accumulation and

other actions when there is

reason to believe direct- or

indirect-effect illegal acts

may exist

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Learning Objective 4

Classify transactions and account

balances into financial statement

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Transaction Flow Example

Transactions

Journals

Ledger, Trial Balance, and

Financial Statements

Acquisition

of goods

Cash receipts

journal

Sales

_journal

Sales

Cash

receipts

Acquisitions

General ledger

and subsidiary

records

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Transaction Flow Example

Transactions

Journals

Ledger, Trial Balance, and

Financial Statements

Payroll

journal

Cash

disbursements

Cash disburse-

ments journal

Payroll

services and

disbursements

General ledger

and subsidiary

records

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Relationships Among Transaction

Cycles

General

cash

Capital acquisition

and repayment cycle

Sales and

collection

cycle

Acquisition

and payment

cycle

Payroll and

personnel

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Learning Objective 5

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Balance and Transactions Affecting

Balances Example

$ 19,454

144,328

139,020

1,242

Charge-off of

Cash

receipts

Sales returns

and allowances

Sales

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Learning Objective 6

Distinguish among

the five categories of

management assertions

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Management Assertions

1. Existence or occurrence

2. Completeness

3. Valuation or allocation

4. Rights and obligations

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Learning Objective 7

List the six general

transaction-related audit objectives to the

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Transaction-Related

Audit Objectives

Existence

Completeness

Accuracy

Recorded

transactions exist.

Existing transactions

are recorded.

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Transaction-Related

Audit Objectives

Classification

Timing

Posting and

Transactions are

properly classified.

Transactions are recorded

on the correct dates.

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Transaction-Related Audit Objectives

and Management Assertions

Management

Assertions

General

Transaction-Related Audit Objectives

Existence or occurrence

Completeness

Valuation or allocation

Rights and obligations

Presentation and disclosure

Existence

Completeness

Accuracy, Classification timing,

Posting and summarization

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Learning Objective 8

Link the nine general

balance-related audit objectives to the

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General Balance-Related

Audit Objectives

Existence

Completeness

Accuracy

Amounts

included exist.

Existing amounts

are included.

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General Balance-Related

Audit Objectives

Classification

Cutoff

Amounts are

properly classified.

Transactions are recorded

in the proper period.

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General Balance-Related

Audit Objectives

Realizable

value

Rights and

obligations

Presentation

and

Assets are included at

estimated realizable value.

Assets must be owned.

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Assertions and Balance-Related

Audit Objectives

Management

Assertions

General

Balance-Related Audit Objectives

Existence or occurrence

Completeness

Valuation or allocation

Rights and obligations

Existence

Completeness

Accuracy, Classification, Cutoff,

Detail tie-in, Realizable value

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Learning Objective 9

Explain the relationship

between audit objectives

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How Audit Objectives

Are Met

Auditors plan the combination

of objectives and evidence by

following an audit process.

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Four Phases of an Audit

Phase I

Phase II

Phase III

Phase IV

Plan and design

an audit approach.

Perform tests of

controls and

substantive tests

Perform analytical

procedures and

tests of details

of balances.

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