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1、Chapter 8Audit Planning and Analytical Procedures,Planning,The first generally accepted auditing standard of field work requires adequate planning. The auditor must adequately plan the work and must properly supervise any assistants.,Planning,Reasons: Enable the auditor to obtain sufficient appropri
2、ate evidence for the circumstances. Help keep audit costs reasonable. Avoid misunderstandings with the client.,Planning,Figure 8-1 in p.173 presents the eight major parts of audit planning. Acceptable audit risk. Inherent risk.,Planning,Acceptable audit risk.可接受的审计风险 A measure of how willing the aud
3、itor is to accept that the financial statements may be materially misstated after the audit is completed and an unqualified opinion has been issued.,Planning,Inherent risk 固有风险 A measure of the auditors assessment of the likelihood that there are material misstatements in an account balance before c
4、onsidering the effectiveness of internal control.,Planning,Assessing acceptable audit risk and inherent risk is an important part of audit planning because it helps determine the amount of evidence that will need to be accumulated and staff assigned to the engagement.,Accept Client and Perform Initi
5、al Audit Planning,Initial audit planning involves four things: The auditor decides whether to accept a new client or continue serving an existing one. The auditor identifies why the client wants or needs an audit.,Accept Client and Perform Initial Audit Planning,Initial audit planning involves four
6、things: The auditor obtains an understanding with the client about the terms of the engagement. The auditor develops an overall strategy for the audit, including engagement staffing and any required audit specialists.,Accept Client and Perform Initial Audit Planning,Client acceptance and continuance
7、: New client investigation. Continuing clients.,Accept Client and Perform Initial Audit Planning,New client investigation. Before accepting a new client, most CPA firms investigate the company to determine its acceptability.,Accept Client and Perform Initial Audit Planning,New client investigation.
8、Examining the prospective clients standing in the business community, financial stability, and relations with its previous CPA firm.,Accept Client and Perform Initial Audit Planning,New client investigation. The CPA firm must also determine that it has the competency, such as industry knowledge, to
9、accept the engagement and that the firm can satisfy all independence requirements.,Accept Client and Perform Initial Audit Planning,New client investigation. For prospective clients that have previously been audited by another CPA firm, the new (successor) auditor is required by auditing standards t
10、o communicate with the predecessor auditor.,Accept Client and Perform Initial Audit Planning,New client investigation. The burden of initiating the communication rests with the successor auditor, but the predecessor auditor is required to respond to the request for information.,Accept Client and Per
11、form Initial Audit Planning,New client investigation. The predecessor auditor obtain permission from the client before the communication can be made.,Accept Client and Perform Initial Audit Planning,New client investigation. If a client will not permit the communication or the predecessor will not p
12、rovide a comprehensive response, the successor should seriously consider the desirability of accepting a prospective engagement.,Accept Client and Perform Initial Audit Planning,New client investigation. When there has been no previous auditor, when a predecessor auditor will not provide the desired
13、 information, or if any indication of problems arises from the communication, auditor can gathering information from local attorneys, other CPAs, banks, and other businesses, even hire a professional investigation.,Accept Client and Perform Initial Audit Planning,Continuing Clients Many CPA firms ev
14、aluate existing clients annually to determine whether there are reasons for not continuing to do the audit.,Accept Client and Perform Initial Audit Planning,Investigating new clients and reevaluating existing ones is an essential part of deciding acceptable audit risk.,Accept Client and Perform Init
15、ial Audit Planning,Identify Clients Reasons for Audit Two major factors affecting acceptable audit risk are the likely statement users and their intended uses of the statements.,Accept Client and Perform Initial Audit Planning,Identify Clients Reasons for Audit The most likely uses of the statements
16、 can be determined from previous experience with the client and discussions with management.,Accept Client and Perform Initial Audit Planning,Obtain an Understanding with the Client A clear understanding of the terms of the engagement should exist between the client and the CPA firm.,Accept Client and Perform Initial Audit Planning,Obtain an Understanding with the Client Engagement letter: engagements objectives, the responsibilities of the auditor and management, and the engagements limitation
