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1、11? ? ? ? ? ? ? ? ?Audit procedures in response to assessed risks at?Financial statement level (overall responses)?Assertion levelHow the risk identified would affect the?Nature?Timing?Extent of the auditors procedures in various business scenarios.2? ? ? ? ? ? ? ? ? ? ? ? ?Relevant Hong Kong Auditi
2、ng Standards:?HKSA 300 “Planning an audit of financial statements”.?HKSA 320 “Audit materiality”.?HKSA 315 “Understanding the entity and its environment and assessing the risks of material misstatement”. ?HKSA 330 “The auditors procedures in response to assessed risks”. ?HKSA 500 “Audit evidence”.?H
3、KSA 530 “Audit sampling and other means of testing”.23? ? ?Par 2, the auditor should obtain an understanding of the entity and its environment, including its internal control, sufficient to identify and assess the risks of material misstatement of the financial statements whether due to fraud or err
4、or, and sufficient to design and perform further audit procedures.?Par 101, the auditor uses the risk assessment to determine the nature, timing, and extent of further audit procedures to be performed. 4? ? ?Par 102 states that the auditor determines whether the identified risks of material misstate
5、ment relate to:?specific classes of transactions, account balances, and disclosures and related assertions (assertion level), or?whether they relate more pervasively to the financial statements as a whole and potentially affect many assertions. (risks at the financial statement level) 35? ? ? ?Plann
6、ing an audit of financial statements (HKSA 300, par 15) ?A description of the nature, timing and extent of planned further audit procedures at the assertion level for each material class of transactions, account balance, and disclosure, as determined under HKSA 330.?The plan for further audit proced
7、ures reflects the auditors decision whether to test the operating effectiveness of controls, andthe nature, timing and extent of planned substantive procedures.6? ? ? ? ? ?HKSA 330, par 3. In order to reduce audit risk to an acceptably low level, the auditor should determine:?overall responses to as
8、sessed risks at the financial statement level, and?should design and perform further audit procedures to respond to assessed risks at the assertion level.47? ? ? ? ? ? ? ? ? ? ?Overall responses - at the financial statement level. ?Audit procedures responsive to risks of material misstatement at the
9、 assertion level. ?Evaluating the sufficiency and appropriateness of audit evidence obtained.?Documentation8? ? ?! ? ? ? ? ?“?! ?# ? ?! ! ?$HKSA 330, par 4, responses may include:?emphasizing to the audit team the need to maintain professional skepticism in gathering and evaluating audit evidence,?a
10、ssigning more experienced staff or those with special skills or using experts,?providing more supervision, or?incorporating additional elements of unpredictability in the selection of further audit procedures to be performed.?Additionally, the auditor may make general changes to the nature, timing,
11、or extent of audit procedures, for example, performing substantive procedures at period end instead of at an interim date. (Refer par 5 of HKSA 330)59? ? ? ?“?! ? ? ? ? ? ?HKSA 330, par 7 states that the auditor should design and perform further audit procedures whose nature, timing, and extent are
12、responsive to the assessed risks of material misstatement at the assertion level.?Further audit procedures refer to procedures further to the risk assessment procedures performed in obtaining audit evidence. CLP 9.2?The nature of the audit procedures is of most importance in responding to the assess
13、ed risks. 10? ? ? ? ? ? ? ?In designing further audit procedures, the auditor considers such matters as the following: The significance of the risk.The likelihood that a material misstatement will occur.The characteristics of the class of transactions, account balance, or disclosure involved.The nat
14、ure of the specific controls used by the entity and in particular whether they are manual or automated.Whether the auditor expects to obtain audit evidence to determine if the entitys controls are effective in preventing, or detecting and correcting, material misstatements.611? ? ? ? ? ? ? ?Audit ap
15、proach (purpose)Tests of controls (TOC);Substantive procedures (ST); orCombined approach.?Further audit proceduresNature (purpose and type);Timing; Extent.12? ? ? ?Appropriate audit approach for designing and performing further audit procedures (i.e. tests of controls, substantive procedures and combined approach): the auditor may determine that only by performing tests of controls may the auditor achieve an effective response to the assesse
