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1、0,Audit Comfort Cycle,4 Key Questions What does management need to get comfort on? How does management get comfort? Are they entitled to that comfort? Can we audit that comfort?,天马行空官方博客：http:/ ；QQ:1318241189；QQ群：175569632,1,Scoping: Forming a Point of View,Perform company and industry analytical pr
2、ocedures Research and analyze external communications Partners connect with staff members Document the teams understanding of the business Knowledge broker to capture and share industry information Form a point of view on the risks that management should be concerned about,2,Scoping: Business Analys
3、is Framework,3,4,Strategic Analysis,Understand the clients strategic advantage,5,6,7,Risk Assessment,Understand the risks that threaten attainment of the clients business objectives “The primary goal of management control is to ensure that risk monitoring and control activities are aligned properly
4、with overall strategic objectives” p. 35 Strategic risks Process risks,8,Scoping: Risk Assessment Key Risks,Key risks are those conditions or factors within an audit that, in the judgment of the auditor, give rise to a greater risk of material financial misstatement or other matters resulting in the
5、 issuance of an inappropriate audit report.,9,Scoping: Analytical Procedures,High Level Understand the business Identify areas of risk Disaggregated Account Level Determine the nature, timing & extent of testing External benchmarking to peers, market trends Looking for anomalies, areas of risk Use o
6、f extensive knowledge management tools available,10,Business Process Analysis,Understand the key processes and related competencies needed to realize strategic advantage Process driven competition Measure and benchmark process performance Document understanding of the clients ability to create value
7、 and generate future cash flows using a client business model, process analyses, key performance indicators, and a business risk profile,11,Business Risks related to achieving Objectives ,Business Process A Completeness Accuracy Validity Restricted Access,Business Process B Completeness Accuracy Val
8、idity Restricted Access,Business Process C Completeness Accuracy Validity Restricted Access,Account Balances and Transactions,Account Balances and Transactions,General Computer Controls,Account Balances and Transactions,Connecting the Dots ,Business Objectives,Financial Statement Assertions/ Audit O
9、bjectives Classes of Transactions Occurrence Completeness Accuracy Cutoff Classification Account Balances Rights & Obligations Existence Completeness Accuracy/Valuation Presentation & Disclosure Occurrence/R&O Completeness Understandability Accuracy/Valuation,12,13,Assess implications for business a
10、nd audit,Is risk identification complete? Are they prioritized properly? Are there controls to minimize risks to acceptable level? Do accounting choices and disclosures adequately reflect uncontrolled risks? Groups residual business risk by financial statement assertion,14,Scoping Translated into Au
11、dit Strategy,Where controls over significant account balances or classes of transaction are not aligned, we will need to perform substantive tests of details.,Stakeholders,Risks,Controls,Alignment,Business Objectives,15,Business Measurement,Use the comprehensive business knowledge decision frame to
12、develop expectations about key assertions embodied in the overall financial statements Compare reported financial result to expectations and design additional audit test work to address any gaps between expectations and reported results Transaction based auditing procedures are applied to non-routin
13、e transactions and non-routine and highly judgmental accounting estimates (p. 36). Computer audit techniques filter routine transactions for unusual items Additional test work is performed when interrelated financial and Nonfinancial performance measures are inconsistent and when key financial-state
14、ment assertions are not consistent with the auditors understanding of the organizations strategic-systems dynamic Quality of earnings are assessed Process performance evaluated on Cycle time Process quality Process cost,16,Scoping: Audit Team of Specialists,Our best teams use our specialist capabili
15、ties to help in forming a point of view.,Stakeholders,Business Objectives,Financial Risk,Business Process,Enterprise-wide Risk,Systems & Technology,Energy Trading Risk,Business Resilience,Project Management,Internal Audit,Security,Data Risk,Regulatory/ Compliance,Performance Improvement,Treasury,Ris
16、ks,Controls,Alignment,Computer-Assisted Audit Techniques,Fraud,17,Audit Comfort Cycle,4 Key Questions What does management need to get comfort on?,How does management get comfort?,Are they entitled to that comfort?,Can we audit that comfort?,18,“Taking Stock”: Real-Time Linkage in the Iterative Process,Share team members cumulative knowledge Update risk identification and assessment Consider the audit comfort gaine
