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1、Financial Reporting (External)Audit Work ProgramAudit ObjectivesThe purpose of this work program is to evaluate the operating effectiveness of internal controls identified in the External Financial Reporting process and related sub-processes. Listed below are sample risks and controls identified for
2、 Company ABC to test for the External Financial Reporting process and related sub-processes. This work program may not be applicable to all businesses without modification.I. Sub-Process - Earnings Release A. /Risks1. Risk Consolidated financial statements and schedules included in the earnings rele
3、ase may be misstated due to inaccurate input by Corporate Accounting.2. Risk Earnings release text, the consolidated financial statements and schedules may not be in compliance with SEC regulations.3. Risk Consolidated earnings release text may be inaccurate.B. Controls1. Pervasive - Individuals res
4、ponsible for preparing the earnings release schedules and text have the appropriate skills and knowledge in order to perform their duties correctly. 2. Specific - Earnings release schedules are reviewed by the VP-Finance and VP-Accounting.3. Specific - Earnings release schedules are prepared in a st
5、andard format each quarter in an excel spreadsheet. 4. Specific - Earnings release schedules and text are tested for clerical accuracy by the Director of Corporate Accounting and the Manager of Financial Reporting.5. Specific - Manager of Financial Reporting and Director of Accounting agree numbers
6、in the earnings release schedules to the amounts in the external reporting schedules. II. Sub-Process - Form 10-Q A. Risks1. Risk Consolidated financial statements may be misstated due to inaccurate/incomplete information provided to personnel responsible for financial reporting from business units
7、or other corporate departments.2. Risk Consolidated financial statements may be misstated due to inaccurate/incomplete input of information into Form 10Q MD&A.3. Risk Consolidated financial statements may be misstated due to inaccurate/incomplete input of information into Form 10Q financial statemen
8、ts and footnotes.4. Risk Consolidated financial statements may be misstated due to the financial statements footnotes not being in compliance with GAAP.5. Risk Form 10Q may not be in compliance with SEC regulations for form and content.B. Controls1. Pervasive - Individuals responsible for the prepar
9、ation of Form 10Q have the appropriate skills and knowledge in order to perform their duties correctly. 2. Specific - Information input into Form 10Q is compared to previously filed Form 10Qs.3. Specific - Manager of Financial Reporting agrees amounts in Form 10Q to the earnings release schedules, c
10、onsolidating schedules, and other supporting documentation. 4. Specific - Manager of Financial Reporting completes a disclosure checklist from an external accounting research provider, which is reviewed by Director of Financial Reporting. 5. Specific Director/Manager of Financial Reporting creates a
11、 disclosure items spreadsheet, based on review of Board of Director Minutes, completion of financial reporting checklist, company press releases, and discussions with legal, finance and accounting management. 6. Specific - Information input into the Form 10Q is checked for clerical accuracy and inte
12、rnal consistency by the Manager of Financial Reporting and the Director of Corporate Accounting. 7. Specific - Form 10Q is reviewed by Director of Corporate Accounting and VP-Accounting.8. Specific - Form 10Q is reviewed by the Management Committee, Audit Committee Chairman, Executive Officers of th
13、e Company, and Business Unit senior management. 9. Specific - Schedules used to complete MD&A disclosures are provided in a standard format. 10. Specific - Schedules used to complete footnote disclosures are saved on the network and used each quarter for applicable footnote disclosure and are in a s
14、tandard format. III. Sub-Process - Form 10-K A. Risks 1. Risk Consolidated financial statements may be misstated due to inaccurate/incomplete information provided to personnel responsible for financial reporting from business units or other corporate departments.2. Risk Consolidated financial statem
15、ents may be misstated due to inaccurate/incomplete input of information into Form 10K MD&A. 3. Risk Consolidated financial statements may be misstated due to inaccurate/incomplete input of information into Form 10K financial statements and footnotes.4. Risk Consolidated financial statements may be m
16、isstated due to the footnotes to the financial statements not being in compliance with GAAP.5. Risk Form 10K may not be in compliance with SEC regulations for form and content.B. Controls1. Pervasive - Individuals responsible for the preparation of Form 10K have the appropriate skills and knowledge in order to perform their du
