auditoria 5
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Modern Auditing:Assurance Services and the Integrity
of Financial Reporting, 8thEdition
William C. BoyntonCalifornia Polytechnic State
University at San Luis Obispo
Raymond N. JohnsonPortland State University
Chapter 5Overview of the Financial Statement Audit
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Chapter 5 Overview
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Overview of the Audit Process
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Overview of the Audit Process
(cont.)
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Phase I - Perform Risk
Assessment Procedures
Identify Relevant Financial Statement
Assertions
Existence or Occurrence
Completeness
Rights and Obligations
Valuation or Allocation
Presentation and Disclosure
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Phase I - Perform Risk
Assessment Procedures
Understand the Entity and itsEnvironment Industry, Regulatory Environment, and Other
External Factors
Nature of Entity, Including AccountingPolicies
Objectives, Strategies, and Business Risks
Management and Review of FinancialPerformance
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Phase I - Perform Risk
Assessment Procedures
Make Decisions About Materiality
Based on professional judgment
Guides auditor in evaluation
Perform Preliminary Analytical
Procedures
Study of plausible relationships
Identification of potential
misstatements
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Phase I - Perform Risk
Assessment Procedures
Identify RisksAudit Risk Model
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Phase I - Perform Risk
Assessment Procedures
Identify RiskRisk of Fraud
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Phase I - Perform Risk
Assessment Procedures
Develop Preliminary Audit
Strategies
Understand Internal Control
Identify types of potential
misstatements
Consider factors that affect risk of
material misstatement
Design audit procedures
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Phase IIAssess the Risk of
Material Misstatement
Relate Risk to Potential Misstatements Assertion Level Risks
Financial Statement Level Risks
Determining the Magnitude of PotentialMisstatements
Considering the Likelihood of MaterialMisstatements
Significant Inherent Risks
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Study Break
1. This assertion deal with whether the
accounts have been included in the
financial statements at the appropriate
amount.A. Existence or Occurrence
B. Completeness
C. Rights and ObligationsD. Valuation or Allocation
D. Valuation or Allocation
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Study Break
2. ________ is defined as the susceptibility
of an assertion to a material
misstatement assuming there are no
internal controls.A. Inherent risk
B. Control risk
C. Detection riskD. Audit risk
A. Inherent risk
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Phase IIIRespond to Assessed
Risks
Staffing and Supervision
Nature of Audit Tests Risk Assessment Procedures
Tests of Control
Substantive Tests
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Substantive Tests
Initial Procedures
Substantive Analytic Procedures
Tests of Details of Transactions
Tests of Details of Balances
Tests of Details of Accounting Estimates
Tests of Details of Disclosures
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Phase IIIRespond to Assessed
Risks
Timing of Audit Tests
Extent of Audit Tests
Responding to Significant Inherent
Risks
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Phase IVPerform Further Audit
Procedures
Further Risk Assessment Procedures
Tests of Controls
Substantive Tests
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Phase VEvaluate Evidence
Reevaluate Risk Assessment
Procedures
Determine the Significance of
Findings
Form and Document Conclusions
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Phase VICommunicate Audit
Findings
The Auditors Opinion
Other Required Communications
Other Assurance Service Findings
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Study Break
3. Responding to assessed risksincludes all of the followingexcept:
A. Staffing and SupervisionB. Timing of Audit Tests
C. Evaluating Evidence
D. Extent of Audit Tests
C. Evaluating Evidence
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Study Break
4. Other required communications include
all of the following except:
A. Disagreements with management
B. Significant audit adjustments
C. Consultation with other accountants
D. Assessment of management
performance
D. Assessment of management
performance
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