Evidencia de auditora - Consideraciones especficas para los elementos seleccionados 393 AU-C Seccin 501 * Auditar Consideraciones en la evidencia especfica para Elementos seleccionados Fuente: SAS No. 122. En vigor para auditoras de estados financieros por periodos que terminen en o despus del 15 de diciembre de 2012. Introduccin Alcance de esta seccin 0.01 En esta seccin se aborda consideraciones especficas por el auditor en ob- contengan suficiente evidencia apropiada de auditora, de conformidad con el artculo 330, Realizacin de Procedimientos de Auditora en Respuesta a los Riesgos Evaluados ya la evidencia de auditora obtenida, la seccin 500, Evidencia de auditora, y otras organizaciones Secciones AU-C, con respecto a determinados aspectos de la (a) Inversiones en valores e instrumentos derivados, (b) inventario; (c) los litigios, reclamaciones y evaluaciones que implica que la entidad, y la informacin (d) del segmento en una auditora de estado financiero mentos. Fecha de vigencia 0.02 Esta seccin est en vigor para auditoras de estados financieros por periodos que terminan en o despus del 15 de diciembre de 2012. Objetivo 0.03 El objetivo del auditor es obtener suficiente apropiada de auditora evidencia con respecto a la una. valoracin de las inversiones en valores e instrumentos derivados mentos; b. existencia y condicin del inventario; c. integridad de los litigios, reclamaciones y evaluaciones que implican la entidad; y d. presentacin y revelacin de la informacin por segmentos, de confor- bailar con el marco de informacin financiera aplicable. * Esta seccin ha sido codificado usando un identificador "AU-C" en lugar de un identificador "AU". "AU-C" es un identificador temporal para evitar la confusin con referencias a las secciones existentes "au", que permanecer en AICPA Estndares Profesionales a travs de 2013. El identificador "AU-C" volver a "AU" en 2014, por los cuales sustancialmente se espera que todos los compromisos para los cuales las secciones de "au" estaban siendo eficaz para ser completado. AU-C 501.03

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394 Evidencia de auditora Requerimientos Las inversiones en valores e instrumentos derivados (Ref: par .. A1-.A3) Inversiones en Valores Cuando Tasaciones se basan en el Participada de Resultados financieros (inversiones excluyendo valoradas por la Equidad Mtodo de contabilidad) 0.04 Cuando las inversiones en ttulos valores se valoran a partir de una entidad participada con fi- resultados financieros, excluidas las inversiones contabilizadas por el mtodo de la participacin de la contabilidad, el auditor deber obtener suficiente evidencia apropiada de auditora en apoyo de los resultados financieros de la entidad participada, de la siguiente manera: (Ref: par .. A4-.A8) una. Obtener y leer estados financieros disponibles de la entidad participada y el informe de auditora que acompaa, en su caso, incluyendo la determinacin de si el informe del otro auditor es satisfactoria para este propsito. b. Si los estados financieros de la entidad participada no son auditadas, o si el au- dit informe sobre dichos estados contables no es satisfactoria para el auditor, aplicar, o solicitar que la entidad inversionista organizar con la entidad participada tener aplica otro auditor, auditora apropiada procedimientos a los estados financieros, considerando la materia- lidad de la inversin en relacin con los estados financieros de la entidad inversionista. c. Si el importe en libros de la inversin refleja los factores que son no reconocidos en los estados financieros de las entidades participadas o valores razonables de los activos que sean sustancialmente diferentes de libros de la entidad participada cantidades, obtener suficiente evidencia apropiada de auditora en apoyo de dichas cantidades. d. Si la diferencia entre el perodo del estado financiero de la en- dad y la participada tiene o podra tener un efecto material en la en- los estados financieros de tity, determinan si la entidad man- gestin ha considerado adecuadamente la falta de comparabilidad y determinar el efecto, si lo hay, en el informe del auditor. (Ref: par .. A9) Si el auditor no puede obtener suficiente evidencia apropiada de auditora, ya de la incapacidad para llevar a cabo uno o ms de estos procedimientos, el auditor debe determinar el efecto sobre la opinin del auditor, de conformidad con la seccin 705, Modificaciones a la opinin en el informe del Auditor Independiente. 0.05 Con respecto a los hechos posteriores y las transacciones de la entidad participada oc- curring despus de la fecha de los estados financieros de la entidad participada, pero antes de la fecha del informe de auditora, el auditor deber obtener y leer interino disponibles estados financieros de la entidad y hacer las averiguaciones pertinentes del hombre- gestin del inversionista para identificar este tipo de eventos y transacciones que pueden ser significativo en los estados financieros del inversionista y que pueden necesitar ser recono- nized o reflejados en los estados financieros del inversionista. (Ref: par .. A10) Las inversiones en instrumentos derivados y valores medidos o revelados a valor razonable 0.06 Con respecto a las inversiones en instrumentos y valores derivados medidas o reveladas por su valor razonable, el auditor debe una. determinar si el marco de referencia de informacin financiera especifica el mtodo que se utilizar para determinar el valor razonable de la instrumentos e inversiones derivados de la entidad en valores y AU-C 501.04

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Evidencia de auditora - Consideraciones especficas para los elementos seleccionados 395 b. evaluar si la determinacin del valor razonable es coherente con el mtodo de valoracin especificada. (Ref: par .. A11-.A13) 0.07 Si las estimaciones del valor razonable de los instrumentos o valores derivados son obtenida de los agentes de bolsa u otras fuentes de terceros sobre la base de la valoracin modelos, el auditor debe entender el mtodo utilizado por la casa de bolsa u otra fuente de otros fabricantes en el desarrollo de la estimacin y considerar la apli- cabilidad de la seccin 500. 1 (Ref: par .. A14-.A15) 0.08 Si los instrumentos o valores derivados se valoran por la entidad mediante un modelo de valoracin, el auditor deber obtener suficiente evidencia apropiada de auditora el apoyo a las afirmaciones de la administracin sobre el valor razonable determinado mediante el modelo. (Ref: par .. A16) Las prdidas por deterioro de activos 0.09 El auditor debe una. evaluar la conclusin de la gestin (incluida la pertinencia de la informacin que se considere) acerca de la necesidad de registrar un deterioro- prdida cin para una disminucin del valor razonable de un valor por debajo de su coste o importe en libros y b. obtener suficiente evidencia apropiada de auditora de apoyo a la importe de cualquier ajuste por deterioro registrado, incluyendo eva- CIONES si los requisitos del informe financiero aplicable marco ing se han cumplido. (Ref: par .. A17-.A18) Apreciacin o depreciacin 0.10 El auditor deber obtener suficiente evidencia apropiada de auditora sobre la cantidad de apreciacin o depreciacin en el valor razonable de un derivado que haya sido reconocido o que se da a conocer debido a la ineficacia de un seto, y evale si los requisitos de la medida de marco normativo de informacin financiera que se ha cumplido con. (Ref: par .. A19) Inventario 0.11 Si el inventario es importante para los estados financieros, el auditor debe obtener suficiente evidencia apropiada de auditora respecto de la existencia y condicin cin de un inventario 2 por una. asistir a conteo fsico del inventario, a menos que fuera posible, a (Ref: par .. A20-.A22) i. evaluar las instrucciones y procedimientos de la administracin para registro y control de los resultados de la entidad fsica- cal conteo de inventario, (Ref: par .. A23) ii. observar el desempeo de la gestin de la cuenta procedi- mientos, (Ref: par .. A24) iii. inspeccionar el inventario, y (Ref: par .. A25) iv. realizar conteos de prueba y (Ref: par .. A26) b. aplicar procedimientos de auditora sobre el inventario definitivo de la entidad registros para determinar si reflejan con precisin real en- resultados del conteo ventario. (Ref: par .. A27-.A30) 1 El prrafo 0.08 de la seccin 500, Evidencia de auditora, se dirige a los especialistas de la gerencia. 2 Seccin 330, de efectuar procedimientos de auditora en respuesta a los riesgos evaluados y Evaluacin de la Au- Evidencia dit Obtenido, se dirige a los procedimientos del auditor para dar respuesta a los riesgos evaluados de material errores en el nivel de la afirmacin pertinente. AU-C 501.11

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396 Evidencia de auditora 0.12 Si conteo fsico del inventario se lleva a cabo en una fecha distinta a la fecha de de los estados financieros, el auditor debe, adems de los procedimientos exigida en el prrafo 0.11, realizar procedimientos de auditora para obtener evidencia de auditora acerca de si los cambios en el inventario entre la fecha de la cuenta y la fecha de la estados financieros se registran correctamente. (Ref: par .. A31-.A33) 0.13 Si el auditor no pueda asistir a conteo fsico del inventario, debido a circunstancias imprevistas, el auditor debe realizar u observar algn fsico cuenta con una fecha alternativa y realizar procedimientos de auditora en el que interviene transacciones. 0.14 Si la asistencia al conteo fsico del inventario es impracticable, la audi- tor debe aplicar procedimientos alternativos de auditora para obtener suficiente apropiada la evidencia de auditora respecto a la existencia y condicin del inventario. Si no es as posible hacerlo, el auditor deber modificar la opinin en el informe del auditor, de conformidad con la seccin 705. (Ref: par .. A34-.A36) 0.15 Si el inventario bajo la custodia y control de un tercero es importante para los estados financieros, el auditor deber obtener suficiente apropiada de auditora pruebas sobre la existencia y la condicin de que el inventario mediante la realizacin de uno o ambos de los siguientes: una. Solicitar confirmacin de la tercera parte con respecto a la canti- lazos y condicin del inventario realizado en nombre de la entidad (Ref: par. . A37) b. Realizar la inspeccin u otros procedimientos de auditora apropiados en el circunstancias (Ref: par .. A38) Litigios, Reclamos y Contribuciones 0.16 El auditor deber disear y desempear procedimientos de auditora para identificar litigios, demandas y gravmenes relacionados con la entidad que pudiera dar lugar a una riesgo de errores materiales, incluyendo (Ref: par .. A39-.A45) una. inquisitiva de la gestin y, en su caso, otros dentro de la entidad, incluido un asesor legal en la empresa; b. la obtencin de la gestin una descripcin y evaluacin de los iluminados gacin, reclamaciones y evaluaciones que existan a la fecha de la estados financieros que se informa sobre y durante el perodo comprendido entre la fecha de los estados financieros a la fecha de la informacin est amueblada, incluyendo una identificacin de aquellas materias que se enumeran a la asistencia letrada; 3 c. la revisin de las actas de las reuniones de los encargados de la gober- Nance, documentos obtenidos de la gestin relativa a litigios- uso, reclamos, y las evaluaciones, y la correspondencia entre la entidad y de sus asesores legales externos, y d. la revisin de las cuentas de gastos legales y las facturas de jurdico externo consejo. 0.17 En los litigios reales o potenciales, las reclamaciones y evaluaciones identificaron sobre la base de los procedimientos de auditora requeridos en el prrafo 0.16, el auditor debe obtener evidencia de auditora relevante a los siguientes factores: una. El perodo en que se produjo la causa subyacente de la accin legal 3 Para propsitos de esta seccin, el trmino asesor legal se refiere a la asistencia letrada de la entidad interna y los asesores legales externos. AU-C 501.12

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Evidencia de auditora - Consideraciones especficas para los elementos seleccionados 397 b. El grado de probabilidad de un resultado desfavorable c. La cantidad o rango de prdida potencial Comunicacin con el asesor legal de la Entidad 0.18 A menos que los procedimientos de auditora requeridos por el prrafo 0.16, indican que sin litigio real o potencial, reclamaciones, o las evaluaciones que puedan dar lugar a un riesgo de error importante existe, el auditor debe, adems de la procedimientos requeridos por otras secciones AU-C, buscan la comunicacin directa con los asesores legales externos de la entidad. El auditor deber hacerlo a travs de una carta de investigacin elaborado por la administracin y enviada por el auditor solicita la los asesores legales externos de la entidad para comunicarse directamente con el auditor. (Ref: par. . A40 y. A46-.A63) 0.19 Adems de las comunicaciones directas con el exterior de la entidad le- consejo gal se refiere el apartado 0.18, el auditor debera, en casos en que el el asesor legal de la entidad en el local tiene la responsabilidad de los litigios de la entidad, reclamaciones y evaluaciones, buscar comunicacin directa con la entidad de in-house asesora legal a travs de una carta de investigacin similar a la letra se refiere el apar- grfico 0.18. La evidencia de auditora obtenida de los asesores legales de la casa de esta manera no es, sin embargo, un sustituto para el auditor bsqueda de la comunicacin directa con los asesores legales externos de la entidad, tal como se describe en el prrafo 0.18. (Ref: par. . A64) 0.20 El auditor deber documentar la base para cualquier decisin de no buscar comunicacin directa con el asesor legal de la entidad, como lo requiere la para- las grficas de 0,18-0,19. 0.21 El auditor deber solicitar a la administracin que autorice la de entidad legal consejo para discutir cuestiones aplicables con el auditor. 0.22 Tal como se describe en los prrafos 0,18 a 0,19, el auditor deber solicitar, a travs de carta (s) de la investigacin, el asesor legal de la entidad para informar al auditor de cualquier litigio, las reclamaciones, las evaluaciones y las reclamaciones interpuestas que el pas sel es consciente de, junto con una evaluacin del resultado del litigio, reclamaciones y evaluaciones, as como una estimacin de las consecuencias financieras, in- ing costos involucrados. Cada carta de solicitud debe incluir, pero no limitarse a, los siguientes asuntos: (Ref: par .. A69) una. Identificacin de la entidad, incluyendo las filiales, y la fecha de la auditora b. Una lista preparada por la administracin (o una peticin de gestin que el asesoramiento jurdico a preparar una lista) que describe y evala litigios pendientes o potenciales, las reclamaciones y evaluaciones con respecto a la cual el asesor legal ha sido comprometido y al cual el asesor legal ha dedicado una atencin sustantiva en nombre de la empresa en la forma de consulta o de representacin legal c. Una lista elaborada por la direccin que describe y evala demandas no interpuestas y las evaluaciones que la administracin considere de ser probable de la afirmacin y que, si afirma, tendra en menos una posibilidad razonable de un resultado desfavorable con respecto a la cual el asesor legal ha participado y para que el asesor legal ha dedicado una atencin sustantiva en be- medio de la entidad en forma de consulta legal o representacin tacin d. Con respecto a cada asunto mencionado en el punto b, una solicitud para que el legal abogados tampoco proporcionar la siguiente informacin o comentar AU-C 501.22

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398 Evidencia de auditora aquellos asuntos en los que la opinin de la consejera jurdica puede diferir de los establecidos por la administracin, segn el caso: i. Una descripcin de la naturaleza de la materia, el progreso de el caso hasta la fecha, y la accin que la entidad tiene la intencin de tomar (por ejemplo, para disputar el asunto vigorosamente o para buscar un acuerdo fuera de la corte) ii. Una evaluacin de la probabilidad de un resultado desfavorable y una estimacin, si se puede hacer, de la cantidad o el rango de la prdida de potencial (Ref: par .. A65) iii. Con respecto a una lista preparada por la administracin (o por el asesora legal a peticin de la administracin), una identificacin de la omisin de cualquier litigio pendiente o inminente, reclamaciones y evaluaciones o una declaracin de que la lista de estos asuntos se ha completado e. Con respecto a cada asunto mencionado en el punto c, una solicitud para que el legal consejo comentario sobre esas cuestiones sobre las que el consejero legal puntos de vista sobre la descripcin o evaluacin del asunto podrn diferir de los indicados por la direccin f. Una declaracin de que la gerencia entiende que cada vez que, en el desempeo de los servicios jurdicos de la entidad con respecto a una cuestin reconocida involucrar una demanda no interpuesta posible o evaluacin que pueda requerir la divulgacin de estados financieros, el asesor legal ha formado una conclusin de que el profesional La entidad debe revelar o considerar la divulgacin relativa a dichos pos- reclamo ble o evaluacin, el asesor legal, como una cuestin de pro- fesional responsabilidad de la entidad, se lo comunicar a la entidad y consultar con la entidad en relacin con la cuestin de tales dis- cierre y los requisitos de la informacin financiera marco (por ejemplo, los requisitos de Financial Account- cin de Normas de la Junta [] FASB Codificacin de Normas Contables [ASC] 450, Contingencias) g. Una peticin de que el asesor legal confirmar si el entendimiento ing descrito en el punto f es correcta h. Una peticin que el asesoramiento jurdico identifica especficamente la naturaleza y razones para, cualquier limitacin de la respuesta i. Una peticin de que el asesor legal especifique la fecha efectiva de la respuesta 0.23 Cuando el auditor es consciente de que una entidad ha modificado el asesor legal o que el asesoramiento jurdico previamente contratado por la entidad ha presentado su dimisin, el auditor debe considerar hacer averiguaciones con la administracin u otras personas acerca de la razones como asesor legal ya no est asociado con la entidad. (Ref: par. . A55) 0.24 El auditor deber modificar la opinin en el informe del auditor, de confor- bailar con la seccin 705, si (Ref: par .. A56-.A65) una. el asesor legal de la entidad se niega a responder de manera apropiada a la carta de solicitud y el auditor no puede obtener suficiente evidencia apropiada de auditora mediante la realizacin de la auditora alternativa pro- procedimientos o b. la administracin se niega a dar permiso al auditor de comunicacin cate o reunirse con los asesores legales externos de la entidad. AU-C 501.23

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Evidencia de auditora - Consideraciones especficas para los elementos seleccionados 399 Informacin de las lneas 0.25 El auditor deber obtener suficiente evidencia apropiada de auditora respecto- cin de la presentacin y revelacin de la informacin por segmentos, de acuerdo con el marco normativo de informacin financiera aplicable, por (Ref: par .. A66-.A67) una. obtencin de un entendimiento de los mtodos usados por la administracin en la determinacin de la informacin por segmentos y (Ref: par .. A68) i. evaluando si tales mtodos son propensos a resultar en divulgacin de acuerdo con la aplicable financiera de re- portar marco y ii. en su caso, las pruebas de la aplicacin de tales mtodos y b. la realizacin de procedimientos analticos y otros procedimientos de auditora ap- apropiada en las circunstancias. Aplicacin y otros documentos explicativos Las inversiones en valores e instrumentos derivados (Ref: par .. 04-0,10) . A1 evaluar la evidencia de auditora para las aseveraciones acerca de las inversiones en la segu- dades e instrumentos derivados pueden implicar juicio profesional porque las afirmaciones, especialmente aquellos sobre la valoracin, se basan en altamente subjetivo- tiva supuestos o son particularmente sensibles a los cambios en el subyacente circunstancias. Aseveraciones de valuacin pueden basarse en supuestos sobre la ocurrencia de eventos futuros para el que las expectativas son difciles de desarrollar o en suposiciones sobre las condiciones esperadas de existir durante un perodo largo (por ejemplo, las tasas de impago o tasas de amortizacin anticipada). En consecuencia, las personas competentes podran alcanzar conclusiones diferentes acerca de las estimaciones de los valores razonables o estimaciones de rangos de feria valores. El juicio profesional tambin puede ser necesaria en la evaluacin de la auditora evidencia de afirmaciones basadas en las caractersticas de la seguridad o el derivado y la requerimientos de la estructura aplicable de informacin financiera, incluyendo sub- acostado criterios para la contabilidad de cobertura, que son extremadamente complejas. Por ejemplo, determinar el valor razonable de una nota estructurada puede requerir la consideracin de un variedad de caractersticas de la nota que reaccionan de manera diferente a los cambios de con-econmica condiciones. Adems, uno o ms derivados pueden ser designados para cubrir los cambios en los flujos de efectivo en virtud de la nota. La evaluacin de la evidencia de auditora sobre la feria valor de la nota, la determinacin de si la cobertura es altamente efectiva, y la asignacin de los cambios en el valor razonable de las ganancias y otros ingresos comprensivos ingreso requiere juicio profesional. . A2 En esta seccin se aborda slo los aspectos especficos relacionados con la auditora valoracin de las inversiones en valores e instrumentos derivados. Seccin 540, Estimaciones Contables Auditora, incluidas las estimaciones del valor razonable de Contabilidad, y las revelaciones relacionadas, se dirige a las responsabilidades del auditor relativas a la ac- estimaciones de conteo, incluyendo estimaciones contables del valor razonable y afines dis- cierres en una auditora de estados financieros. La Gua de Auditora Auditora Deriva- TIVE Instruments, operaciones de cobertura, y la cartera de valores ofrece orientacin adicional y ms detallada a los auditores relacionados con la planificacin y la realizacin de procedimientos de auditora para las afirmaciones sobre los instrumentos derivados, actividades e inversiones en ttulos de cobertura. Inversiones en Valores Cuando las valoraciones son basa en el precio . A3 procedimientos para obtener evidencia acerca de la valoracin de los valores que se registran a su costo puede incluir la inspeccin de la documentacin de la compra AU-C 501.A3

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400 Evidencia de auditora precio, la confirmacin con el emisor o el titular, y el descuento de pruebas o la prima amortizacin ya sea por reclculo o mediante el uso de procedi-analtica mientos. Inversiones en Valores Cuando Tasaciones se basan en el Participada de Resultados financieros (inversiones excluyendo valoradas por la Equidad Mtodo de contabilidad) (Ref: par .. 04-0,05) . A4 Seccin 600, Consideraciones especiales-Auditoras de Grupo Financiero Estado- tos (incluyendo el trabajo de los auditores de componentes), se dirige a la auditora de inver- ciones contabilizadas por el mtodo de puesta en equivalencia. . A5 Para las valoraciones basadas en los resultados financieros de una entidad participada (excluyendo in- inversiones contabilizadas por el mtodo de puesta en equivalencia), la obtencin y la lectura de los estados financieros de las mismas que han sido auditados por un auditor cuyo informe es satisfactorio, puede ser suficiente con el fin de obtener suficiente evidencia apropiada de auditora. En la determinacin de si el informe de otro auditor es satisfactoria, el auditor puede realizar procedimientos tales como la realizacin de indagaciones con respecto a la reputacin profesional y de pie del otro auditor, visitando el otro auditor, la discusin de los procedimientos de auditora seguido y los resultados del mismo, y la revisin del plan de auditora y auditora docu- cin del otro auditor. . A6 Despus de la obtencin e interpretacin de los estados financieros auditados de un participada, el auditor puede concluir que los procedimientos de auditora adicionales son nece- sario para obtener suficiente evidencia apropiada de auditora. Por ejemplo, el auditor puede concluir que se necesita evidencia adicional de auditora debido significativa diferencias en los fines de aos fiscales, diferencias significativas en los principios contables, cambios en la propiedad, o la importancia de la inversin para el inversionista de la situacin financiera y resultados de operacin. Los ejemplos de procedimientos que el au- ditor pueden realizar estn revisando la informacin en los archivos de los inversores que se relaciona de la entidad participada, como minutos participadas y presupuestos y flujo de caja se invierte solicitudes de informacin y confeccin de la gestin de los inversores sobre la participada de resultados financieros. . A7 El auditor puede necesitar obtener las pruebas relativas a las transacciones ser- tre la entidad participada y para evaluar una. la conveniencia de la eliminacin de las ganancias no realizadas y prdidas en transacciones entre la entidad y la entidad participada, en su caso, y b. la adecuacin de las revelaciones sobre la fiesta material relacionado transaccin ciones o relaciones. . A8 Seccin 540 y los prrafos 0,06-0,08 de esta seccin tratan de auditora estimaciones contables del valor razonable. La Gua de Auditora Auditora Derivado Instru- tos, actividades de cobertura, y la cartera de valores tambin proporciona una gua en evidencia de auditora que puedan ser relevantes para el valor razonable de los instrumentos derivados que pueden ser realizadas por el auditor comentarios y valores y sobre los procedimientos de para evaluar la consideracin de la gerencia de la necesidad de reconocer el deterioro prdidas. . A9 La fecha de los estados financieros del inversionista y los de la in- vestee puede ser diferente. Si la diferencia entre la fecha de de la entidad finan- estados financieros y los de la entidad participada tiene o podra tener un efecto material sobre los estados financieros de la entidad, se requiere que el auditor, de acuerdo con prrafo 0.04 d, para determinar si la administracin de la entidad tiene debidamente considerado la falta de comparabilidad. El efecto puede ser material, por ejemplo, porque la diferencia entre el perodo del estado financiero de la entidad termina y participada no es consistente con el perodo anterior en los estados comparativos AU-C 501.A4

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Evidencia de auditora - Consideraciones especficas para los elementos seleccionados 401 o porque una transaccin significativa se produjo durante el perodo de tiempo entre el perodo del estado financiero final de la entidad y participada. Si un cambio en la diferencia entre el perodo del estado financiero final de la entidad y en- vestee tiene un efecto significativo en los estados financieros del inversionista, el auditor se requiera, de conformidad con la seccin 708, Consistencia de Financiera del Estado- tos, para agregar un prrafo de nfasis-de-materia con el informe del auditor, ya la comparabilidad de los estados financieros entre perodos ha sido materialmente afectado por un cambio en el perodo de notificacin. . A10 Seccin 560, Hechos Posteriores y Hechos descubierto posteriormente, aborda las responsabilidades del auditor relativas a acontecimientos posteriores y sub- posteriormente descubierto hechos en una auditora de estados financieros. Las inversiones en instrumentos derivados y valores medidos o revelados a valor razonable (Ref: par .. 06-0,08) . A11 El mtodo para determinar el valor razonable puede ser especificada por el solicitante marco normativo de informacin financiera por cable y puede variar dependiendo de la industria en el que opera la entidad o de la naturaleza de la entidad. Tales diferencias pueden se refieren a la consideracin de las cotizaciones de precios de mercados inactivos y significati- descuentos de liquidez nificativas, primas de control, y las comisiones y otros gastos en que se incurrira para disponer del instrumento derivado o seguridad. . A12 Si la determinacin del valor razonable requiere el uso de es-contables estimaciones, vase la seccin 540, que se ocupa de la auditora contable del valor razonable esti- compaeros, incluidos los requisitos y directrices relativas a la del auditor bajo- comprensin de la estructura de informacin financiera aplicable pertinente para dar cuenta- ing estimaciones y el mtodo utilizado en la fabricacin de la estimacin 4 y del auditor determinacin de si la administracin ha aplicado adecuadamente los re- mentos de la estructura de informacin financiera aplicables pertinentes a la cuenta- ing estimacin. 5 La Gua de Auditora Consideraciones especiales en Auditora Financiera Los instrumentos tambin proporciona orientacin sobre la evidencia de auditora que pueden ser relevantes para el valor razonable de los instrumentos derivados y las inversiones en valores. . A13 precios de mercado cotizados para instrumentos derivados y valores cotizados en las bolsas nacionales o over-the-counter mercados estn disponibles a partir de fuentes tales como publicaciones financieras, los intercambios, NASDAQ o servicios de fijacin de precios basado en fuentes tales como aquellos. Los precios de cotizacin obtenidos de los fuentes generalmente proporcionan suficiente evidencia del valor razonable del derivado instrumentos y valores. . A14 Para ciertos otros instrumentos y valores derivados, citado mar- precios cado se pueden obtener de los agentes de bolsa que son los creadores de mercado en ellos oa travs de la Oficina Nacional de Presupuesto. Sin embargo, usando una cita ese precio para poner a prueba las aseveraciones de valuacin puede requerir un conocimiento especial de entender la circunstancias en las que se desarroll la cita. Por ejemplo, las citas Pub- publicado por el Bur Nacional de Presupuesto no puede basarse en las operaciones recientes y puede ser slo una indicacin de inters y no al precio real que para los que una contraparte comprar o vender el instrumento derivado subyacente o seguridad. . A15 Si los precios de mercado no estn disponibles para el instrumento derivado cin o la seguridad, las estimaciones del valor razonable con frecuencia se pueden obtener de broker- distribuidores u otras fuentes de terceros, en base a modelos de valoracin de propiedad, o 4 Los prrafos 0.08 a, 0,08 c,. A12-.A14 y. A23-.A25 de la seccin 540, las estimaciones contables de auditora, Incluyendo valor razonable Estimaciones contables y revelaciones relacionadas. 5 Los prrafos 0.12 a y. A53-.A57 de la seccin 540. AU-C 501.A15

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402 Evidencia de auditora de la entidad, en base a la valoracin interna o externamente desarrollado mod- els (por ejemplo, el modelo de valoracin de opciones Negro-Scholes). La comprensin de la mtodo utilizado por el agente de bolsa u otra fuente de otros fabricantes en el desarrollo de la estimacin puede incluir, por ejemplo, la comprensin de si un modelo de fijacin de precios o se utiliz la proyeccin del flujo de caja. Asimismo, el auditor puede determinar que es ne- sario para obtener estimaciones de ms de una fuente de precio. Por ejemplo, este puede ser apropiada si se presenta cualquiera de las siguientes situaciones: La fuente de precio tiene una relacin con la entidad que pudiera im- emparejar su objetividad, como una filial o una contraparte involucrada en la venta o la estructuracin del producto. La valoracin se basa en supuestos que son altamente subjetivo- tiva o particularmente sensibles a los cambios en las circunstan-subyacente posturas. Vase tambin la seccin 540. 6 . A16 ejemplos de modelos de valoracin incluyen el valor actual de espera los flujos futuros de caja, modelos de valoracin de opciones, precios matriz, extensin ajustado a opciones modelos y anlisis fundamental. Refirase a la seccin 540 para que el auditor procedi- mientos para obtener evidencia que respalda las afirmaciones de la administracin sobre el valor razonable que se determina utilizando un modelo de valoracin. Las prdidas por deterioro de activos (Ref: Par .. 09) . A17 Independientemente del mtodo de valoracin utilizado, la financiera aplicable marco de informacin puede requerir el reconocimiento, retribucin u otra Comprehensive ingreso hensive, una prdida por deterioro de un descenso en el valor razonable que es otra no temporal. Las determinaciones de si las prdidas son de carcter temporal puede implicar la estimacin del resultado de eventos futuros y emitir juicios en determinar si existen factores que indican que una prdida por deterioro del valor originada en el final del perodo de presentacin de informes. Estos juicios se basan en subjetiva, as como los factores objetivos, incluyendo el conocimiento y la experiencia sobre los eventos y los supuestos pasados y actuales sobre acontecimientos futuros. El si- cin se citan ejemplos de estos factores: Valor razonable es significativamente por debajo del costo o valor en libros y - La disminucin es atribuible a condiciones adversas especficamente relacionados con la seguridad o condiciones especficas en una industria o un rea geogrfica. - La disminucin ha existido durante un perodo prolongado de tiempo. - Por un valor de renta variable, la gerencia tiene la intencin de vender la seguridad o es ms probable que no que ser necesaria para vender el valor antes de la recuperacin. - Por un valor de deuda, la administracin tiene la intencin de vender la la seguridad o que es ms probable que no se le exigir al vender el valor antes de la recuperacin prevista de la seguridad de su base de costo amortizado (por ejemplo, si el dinero efectivo de la entidad o los requisitos de capital de trabajo o contractual o regla- obligaciones reguladoras indican que el valor de deuda ser requerida para ser vendidos antes de que ocurra la recuperacin prevista). La seguridad ha sido degradada por una agencia de calificacin. La condicin financiera del emisor se ha deteriorado. 6 Los prrafos. A68-.A89 de la seccin 540. AU-C 501.A16

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Evidencia de auditora - Consideraciones especficas para los elementos seleccionados 403 Los dividendos se han reducido o eliminado o inters programada no se han efectuado pagos. La entidad registr prdidas de la seguridad posterior a la finalizacin del periodo de referencia. . A18 La evaluacin de la relevancia de la informacin que se considere puede incluir obtener evidencia sobre factores como los mencionados en el prrafo. A17 que tienden a corroborar o conflictos con las conclusiones de la administracin. Apreciacin o depreciacin (Ref: par .. 10) . A19 Obtencin de evidencia de auditora sobre la cantidad de apreciacin no realizada cin o depreciacin en el valor razonable de un derivado que se reconocen o que es divulgado por la ineficacia de la cobertura puede incluir la comprensin los mtodos utilizados para determinar si la cobertura es altamente eficaz y para determinar la parte inefectiva de la cobertura. Inventario Asistencia a conteo fsico del inventario (Ref: par .. 11 bis) . Gestin A20 ordinariamente establece procedimientos que les in- historia se cuenta fsicamente al menos una vez al ao para servir como base para la preparacin de los estados financieros y, en su caso, para cerciorarse de la reli- capacidad del sistema de inventario permanente de la entidad. . A21 Asistencia a conteo fsico del inventario implica inspeccionar el inventario para determinar su existencia y evaluar su estado y realizar conteos de prueba, observacin del cumplimiento de las instrucciones de manejo y la performance of procedures for recording and controlling the re- sults of the physical inventory count, and obtaining audit evidence about the reliability of management's count procedures. These procedures may serve as tests of controls or substantive procedures, or both, depending on the auditor's risk assessment, planned approach, and the specific procedures carried out. .A22 Matters relevant in planning attendance at physical inventory count- ing (or in designing and performing audit procedures pursuant to paragraphs .11.15) include, for example, the following: The risks of material misstatement related to inventory. The control risk related to inventory. Whether adequate procedures are expected to be established and proper instructions issued for physical inventory counting. The timing of physical inventory counting. Whether the entity maintains a perpetual inventory system. The locations at which inventory is held, including the materi- ality of the inventory and the risks of material misstatement at different locations, in deciding at which locations attendance is apropiado. Section 600 addresses the involvement of component auditors and, accordingly, may be relevant if such involvement is with regard to attendance of physical inventory counting at a remote location. AU-C 501.A22

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404 Evidencia de auditora Whether the assistance of an auditor's specialist is needed. Seccin 620, Using the Work of an Auditor's Specialist , addresses the use of an auditor's specialist to assist the auditor in obtaining sufficient appropriate audit evidence. Evaluate Management's Instructions and Procedures (Ref: par. .11a(i)) .A23 Matters relevant in evaluating management's instructions and pro- cedures for recording and controlling the physical inventory counting include whether they address, for example, the following: The application of appropriate control activities (for example, the collection of used physical inventory count records, accounting for unused physical inventory count records, and count and recount procedures) The accurate identification of the stage of completion of work in progress; slow moving, obsolete, or damaged items; and inventory owned by a third party (for example, on consignment) The procedures used to estimate physical quantities, when appli- cable, such as may be needed in estimating the physical quantity of a coal pile Control over the movement of inventory between areas and the shipping and receipt of inventory before and after the cutoff date Observe the Performance of Management's Count Procedures (Ref: par. .11a(ii)) .A24 Observing the performance of management's count procedures (for example, those relating to control over the movement of inventory before, during, and after the count) assists the auditor in obtaining audit evidence that management's instructions and count procedures are designed and imple- mented adequately. In addition, the auditor may obtain copies of cutoff infor- mation, such as details of the movement of inventory, to assist the auditor in performing audit procedures over the accounting for such movements at a later fecha. Inspect the Inventory (Ref: par. .11a(iii)) .A25 Inspecting inventory when attending physical inventory counting as- sists the auditor in ascertaining the existence of the inventory (though not nec- essarily its ownership) and in identifying obsolete, damaged, or aging inventory. Perform Test Counts (Ref: par. .11a(iv)) .A26 Performing test counts (for example, by tracing items selected from management's count records to the physical inventory and tracing items se- lected from the physical inventory to management's count records) provides audit evidence about the completeness and accuracy of those records. .A27 In addition to recording the auditor's test counts, obtaining copies of management's completed physical inventory count records assists the auditor in performing subsequent audit procedures to determine whether the entity's final inventory records accurately reflect actual inventory count results. Use of Management's Specialists .A28 Management may engage specialists who have expertise in the tak- ing of physical inventories to count, list, price, and subsequently compute the total dollar amount of inventory on hand at the date of the physical count. Para example, entities such as retail stores, hospitals, and automobile dealers may use specialists in this manner. AU-C 501.A23

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Audit Evidence Specific Considerations for Selected Items 405 .A29 An inventory count performed by an external inventory firm engaged as a management specialist does not, by itself, provide the auditor with suffi- cient appropriate audit evidence. The auditor is required by section 500 to per- form certain procedures if information to be used as audit evidence has been prepared using the work of a management's specialist. 7 The auditor may, for example, examine the specialist's program, observe its procedures and controls, make or observe some physical counts of the inventory, recompute calculations of the submitted inventory on a test basis, and apply appropriate tests to the intervening transactions. .A30 Although the auditor may adjust the extent of the work on the phys- ical count of inventory because of the work of management's specialist, any restriction imposed on the auditor such that the auditor is unable to perform the procedures that the auditor considers necessary is a scope limitation. En such cases, section 705 requires the auditor to modify the opinion in the audi- tor's report as a result of the scope limitation. Physical Inventory Counting Conducted Other Than at the Date of the Financial Statements (Ref: par. .12) .A31 For practical reasons, the physical inventory counting may be con- ducted at a date, or dates, other than the date of the financial statements. Este may be done irrespective of whether management determines inventory quan- tities by an annual physical inventory counting or maintains a perpetual in- ventory system. In either case, the effectiveness of the design, implementation, and maintenance of controls over changes in inventory determines whether the conduct of physical inventory counting at a date (or dates) other than the date of the financial statements is appropriate for audit purposes. Section 330 addresses substantive procedures performed at an interim date. 8 .A32 When a perpetual inventory system is maintained, management may perform physical counts or other tests to ascertain the reliability of inventory quantity information included in the entity's perpetual inventory records. En some cases, management or the auditor may identify differences between the perpetual inventory records and actual physical inventory quantities on hand; this may indicate that the controls over changes in inventory are not operating efectivamente. .A33 Relevant matters for consideration when designing audit procedures to obtain audit evidence about whether changes in inventory amounts between the count date, or dates, and the final inventory records are recorded properly include the following: Whether the perpetual inventory records are properly adjusted Reliability of the entity's perpetual inventory records Reasons for significant differences between the information ob- tained during the physical count and the perpetual inventory archivos Attendance at Physical Inventory Counting Is Impracticable (Ref: par. .14) .A34 In some cases, attendance at physical inventory counting may be im- posible. This may be due to factors such as the nature and location of the inventory (for example, when inventory is held in a location that may pose threats to the safety of the auditor). The matter of general inconvenience to 7 Paragraph .08 of section 500 addresses management's specialists. 8 Paragraphs .23.24 of section 330. AU-C 501.A34

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406 Evidencia de auditora the auditor, however, is not sufficient to support a decision by the auditor that attendance is impracticable. Further, as explained in section 200, Overall Ob- jectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards , the matter of difficulty, time, or cost involved is not, in itself, a valid basis for the auditor to omit an audit proce- dure for which no alternative exists or to be satisfied with audit evidence that is less than persuasive. .A35 In some cases, when attendance is impracticable, alternative audit procedures (for example, observing a current physical inventory count and rec- onciling it to the opening inventory quantities or inspection of documentation of the subsequent sale of specific inventory items acquired or purchased prior to the physical inventory counting) may provide sufficient appropriate audit evidence about the existence and condition of inventory. If the audit covers the current period and one or more periods for which the auditor had not observed or made some physical counts of prior inventories, alternative audit procedures, such as tests of prior transactions or reviews of the records of prior counts, may provide sufficient appropriate audit evidence about the prior inventories. The effectiveness of the alternative procedures that an auditor may perform is affected by the length of the period that the alternative procedures cover. .A36 In other cases, however, it may not be possible to obtain sufficient ap- propriate audit evidence regarding the existence and condition of inventory by performing alternative audit procedures. In such cases, section 705 requires the auditor to modify the opinion in the auditor's report as a result of the scope limi- tacin. In addition, section 510, Opening BalancesInitial Audit Engagements, Including Reaudit Engagements , addresses the auditor's procedures regarding inventory opening balances in initial audit engagements. 9 Inventory Under the Custody and Control of a Third Party Confirmation (Ref: par. .15a) .A37 Section 505, External Confirmations , addresses external confirma- tion procedures. Other Audit Procedures (Ref: par. .15 b ) .A38 Depending on the circumstances (for example, when information is obtained that raises doubt about the integrity and objectivity of the third party), the auditor may consider it appropriate to perform other audit procedures in- stead of, or in addition to, confirmation with the third party. Examples of other audit procedures include the following: Attending, or arranging for another auditor to attend, the third party's physical counting of inventory, if practicable Obtaining another auditor's report on the adequacy of the third party's internal control for ensuring that inventory is properly counted and adequately safeguarded Inspecting documentation regarding inventory held by third par- ties (for example, warehouse receipts) Requesting confirmation from other parties when inventory has been pledged as collateral 9 Paragraph .A13 of section 510, Opening BalancesInitial Audit Engagements, Including Reau- dit compromisos. AU-C 501.A35

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Audit Evidence Specific Considerations for Selected Items 407 Litigation, Claims, and Assessments Completeness of Litigation, Claims, and Assessments (Ref: par. .16) .A39 Litigation, claims, and assessments involving the entity may have a material effect on the financial statements and, thus, may be required to be recognized, measured, or disclosed in the financial statements. .A40 Other legal matters involving the entity may not have a material effect on the entity's financial statements and, accordingly, would not give rise to risks of material misstatement. Examples of such other legal matters may ser matters unrelated to actual or potential litigation, claims, or as- sessments, such as consulting services related to real estate or potential merger and acquisition transactions; matters in which the entity records indicate that management or the legal counsel has not devoted substantive attention to the matter; matters in which the entity's insurance coverage exceeds the amount of the actual or potential litigation, claim, or assessment sought against the entity; or matters that are clearly trivial to the financial statements. .A41 Management is responsible for adopting policies and procedures to identify, evaluate, and account for litigation, claims, and assessments as a basis for the preparation of financial statements, in accordance with the requirements of the applicable financial reporting framework. .A42 Management is the primary source of information about events or conditions considered in the financial accounting for, and reporting of, litigation, claims, and assessments because these matters are within the direct knowledge and, often, control of management. Accordingly, the auditor's procedures with respect to litigation, claims, and assessments include the following: Making inquiries of management as required by paragraph .16 a , which may include a discussion about the policies and procedures adopted for identifying, evaluating, and accounting for litigation, claims, and assessments involving the entity that may give rise to a risk of material misstatement Obtaining written representations from management, in accor- dance with section 580, Written Representations , that all known actual or possible litigation, claims, and assessments whose effects should be considered when preparing the financial statements have been disclosed to the auditor and accounted for and disclosed in accordance with the applicable financial reporting framework 10 .A43 In addition to the procedures identified in paragraph .16, other rele- vant procedures include, for example, using information obtained through risk assessment procedures carried out as part of obtaining an understanding of the entity and its environment to assist the auditor to become aware of litigation, claims, and assessments involving the entity. Examples of such procedures are de la siguiente manera: 10 Paragraph .15 of section 580, Written Representations . AU-C 501.A43

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408 Evidencia de auditora Reading minutes of meetings of stockholders; directors; governing bodies of governmental entities; and appropriate committees held during, and subsequent to, the period being audited Reading contracts, loan agreements, leases, correspondence from taxing or other governmental agencies, and similar documents Obtaining information concerning guarantees from bank confir- mation forms Inspecting other documents for possible guarantees by the entity Section 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement , requires the auditor to obtain an understand- ing of the entity and its environment. 11 In addition, section 250, Consideration of Laws and Regulations in an Audit of Financial Statements , requires the au- ditor to obtain an understanding of the entity's legal and regulatory framework applicable to the entity and industry or sector in which the entity operates and how the entity is complying with that framework. .A44 Audit evidence obtained for purposes of identifying litigation, claims, and assessments that may give rise to a risk of material misstatement also may provide audit evidence regarding other relevant considerations, such as valu- ation or measurement, regarding litigation, claims, and assessments. Seccin 540 establishes requirements and provides guidance relevant to the auditor's consideration of litigation, claims, and assessments requiring accounting esti- mates or related disclosures in the financial statements. .A45 This section addresses inquiries of the entity's legal counsel with whom management has consulted. If management has not consulted legal coun- sel, the auditor would rely on the procedures required by paragraph .16 to iden- tify litigation, claims, and assessments involving the entity, which may give rise to a risk of material misstatement, and the written representation of manage- ment regarding litigation, claims, and assessments, as required by section 580. Communication With the Entity's Legal Counsel (Ref: par. .18.24) .A46 An auditor ordinarily does not possess legal skills and, therefore, cannot make legal judgments concerning information coming to the auditor's atencin. .A47 Direct communication with the entity's legal counsel assists the audi- tor in obtaining sufficient appropriate audit evidence about whether potentially material litigation, claims, and assessments are known and management's es- timates of the financial implications, including costs, are reasonable. .A48 The American Bar Association (ABA) has approved Statement of Pol- icy Regarding Lawyers' Responses to Auditors' Requests for Information (the ABA statement), which explains the concerns of the legal counsel and the na- ture of the limitations that an auditor is likely to encounter in connection with seeking direct communication with the entity's legal counsel about litigation, claims, assessments, and unasserted claims. 12 11 Paragraph .12 of section 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement . 12 The Statement of Policy Regarding Lawyers' Responses to Auditors' Requests for Information is reprinted as exhibit A, "American Bar Association Statement of Policy Regarding Lawyers' Responses to Auditors' Requests for Information," for the convenience of readers but is not an integral part of esta seccin. AU-C 501.A44

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Audit Evidence Specific Considerations for Selected Items 409 .A49 A letter of inquiry to the entity's legal counsel is the auditor's pri- mary means of obtaining corroboration of the information provided by manage- ment concerning material litigation, claims, and assessments. La evidencia de auditora obtained from the entity's in-house general counsel or legal department may provide the auditor with the necessary corroboration. .A50 In certain circumstances, the auditor also may judge it necessary to meet with the entity's legal counsel to discuss the likely outcome of the litigation or claims. This may be the case, for example, when the auditor determines that the matter is a significant risk. the matter is complex. a disagreement exists between management and the entity's ex- ternal legal counsel. Ordinarily, such meetings require management's permission and are held with a representative of management in attendance. .A51 An external legal counsel's response to a letter of inquiry and the procedures set forth in paragraphs .16.17 provide the auditor with sufficient appropriate audit evidence concerning the accounting for, and reporting of, pending and threatened litigation, claims, and assessments. .A52 Audit evidence about the status of litigation, claims, and assessments up to the date of the auditor's report may be obtained by inquiry of manage- ment, including in-house legal counsel responsible for dealing with the relevant asuntos. The auditor may need to obtain updated information from the entity's legal counsel. .A53 In accordance with section 700, Forming an Opinion and Reporting on Financial Statements , the auditor is required to date the auditor's report no earlier than the date on which the auditor has obtained sufficient appro- priate audit evidence on which to base the auditor's opinion on the financial declaraciones. 13 Accordingly, it is preferable that the entity's legal counsel's re- sponse be as close to the date of the auditor's report as is practicable in the circunstancias. Specifying the effective date of the entity's legal counsel's re- sponse to reasonably approximate the expected date of the auditor's report may obviate the need to obtain updated information from the entity's legal counsel. .A54 Clearly specifying the earliest acceptable effective date of the re- sponse and the latest date by which it is to be sent to the auditor and informing the entity's legal counsel of these dates timely facilitates the entity's legal coun- sel's ability to respond timely and adequately. A two-week period between the specified effective date of the entity's legal counsel's response and the latest date by which the response is to be sent to the auditor is generally sufficient. .A55 In some circumstances, the legal counsel may be required by rele- vant ethical requirements to resign the engagement if the legal counsel's ad- vice concerning financial accounting and reporting for litigation, claims, and assessments is disregarded by the entity. .A56 The legal counsel appropriately may limit the response to matters to which the legal counsel has given substantive attention in the form of le- gal consultation or representation. Also, the legal counsel's response may be limited to matters that are considered individually or collectively material to the financial statements, such as when the entity and auditor have reached an understanding on the limits of materiality for this purpose and management 13 Paragraph .41 of section 700, Forming an Opinion and Reporting on Financial Statements . AU-C 501.A56

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410 Evidencia de auditora has communicated such understanding to the legal counsel. Such limitations are not limitations on the scope of the audit. .A57 The legal counsel may be unable to respond concerning the likelihood of an unfavorable outcome of litigation, claims, and assessments or the amount or range of potential loss because of inherent uncertainties. Factores que influyen the likelihood of an unfavorable outcome sometimes may not be within the le- gal counsel's competence to judge; historical experience of the entity in similar litigation or the experience of other entities may not be relevant or available, and the amount of the possible loss frequently may vary widely at different stages of litigation. Consequently, the legal counsel may not be able to form a conclusion with respect to such matters. In such circumstances, the auditor may conclude that the financial statements are affected by an uncertainty con- cerning the outcome of a future event that cannot be reasonably estimated. Si the auditor is unable to obtain sufficient appropriate audit evidence to conclude that the financial statements as a whole are free from material misstatement, section 705 requires the auditor to modify the opinion in addressing the effect, if any, of the legal counsel's response on the auditor's report as a result of the scope limitation. 14 .A58 An external legal counsel's refusal to furnish the information re- quested in an inquiry letter either in writing or orally may cause a scope limi- tation of the audit sufficient to preclude an unmodified opinion. .A59 Although the auditor would consider the inability to review informa- tion that could have a significant bearing on the audit as a scope limitation, in recognition of the public interest in protecting the confidentiality of lawyer- client communications, such inability is not intended to require an auditor to examine documents that the client identifies as subject to the lawyer-client priv- ilege. In the event of questions concerning the applicability of this privilege, the auditor may request confirmation from the entity's legal counsel that the in- formation is subject to that privilege and that the information was considered by the legal counsel in responding to the letter of inquiry or, if the matters are being handled by another legal counsel, an identification of such legal counsel for the purpose of sending a letter of inquiry. .A60 If management imposes a limitation on the scope of the audit and the auditor is unable to obtain sufficient appropriate audit evidence by performing alternative audit procedures, the auditor is required by section 705 to either disclaim an opinion on the financial statements or, when practicable, withdraw from the audit. 15 .A61 In some cases, in order to emphasize the preservation of the attorney- client privilege or the attorney work-product privilege, some entities may in- clude the following or substantially similar language in the audit inquiry letter to legal counsel: We do not intend that either our request to you to provide information to our auditor or your response to our auditor should be construed in any way to constitute a waiver of the attorney-client privilege or the attorney work-product privilege. For the same reason, some legal counsel may include the following or substan- tially similar language in their response letters to auditors: The Company [ or other defined term ] has advised us that, by making the request set forth in its letter to us, the Company [ or other defined term ] does not intend 14 Paragraph .07 of section 705, Modifications to the Opinion in the Independent Auditor's Report . 15 Paragraph .13 of section 705. AU-C 501.A57

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Audit Evidence Specific Considerations for Selected Items 411 to waive the attorney-client privilege with respect to any information which the Company [ or other defined term ] has furnished to us. Moreover, please be ad- vised that our response to you should not be construed in any way to constitute a waiver of the protection of the attorney work-product privilege with respect to any of our files involving the Company [ or other defined term ]. Explanatory language similar to the foregoing in the letters of the entity or legal counsel is not a limitation on the scope of the legal counsel's response. Ver exhibit B, "Report of the Subcommittee on Audit Inquiry Responses." .A62 In order to emphasize the preservation of the attorney-client privilege with respect to unasserted possible claims or assessments, some legal counsel may include the following or substantially similar language in their responses to audit inquiry letters: Please be advised that pursuant to clauses (b) and (c) of Paragraph 5 of the ABA Statement of Policy [ American Bar Association's Statement of Policy Re- garding Lawyers' Responses to Auditors' Requests for Information ] and related Commentary referred to in the last paragraph of this letter, it would be inap- propriate for this firm to respond to a general inquiry relating to the existence of unasserted possible claims or assessments involving the Company. Podemos only furnish information concerning those unasserted possible claims or as- sessments upon which the Company has specifically requested in writing that we comment. We also cannot comment upon the adequacy of the Company's listing, if any, of unasserted possible claims or assessments or its assertions concerning the advice, if any, about the need to disclose same. Additional language similar to the foregoing in a letter from legal counsel is not a limitation on the scope of the audit. However, the ABA statement and the understanding between the legal and accounting professions assumes that the legal counsel, under certain circumstances, will advise and consult with the entity concerning the entity's obligation to make financial statement disclosure with respect to unasserted possible claims or assessments. Confirmation of this understanding is included in the legal counsel's response. .A63 If the auditor believes that there may be actual or potential material litigation, claims, or assessments and the entity has not engaged external legal counsel relating to such matters, the auditor may discuss with the client the possible need to consult legal counsel to assist the client in determining the appropriate measurement, recognition, or disclosure of related liabilities or loss contingencies in the financial statements, in accordance with the applicable marco normativo de informacin financiera. Depending on the significance of the matter(s), refusal by management to consult legal counsel in these circumstances may result in a scope limitation of the audit sufficient to preclude an unmodified opinion. Direct Communication With the Entity's In-House Legal Counsel .A64 In-house legal counsel can range from one lawyer to a large staff, with responsibilities ranging from specific internal matters to a comprehensive cov- erage of all of the entity's legal needs, including litigation with outside parties. Because both in-house and external legal counsel are bound by an applicable code of ethics, there should be no significant difference in their professional obligations and responsibilities. In some circumstances, external legal counsel, if used at all, may be used only for limited purposes, such as data accumulation or account collection activity. In such circumstances, in-house legal counsel may have the primary responsibility for corporate legal matters and may be in the best position to know and precisely describe the status of all litigation, claims, and assessments or to corroborate information provided by management. AU-C 501.A64

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412 Evidencia de auditora Evaluation of the Outcome of Litigation, Claims, or Assessment (Ref: par. .22d(ii)) .A65 Although paragraph 5 of the ABA statement states that the legal counsel "may in appropriate circumstances communicate to the auditor his view that an unfavorable outcome is probable' or remote,'" the legal counsel is not required to use those terms in communicating the evaluation to the auditor. The auditor may find other wording sufficiently clear, as long as the terms can be used to classify the outcome of the uncertainty under one of the three probability classifications established in FASB ASC 450. Some examples of evaluations concerning litigation that may be considered to provide sufficient clarity that the likelihood of an unfavorable outcome is remote, even though they do not use that term, are the following: "We are of the opinion that this action will not result in any liability to the company." "It is our opinion that the possible liability to the company in this proceeding is nominal in amount." "We believe the company will be able to defend this action success- fully." "We believe that the plaintiff's case against the company is with- out merit." "Based on the facts known to us, after a full investigation, it is our opinion that no liability will be established against the company in these suits." Absent any contradictory information obtained by the auditor either in other parts of the legal counsel's letter or otherwise, the auditor need not obtain further clarification of evaluations such as the foregoing. Because of inherent uncertainties described in paragraph .A57 and the ABA statement, an evalu- ation furnished by the legal counsel may indicate significant uncertainties or stipulations about whether the client will prevail. The following are examples of the legal counsel's evaluations that are unclear about the likelihood of an unfavorable outcome: "This action involves unique characteristics wherein authoritative legal precedents do not seem to exist. We believe that the plaintiff will have serious problems establishing the company's liability under the act; nevertheless, if the plaintiff is successful, the award may be substantial." "It is our opinion that the company will be able to assert meritori- ous defenses to this action." (The term meritorious defenses indi- cates that the entity's defenses will not be summarily dismissed by the court; it does not necessarily indicate the legal counsel's opinion that the entity will prevail.) "We believe the action can be settled for less than the damages claimed." "We are unable to express an opinion as to the merits of the litiga- tion at this time. The company believes there is absolutely no merit to the litigation." (If the entity's legal counsel, with the benefit of all relevant information, is unable to conclude that the likelihood of an unfavorable outcome is remote, it is unlikely that manage- ment would be able to form a judgment to that effect.) "In our opinion, the company has a substantial chance of prevail- ing in this action." (A substantial chance ,a reasonable opportunity , AU-C 501.A65

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Audit Evidence Specific Considerations for Selected Items 413 and similar terms indicate more uncertainty than an opinion that the company will prevail.) If the auditor is uncertain about the meaning of the legal counsel's evaluation, clarification either in a follow-up letter or conference with the legal counsel and entity, appropriately documented, may be appropriate. If the legal counsel is still unable to give an unequivocal evaluation of the likelihood of an unfavorable outcome in writing or orally, the auditor is required by section 700 to determine the effect, if any, of the legal counsel's response on the auditor's report. Segment Information (Ref: par. .25) .A66 Depending on the applicable financial reporting framework, the en- tity may be required or permitted to disclose segment information in the finan- cial statements. The auditor's responsibility regarding the presentation and disclosure of segment information is in relation to the financial statements as a conjunto. Accordingly, the auditor is not required to perform audit procedures that would be necessary to express an opinion on the segment information presented on a stand-alone basis. Considerations Specific to Governmental Entities .A67 For governmental entities required by the applicable financial report- ing framework to disclose segment information, the auditor's responsibility re- garding the presentation and disclosure of segment information is in relation to the financial statements of the opinion unit(s) on which the segment infor- mation is based. 16 Understanding of the Methods Used by Management (Ref: par. .25a) .A68 Depending on the circumstances, examples of matters that may be relevant when obtaining an understanding of the methods used by management in determining segment information and evaluating whether such methods are likely to result in disclosure in accordance with the applicable financial reporting framework include the following: Sales, transfers, and charges between segments and elimination of intersegment amounts Comparisons with budgets and other expected results (for exam- ple, operating profits as a percentage of sales) The allocation of assets and costs among segments Consistency with prior periods and the adequacy of the disclosures with respect to inconsistencies Management's process for identifying those segments that re- quire disclosure in accordance with the entity's financial reporting marco 16 Paragraph .A14 of section 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards . AU-C 501.A68

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414 Evidencia de auditora .A69 AppendixIllustrative Audit Inquiry Letter to Legal Counsel (Ref: par. .22) In connection with an audit of our financial statements at (balance sheet date) and for the (period) then ended, management of the Company has pre- pared, and furnished to our auditors (name and address of auditors), a descrip- tion and evaluation of certain contingencies, including those set forth below involving matters with respect to which you have been engaged and to which you have devoted substantive attention on behalf of the Company in the form of legal consultation or representation. These contingencies are regarded by management of the Company as material for this purpose (management may indicate a materiality limit if an understanding has been reached with the audi- tor). Your response should include matters that existed at (balance sheet date) and during the period from that date to the date of your response. [ Alternative wording when management requests the lawyer to prepare the list that describes and evaluates pending or threatened litigation, claims, and as- sessments is as follows: ] In connection with an audit of our financial statements as of (balance-sheet date) and for the (period) then ended, please furnish our auditors, (name and address of auditors), with the information requested below concerning certain contingencies involving matters with respect to which you have devoted sub- stantive attention on behalf of the Company in the form of legal consultation or representation. [ When a materiality limit has been established based on an understanding between management and the auditor, the following sentence should be added: This request is limited to contingencies amounting to (amount) individually or items involving lesser amounts that exceed (amount) in the ag- gregate. ] Pending or Threatened Litigation (Excluding Unasserted Claims) [ Ordinarily the information would include the following: (1) the nature of the litigation, (2) the progress of the case to date, (3) how management is responding or intends to respond to the litigation (for example, to contest the case vigorously or to seek an out-of-court settlement), and (4) an evaluation of the likelihood of an unfavorable outcome and an estimate, if one can be made, of the amount or range of potential loss. ] This letter will serve as our consent for you to furnish to our auditor all the information requested herein. Accordingly, please furnish to our auditors such explanation, if any, that you consider necessary to supplement the foregoing information, including an explanation of those matters for which your views may differ from those stated and an identification of the omission of any pending or threatened litigation, claims, and assessments or a statement that the list of such matters is complete. [ Alternative wording when management requests the lawyer to prepare the list that describes and evaluates pending or threatened litigation, claims, and as- sessments is as follows: ] Regarding pending or threatened litigation, claims, and assessments, please include in your response: (1) the nature of each matter, (2) the progress of each matter to date, (3) how the Company is responding or intends to respond (for example, to contest the case vigorously or seek an out-of-court settlement), and (4) an evaluation of the likelihood of an unfavorable outcome and an estimate, if one can be made, of the amount or range of potential loss. AU-C 501.A69

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Audit Evidence Specific Considerations for Selected Items 415 Unasserted Claims and Assessments (Considered by Management to be Probable of Assertion and That, if Asserted, Would Have at Least a Reasonable Possibility of an Unfavorable Outcome) [ Ordinarily management's information would include the following: (1) the na- ture of the matter, (2) how management intends to respond if the claim is as- serted, and (3) an evaluation of the likelihood of an unfavorable outcome and an estimate, if one can be made, of the amount or range of potential loss. ] Please furnish to our auditors such explanation, if any, that you consider necessary to supplement the foregoing information, including an explanation of those mat- ters for which your views may differ from those stated. We understand that whenever, in the course of performing legal services for us with respect to a matter recognized to involve an unasserted possible claim or assessment that may call for financial statement disclosure, if you have formed a professional conclusion that we should disclose or consider disclosure concern- ing such possible claim or assessment, as a matter of professional responsibility to us, you will so advise us and will consult with us concerning the question of such disclosure and the applicable requirements of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 450, Con- tingencies . Please specifically confirm to our auditors that our understanding es correcta. [ Alternative wording when management requests the lawyer to prepare the list that describes and evaluates pending or threatened litigation, claims, and as- sessments is as follows: ] We have represented to our auditors that there are no unasserted possible claims or assessments that you have advised us are probable of assertion and must be disclosed in accordance with FASB ASC 450. We understand that when- ever, in the course of performing legal services for us with respect to a matter recognized to involve an unasserted possible claim or assessment that may call for financial statement disclosure, you have formed a professional conclusion that we should disclose or consider disclosure concerning such possible claim or assessment, as a matter of professional responsibility to us, you will so advise us and will consult with us concerning the question of such disclosure and the applicable requirements of FASB ASC 450. Please specifically confirm to our auditors that our understanding is correct. Please specifically identify the nature of and reasons for any limitation on your respuesta. [ The auditor may request the client to inquire about additional matters, for ex- ample, unpaid or unbilled charges or specified information on certain contrac- tually assumed obligations of the Company, such as guarantees of indebtedness of others. ] [ Alternative wording when management requests the lawyer to prepare the list that describes and evaluates pending or threatened litigation, claims, and as- sessments is as follows: ] Your response should include matters that existed as of (balance-sheet date) and during the period from that date to the effective date of your response. Please specifically identify the nature of and reasons for any limitations on your response. Our auditors expect to have the audit completed about (expected completion date). They would appreciate receiving your reply by that date with a specified effective date no earlier than (ordinarily two weeks before expected completion date). AU-C 501.A69

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416 Evidencia de auditora [ Wording that could be used in an audit inquiry letter, instead of the heading and first paragraph, when the client believes that there are no unasserted claims or assessments (to be specified to the lawyer for comment) that are probable of assertion and that, if asserted, would have a reasonable possibility of an unfavorable outcome as specified by Financial Accounting Standards Board Accounting Standards Codification 450, Contingencies , is as follows: ] Unasserted claims and assessments We have represented to our auditors that there are no unasserted possible claims that you have advised us are probable of assertion and must be disclosed, in accordance with Financial Accounting Standards Board Accounting Standards Codification 450, Contingencies . (La second paragraph in the section relating to unasserted claims and assessments would not be altered.) AU-C 501.A69

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Audit Evidence Specific Considerations for Selected Items 417 .A70 Exhibit AAmerican Bar Association Statement of Policy Regarding Lawyers' Responses to Auditors' Requests for Information (Ref: par. .A48) Note: This document, in the form herein set forth, was approved by the Board of Governors of the American Bar Association (ABA) in De- cember 1975, which official action permitted its release to lawyers and accountants as the standard recommended by the ABA for the lawyer's response to letters of audit inquiry. Source: Statement on Auditing Standards No. 12 section 337C, Exhibit IIAmerican Bar Association Statement of Policy Regarding Lawyers' Responses to Auditors' Requests for Information * Preamble The public interest in protecting the confidentiality of lawyer-client commu- nications is fundamental. The American legal, political and economic systems depend heavily upon voluntary compliance with the law and upon ready access to a respected body of professionals able to interpret and advise on the law. The expanding complexity of our laws and governmental regulations increases the need for prompt, specific and unhampered lawyer-client communication. The benefits of such communication and early consultation underlie the strict statutory and ethical obligations of the lawyer to preserve the confidences and secrets of the client, as well as the long-recognized testimonial privilege for lawyer-client communication. Both the Code of Professional Responsibility and the cases applying the eviden- tiary privilege recognize that the privilege against disclosure can be knowingly and voluntarily waived by the client. It is equally clear that disclosure to a third party may result in loss of the "confidentiality" essential to maintain the privilegio. Disclosure to a third party of the lawyer-client communication on a particular subject may also destroy the privilege as to other communications on that subject. Thus, the mere disclosure by the lawyer to the outside audi- tor, with due client consent, of the substance of communications between the lawyer and client may significantly impair the client's ability in other contexts to maintain the confidentiality of such communications. Under the circumstances a policy of audit procedure which requires clients to give consent and authorize lawyers to respond to general inquiries and disclose information to auditors concerning matters which have been communicated in confidence is essentially destructive of free and open communication and early consultation between lawyer and client. The institution of such a policy would inevitably discourage management from discussing potential legal problems * Statement on Auditing Standards No. 12 section 337C, Exhibit IIAmerican Bar Association Statement of Policy Regarding Lawyers' Responses to Auditors' Requests for Information , has been superseded by this section. AU-C 501.A70

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418 Evidencia de auditora with counsel for fear that such discussion might become public and precipitate a loss to or possible liability of the business enterprise and its stockholders that might otherwise never materialize. It is also recognized that our legal, political and economic systems depend to an important extent on public confidence in published financial statements. To meet this need the accounting profession must adopt and adhere to stan- dards and procedures that will command confidence in the auditing process. Lo is not, however, believed necessary, or sound public policy, to intrude upon the confidentiality of the lawyer-client relationship in order to command such confi- dencia. On the contrary, the objective of fair disclosure in financial statements is more likely to be better served by maintaining the integrity of the confidential relationship between lawyer and client, thereby strengthening corporate man- agement's confidence in counsel and encouraging its readiness to seek advice of counsel and to act in accordance with counsel's advice. Consistent with the foregoing public policy considerations, it is believed appro- priate to distinguish between, on the one hand, litigation which is pending or which a third party has manifested to the client a present intention to com- mence and, on the other hand, other contingencies of a legal nature or having legal aspects. As regards the former category, unquestionably the lawyer repre- senting the client in a litigation matter may be the best source for a description of the claim or claims asserted, the client's position (eg, denial, contest, etc.), and the client's possible exposure in the litigation (to the extent the lawyer is in a position to do so). As to the latter category, it is submitted that, for the reasons set forth above, it is not in the public interest for the lawyer to be required to respond to general inquiries from auditors concerning possible claims. It is recognized that the disclosure requirements for enterprises subject to the reporting requirements of the Federal securities laws are a major concern of managements and counsel, as well as auditors. It is submitted that compliance therewith is best assured when clients are afforded maximum encouragement, by protecting lawyer-client confidentiality, freely to consult counsel. Del mismo modo, lawyers must be keenly conscious of the importance of their clients being com- petently advised in these matters. Statement of Policy NOW, THEREFORE, BE IT RESOLVED that it is desirable and in the public interest that this Association adopt the following Statement of Policy regarding the appropriate scope of the lawyer's response to the auditor's request, made by the client at the request of the auditor, for information concerning matters referred to the lawyer during the course of his representation of the client: 1. Client Consent to Response . The lawyer may properly respond to the auditor's requests for information concerning loss contingen- cies (the term and concept established by Statement of Financial Accounting Standards No. 5, promulgated by the Financial Ac- counting Standards Board in March 1975 and discussed in Para- graph 5.1 of the accompanying Commentary), to the extent here- inafter set forth, subject to the following: In July 2009, the Financial Accounting Standards Board (FASB) issued FASB Accounting Stan- Dards Codificacin TM (ASC) as authoritative. FASB ASC is now the source of authoritative US ac- counting and reporting standards for nongovernmental entities, in addition to guidance promulgated by the Securities and Exchange Commission (SEC). As of July 1, 2009, all other nongrandfathered, non-SEC accounting literature not included in FASB ASC became nonauthoritative. FASB Statement No. 5, Accounting for Contingencies , has been codified as FASB ASC 450, Contingencies . AU-C 501.A70

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Audit Evidence Specific Considerations for Selected Items 419 a. Assuming that the client's initial letter requesting the lawyer to provide information to the auditor is signed by an agent of the client having apparent authority to make such a request, the lawyer may provide to the auditor in- formation requested, without further consent, unless such information discloses a confidence or a secret or requires an evaluation of a claim. b. In the normal case, the initial request letter does not pro- vide the necessary consent to the disclosure of a confidence or secret or to the evaluation of a claim since that consent may only be given after full disclosure to the client of the legal consequences of such action. c. Lawyers should bear in mind, in evaluating claims, that an adverse party may assert that any evaluation of potential liability is an admission. d. In securing the client's consent to the disclosure of confi- dences or secrets, or the evaluation of claims, the lawyer may wish to have a draft of his letter reviewed and ap- proved by the client before releasing it to the auditor; in such cases, additional explanation would in all probability be necessary so that the legal consequences of the consent are fully disclosed to the client. 2. Limitation on Scope of Response . It is appropriate for the lawyer to set forth in his response, by way of limitation, the scope of his engagement by the client. It is also appropriate for the lawyer to indicate the date as of which information is furnished and to dis- claim any undertaking to advise the auditor of changes which may thereafter be brought to the lawyer's attention. Unless the lawyer's response indicates otherwise, (a) it is properly limited to matters which have been given substantive attention by the lawyer in the form of legal consultation and, where appropriate, legal represen- tation since the beginning of the period or periods being reported upon, and (b) if a law firm or a law department, the auditor may assume that the firm or department has endeavored, to the extent believed necessary by the firm or department, to determine from lawyers currently in the firm or department who have performed services for the client since the beginning of the fiscal period under audit whether such services involved substantive attention in the form of legal consultation concerning those loss contingencies re- ferred to in Paragraph 5(a) below but, beyond that, no review has been made of any of the client's transactions or other matters for the purpose of identifying loss contingencies to be described in the response . 3. Response may be Limited to Material Items . In response to an auditor's request for disclosure of loss contingencies of a client, it is appropriate for the lawyer's response to indicate that the response is limited to items which are considered individually or collectively material to the presentation of the client's financial declaraciones. 4. Limited Responses . Where the lawyer is limiting his response in accordance with the Statement of Policy, his response should so As contemplated by Paragraph 8 of this Statement of Policy, this sentence is intended to be the subject of incorporation by reference as therein provided. AU-C 501.A70

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420 Evidencia de auditora indicate (see Paragraph 8). If in any other respect the lawyer is not undertaking to respond to or comment on particular aspects of the inquiry when responding to the auditor, he should consider advising the auditor that his response is limited, in order to avoid any inference that the lawyer has responded to all aspects; oth- erwise, he may be assuming a responsibility which he does not intend. 5. Loss Contingencies . When properly requested by the client, it is appropriate for the lawyer to furnish to the auditor information concerning the following matters if the lawyer has been engaged by the client to represent or advise the client professionally with respect thereto and he has devoted substantive attention to them in the form of legal representation or consultation: una. overtly threatened or pending litigation , whether or not specified by the client; b. a contractually assumed obligation which the client has specifically identified and upon which the client has specif- ically requested, in the inquiry letter or a supplement thereto, comment to the auditor; c. an unasserted possible claim or assessment which the client has specifically identified and upon which the client has specifically requested, in the inquiry letter or a sup- plement thereto, comment to the auditor. With respect to clause (a), overtly threatened litigation means that a potential claimant has manifested to the client an aware- ness of and present intention