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AICPA审计复习要点摘录.pdf
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AICPA审计复习要点摘录.pdfAICPA审计复习要点摘录.pdfAICPA审计复习要点摘录.pdfAICPA审计复习要点摘录.pdfAICPA审计复习要点摘录.pdfAICPA审计复习要点摘录.pdf
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A1-audit reports
1. Difference under ISA
a) Requirements in ISAs and Not in US GAAS:
Under ISAs: the preparation of FS gives a true and fair view; require the introductory
paragraph to refer to the summary of significant accounting policies and other explanatory
information; require in the auditor’s responsibility paragraph that auditors comply with
ethical requirements
Under U.S. GAAS: Management’s responsibilities for the FS should not be referenced to a
separate statement by management about such responsibilities if such a statement is
included in a document containing the auditor’s report.
b) ISA require the auditor to obtain written representations from management regarding
its plans for future action
c) ISA requires the auditor to withdraw when unable to obtain sufficient appropriate audit
evidence due to a manager-imposed scope limitation. USGAAS : consider not require
d) Amends after the date of the report but before FS are issued. ISA: new report dated no
earlier than the date of approval of the amended FS – all events to the new date! US.
GAAS: Duel date the report to extend responsibility only for the particular subsequent
event.
2. P51 summary
3. When reporting on comparative FS, an auditor should change the previously issued opinion
on the prior year’s FS if the prior year’s FS are restated to conform with GAAP.
4. P54 PRIME
5. An auditor ay draft an entity’s financial statements based on information from management’s
accounting system
6. The AICPA provides Statement on Auditing Standards, which provides a measure of
conventions, rules and procedures governed by AICPA.
7. Requirement for audit evidence: appropriate! Not reasonable or adequate
8. PCAOB was established by the SOX of 2002
9. Group engagement partner Assume responsibility for the work of the component auditor: no
reference made; unable to review the component auditor’s audit documentation: make
reference!
10. Consistency is implicit in report and explicit in emphasis-of-a-matter paragraph.
11. An auditor may not issue a qualified opinion when the auditor lacks independence with
respect to the audited entity. Rather, must disclaim an opinion
12. Omission of required supplementary information result in an additional paragraph added to
an unmodified opinion.
13. An unjustified accounting change may cause the auditor to issue a qualified or adverse
opinion rather than an unmodified opinion with an emphasis-of-matter paragraph.
14. Going concern: discussion with lenders would not be a mitigating factor. Actual agreements
would be required
15. Removal of going concern in current period: the emphasis-of-matter paragraph included in
the prior period should not be repeated, and no description of the reasons or plans for
recovery need be included
16. Substantial doubt of going concern: disclaimer of opinion or unmodified opinion with
emphasis
17. An audit procedure that may identify doubts about an entity ’s ability to continue as a going
concern:
Confirm with third parties the details of arrangements to maintain financial support;
Review compliance with terms of debt agreements
18.
19.
20. Solely based on the report of the other auditors: indicate a division of responsibility
21. When an auditor qualifies his opinion because of a scope limitation, the wording in the
opinion paragraph should indicate that the qualification pertains to the possible effects on
the FS and not to the scope limitation itself
22. Accounting change has no material effect on FS in the current year, but a material future
effect, the auditor must ensure the change is disclosed in the footnotes, but does not have to
recognize the change in the current year’s audit report
23. FS omits the statement of cash flows: inadequate disclosure – qualified opinion, not
disclaimer of opinion!
24. An entity changes method of accounting, in emphasis – of – matter paragraph: identify the
nature of the change and refer to the financial statement note that discusses the change in
details.
25. Under U.S. GAAS, if among other requirements, the group engagement partner is satisfied as
to the independence and the professional reputation of the component auditor, the group
engagement partner may express an opinion on the financial statements taken as a whole
without making reference to the audit of the component auditor
26. Auditors sends an engagement letter to the client, not vice versa
27. GAAP problem: fail to contain adequate disclosure of related party transactios
28. GAAS problem: auditor unable to determine the amounts associated with illegal acts
committed by the client’s management
29. Make reference to the audit of a component auditor – no need of an emphasis – of – matter
paragraph
30. Omit one of the FSs : qualified!
31. Audit report for an issuer:
In auditor’s responsibility paragraph: conducted in accordance with PCAOB standards
In opinion paragraph: refer to GAAP
32. The predecessor auditor who audited the prior-period FS generally should obtain a letter of
representation from the management and successor; but the successor is not required to
obtain a letter from predecessor
33. If the FS of a prior period have been audited and the report is not presented, the successor
should indicate in an other-matter paragraph of the audit report
a) The FS of prior period were audited by a predecessor auditor
b) The type of opinion expressed and why
c) The nature of any emphasis-of-matter or other-matter paragraph included in prior
report
d) The date of the prior report
34. Subsequent events: inquiry about:
(1) New commitments, borrowings, or guarantees
(2) Sales or acquisitions of assets
35. Dual dated for a subsequent event (original date of report, issuance of related FS):
responsibility limited to the specific event referenced
36.
37.
38. Report on the application of the requirements of an applicable financial reporting framework
should include a statement that should any facts or circumstances differ from presented to
the reporting accountant, the accountant’s report may change.
39. The auditor would not perform a review or express negative assurance on supplementary
information required by GAAP
40. If information accompanying the basic FS has been subjected to auditing procedures, in the
report it is stated: the accompanying information is fairly stated in all material respects in
relation to the basic FS taken as a whole.
41. Report on application of the requirements of an applicable financial reporting framework to
a specific transaction, the CPA’s responsible for proper accounting treatment rests with(取决
于) the preparers of the financial statements
42. Presentation of selected financial data is not a form of prospective FS
43. 顺序很重要!!! Basis of opinion—opinion—emphasis-of-matter paragraph
A2 – other engagements, reports, and accounting services
1. Emphasis-of-matter paragraph: FS are prepared in accordance with a special purpose
framework
Other-matter paragraph: restricts the use of the auditor’s report
2. Cash basis FS auditing:
Statements of income and retained earnings are accrual basis FS. The report should refer to
“the related statements of revenue collected and expenses paid for the years then ended”
The basis of accounting should be explicitly identified
3. SSARS(statement on standards for accounting and review services ) issued by AICPA
An accountant is required to comply with the provisions of SSARS when submitting unaudited
FS. Submission is defined as: presenting to a client or third parties FS the accountant has
prepared.
Review is in accordance with SSARS, non-issuers only
For issuers: SAS or PCAOB standards
No scope paragraph under SSARS; the reference to professional standards is included in the
accountant’s responsibility paragraph
4. Compilation doesn’t need representation letter;
Review needs representation letter
5. Review requires independence, compilation doesn’t
6. Review: U LIAR CPA
7. Down grade and upgrade audit 再看一遍, P50-P56
8. P66-68
9. Prospective FS
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