内容简介

本书概括了审计的法律责任，增添了许多新案例，反映了

最新的审计准则，强调了审计在企业和政府中的作用，使学生

通晓把专业审计标准运用到审计实践中去的诀窍。

我社即将出版本书的中译版。

CONTENTS

Preface

CHAPTER l The Audit Function-An Overview

HlSTORY OF THE AUDIT FUNCTlON

Independent Audits Prior to 1900

Twentieth-Century Developments

AUDlTlNG DEFlNED

Financial Auditing

Other Types of Audits

The Need for Audits of Financial Statements

THE AUDIT REPORT

The Standard Report

Generally Accepted Accounting Principles

Report Title, Address, Signature, and Date

Departures from the Standard Report

Generally Accepted Auditing Standards

THE INDEPENDENT AUDlTOR

Types of CPA Firms

Intemal Structure of a CPA Firm

OTHER TYPES OF AUDlTORS AND AUDlTS

Compliance Audits

Intemal Audits

Operational Audits

CHAPTER l ASSlGNMENTS

CHAPTER 2 Professional Ethics and the

Auditing Environment

PROFESSlONAL STATUS-FRAMEWORK OF

THE ENVlRONMENT

Systematic Theory

Professional Authority

Community Sanction

Regulative Code

A Culture

NATURE OF THE ENVlRONMENT

SELF-REGULATlON BY THE PUBLlC

ACCOUNTlNG PROFESSlON

The Organizations Involved

The Code of Professional Conduct

Quality Control within CPA Finns

Mandatory Continuing Professional Education

Monitoring and Enforcement

EXTERNAL REGULATlON

The Securities and Exchange Commission

Legal Liability

CHAPTER 2 ASSlGNMENTS

CHAPTER 3 Legal Liability

THE LEGAL ENVIRONMENT

ClVlL LlABlLlTY

Liability to Clients

Liability to Third Parties-Common Law

Liability to Third Parties-Statutory Law

CRlMlNAL LlABlLITY

NOTED LEGAL CASES

BarChris

Yale Express

Continental Vending

U.S. Financial

National Student Marketing

l136 Tenants Corporation

Equity Funding

Fund of Funds

Credit Alliance

Mann Judd Landau

ESM

Bily

Crazy Eddie

SELF-PROTECTlON AGAlNST LlABlLlTY

TORT REFORM

FORENSlC ACCOUNTlNG

CHAPTER 3 ASSlGNMENTS

CHAPTER 4 The Elaments of Audlting

EVlDENCE, ASSERTlONS, AND PROCEDURES

Auditing Procedures

Evidential Matter and Its Relationship to Procedures

Financial Statement Assertions and Audit Objectives

OVERVlEW OF THE AUDlT RlSK MODEL

TYPES OF AUDlT TESTS

Classification by Purpose of Test

Types of Tests of Controls

Types of Substantive Tests

OVERVIEW OF AN AUDlT OF

FlNANClAL STATEMENTS

WORK PAPERS

The Function of Work Papers

The Contents and Requirements of Work Papers

Legal Aspects of Work Papers

Mechanics of Work Paper Preparation

lllustrative Audit Work Papers

CHAPTER 4 ASSlGNMENTS

CHAPTER 5 Understanding the Client and

General Planning

CLIENT ACCEPTANCE AND CONTlNUANCE

Quality Control Policies and Procedures

Communication with a Predecessor Auditor

Engagement Letters

Conferences with Client Personnel

KNOWLEDGE OF THE BUSlNESS

Organization Structure

Operations of Legal Structure

Industry and Economic Conditions

GENERAL PLANNlNG AND THE PRELlMlNARY

AUDIT PLAN

General Planning Decisions to Be Made

Knowledge Obtained to Prepare Prcliminary Audit Plan

Procedures in Preparing Preliminary Audit Plan

AUDIT DEClSlONS IN PRELlMlNARY PLANNlNG

Understanding the Intemal Control Structure and the

Control Risk Assessment

Materiality and Audit Risk

Special Areas of Audit Risk

Overall Timing of Engagement

Involvement of Specialists and Others

Assignment and Scheduling of Audit Staff

ANALYTlCAL PROCEDURES

Use of Analytical Procedures

Analytical Procedures in Planning the Audit

Analytical Procedures as Substantive Tests

Analytical Procedures in the Overall Review

Data Used in Analytical Procedures

CHAPTER 5 ASSlGNMENTS

CHAPTER 6 Understanding the Internal Control

Structure and Assessing Control Risk

AUDlT STRATEGY AND THE INTERNAL

CONTROL STRUCTURE

Audit Logic and the Intemal Control Structure

Intemal Control Structure Concepts

Intemal Control Structure Objectives

Detailed Objectives of Intemal Control

COMPONENTS OF THE INTERNAL

CONTROL STRUCTURE

Control Environment

Monitoring

Risk Assessment

Information and Communication

Control Activities

THE AUDlTOR'S CONSlDERATlON OF THE

INTERNAL CONTROL STRUCTURE IN A FlNANClAL

STATEMENT AUDlT

An Overview of the Auditor's Consideration

Organizing the Auditor's Consideration

Understanding the Intemal Control Stmcture

Documenting the Understanding

Assessing Control Risk

Tests of Controls

Documentation of the Assessment of Control Risk

Effect on Design of Substantive Tests

THE FORElGN CORRUPT PRACTlCES ACT

CHAPTER 6 ASSlGNMENTS

CHAPTER 7 Planning Tests of Details of Transactions

and Balances

DESlGNlNG AUDlT PROGRAMS-

AN INTRODUCTlON

Decisions to Be Made

Considerations in Deciding on Nature, Timing, and Extent

Efficiency and Effectiveness of Audit Tests

DlRECT TESTS OF BALANCES

Nature of Pinancial Statement Component and

Audit Objectives

Materiality at the Account Balance Level

Audit Risk at the Account Balance Level

Efficiency of Audit Tests

TESTS OF TRANSACTlON CLASSES

Relation of Tests of Transaction Classes to Direct Tests

of Balances

TYpes of Tests of Transaction Classes

Planning the Scope ofTests of Transaction Classes

DESlGNlNG AUDlT PROGRAMS-

ADDlTlONAL MATTERS

Revision of Audit Program as Audit Progresses

Client Expectations

Generalized Materials

Direct Tests of Balances at an Interim Date

AUDlTlNG ACCOUNTlNG ESTlMATES

CHAPTER 7 ASSlGNMENTS

CHAPTER 8 Audit Sampling

AN INTRODUCTlON TO AUDlT SAMPLlNG

Definition and Basic Features of Audit Sampling

Nonstatistical versus Statistical Audit Sampling

Representative Selection Methods

AUDIT SAMPLlNG FOR TESTS OF

TRANSACTlON CLASSES

Planning Samples for Tests of Transaction Classes

Selection of Samples for Tests of Transaction Classes

Evaluation of Sample Results of Tests of

Transaction Classes

Statistical Sampling for Tests of Transaction Classes

Nonstatistical Sampling for Tests ofTransaction Classes

AUDIT SAMPLlNG FOR DIRECT TESTS OF BALANCES

Planning Samples for Direct Tests of Balances

Selection of Samples for Direct Tests of Balances

Evaluation of Sample Results of Direct Tests of Balances

Nonstatistical Sampling for Direct Tests of Balances

Statistical Sampling for Direct Tests of Balances

Establishing Tolerable Misstatement for

Sampling Applications

Other Statistical Models

APPENDIX: ESTlMATlON SAMPLlNG-AN

AUDIT HYPOTHESlS TESTING APPROACH

Accounting Estimation versus Audit Hypothesis Testing

Mean-per-Unit Estimation

Stratified Mean-per-Unit Estimation

Difference Estimation

Ratio Estimation

CHAPTER 8 ASSlGNMENTS

CHAPTER 9 The Effect of Computers on the Audit

THE RELATlON OF COMPUTERS TO AUDlTlNG

Relation to Phases of the Audit

Recognizing Reliance on the Computer

Auditor Use of the Computer

THE INTERNAL CONTROL STRUCTURE AND

COMPUTERlZED SYSTEMS

Control Classification in Computerized Systems

Application Controls

General Controls

CONSlDERATlON OF THE COMPUTER W PLANNlNG

THEAUDlT

Understanding the Client and the Control Environment

Understanding the Accounting System

Understanding Control Activities

Planning Tests of Details of Transactions and Balances

COMPUTER-ASSlSTED AUDlT TECHNlQUES

Testing Client Programs

Testing Client Files

Use of a Microcomputer as an Audit Tool

A Terminology Note

OTHER COMPUTER-RELATED CONSlDERATlONS

Real-Time Processing Systems

Electronic Data Interchange

Computer Service Centers

Database Management Systems

LANs and Other Networks

ADVANCED COMPUTER-ASSlSTED TECHNlQUES

APPENDlX: BASlC CONCEPTS OF

COMPUTER PROCESSlNG

Hardware

Software

Data Processing and Storage

CHAPTER 9 ASSlGNMENTS

CHAPTER l0 Tests of Transaction Classes and

Related Balances

REVENUE, RECElVABLES, AND RECElPTS

Functions, Documents, Inputs, and Accounting Systems

Primary Control-Related Features

Account Balances and Transactions

Potential Misstatements

Tests of Transaction Classes for Sales

Tests of Transaction Classes for Cash Receipts

Tests of Adjustments to Accounts Receivable

Special Considerations

EXPENDITURES, PAYABLES, AND DlSBURSEMENTS

Differences from the Sales Cycle

Functions, Documents, Inputs, and Accounting Systems

Primary Control-Related Features

Account Balances and Transactions

Potential Misstatements

Tests of Transaction Classes for Purchases for Inventory

Tests of Transaction Classes for Cash Disbursements

Variations for Other Tpes of Expenditure Transactions

RELATED DlRECT TESTS OF BALANCES

Accounts Receivable

Accounts Payable

Cash

CHAPTER lO ASSlGNMENTS

CHAPTER 11 Direct Tests of Balances

IVENTORIES

Differcnces from the Sales and Expenditures Cycles

Assertions, Objectives, and Procedures

Observation of the Physical Iventory

Tests of Pricing and Summarization

Materiality

Audit Risk

Additional Considerations

LONG-TERM ASSETS AND OBLlGATlONS AND

OWNERS' EQUlTY

Property and Equipment

Ivestments and Itangible Assets

Long-Term Obligations

Owners' Equity

THE ICOME STATEMENT AND INOME TAXES

The Icome Statement

Inome Taxes

CHAPTER ll ASSlGNMENTS

CHAPTER 12 completion of the Audlt

NATURE OF COMPLETlON AND

REVlEW PROCEDURES

Date of the Audit Report

Audit Procedures after Year-End

SUBSEQUENT EVENTS AND RELATED

REVlEW PROCEDURES

Subsequent Events Review

Subsequent Events of Audit Interest

Subsequent Events and the Report Date

Reissuance of the Audit Report

REPRESENTATlON LETTERS

Legal Representation Letters

Client Representation Letters

REVIEW OF WORK PAPERS AND

FlNANClAL STATEMENTS

Summarization and Evaluation of Audit Results

Evaluation of Going Concem Status

Financial Statement Review and Analytical Procedures

Administrative Completion of Work Papers

AFTER THE AUDlT

Maintaining Quality of Audit Practice

Subsequent Discovery of Facts

Subsequent Discovery of Omitted Procedures

CHAPTER 12 ASSlGNMENTS

CHAPTER 13 The Auditor's Report

AUDITOR'S REPORTlNG OBLlGATlON

Departures from a Standard Report

Financial Statements and Periods Covered

QUALlFlCATlONS, DlSCLAlMERS, AND

ADVERSE OPlNlONS

Limitations on the Scope of the Audit

Departures from Generally Accepted

Accounting Principles

EXPLANATORY LANGUAGE ADDED TO THE

STANDARD REPORT

Opinion Based in Part on the Report of Another Auditor

Departure from a Promulgated Accounting Principle

Uncertainties

Going Concem Uncertainties

Inconsistent Application of Accounting Principles

Comparative Financial Statements--Updated Reports

Information outside the Basic Financial Statements

Emphasis of a Matter

Old Reporting Terms

AUDlTOR-CLlENT COMMUNlCATlONS

Communicating with Stockholders

Communicating with the Board of Directors

Communicating with Audit Comroittees

Communicating with Management

CHAPTER 13 ASSlGNMENTS

CHAPTER 14 Attestation Services, Unaudited Financial

Statements, and Specialized Reporting

ATTESTATlON AND COMPlLATlON SERVlCES

Types of Engagements

Attestation Standards

UNAUDlTED FlNANClAL STATEMENTS

Compilation or Review of Financial Statemehts for

Nonpublic Companies

Review of Interim Financial Information of a

Public Company

Other Unaudited Financial Statements of

Public Companies

SPEClALlZED REPORTlNG ClRCUMSTANCES

Letters for Underwriters

Special Reports

Reports on Accompanying Information

Forecasts and Projections

Intemal Control Structure

Pro Forma Financial Information

Compliance Attestation

CHAPTER 14 ASSlGNMENTS

CHAPTER 15 Operational Auditing

FRAMEWORK OF OPERATlONAL AUDlTlNG

Operational Auditing Defined

Operational Auditor's Qualifications

Purpose of the Operational Audit Engagement

Arrangements for the Operational Audit Engagement

Methods of Conducting the Operational Audit Engagemenl

Form and Content of the Operational Audit Report

CONDUCT OF AN OPERATlONAL AUDlT

Preliminary Survey

Review of Charter and Development of

Performance Criteria

Review of Admimstrative and Related Controls

Development of Specific Findings and Recommendations

Preparation and Submission of Operational Audit Report

EXAMPLES OF OPERATlONAL AUDlTS

Independent CPA

Govemmental Auditor

Intemal Auditor

CHAPTER 15 ASSlGNMENTS

Index

AUDlTlNG DEFlNED



Broadly speaking, auditing is an independent investigation of some particular activity.

Although auditing has a precise meaning only when used with a limiting modifier, such

as tax auditing or financial auditing, one general definition of the term is as follows:

A systematic process of objectively obtaining and evaluating evidence regarding assertions

about economic actions and events to ascertain the degree of correspondence between

those assertions and established criteria and communicating the results to interested users.'

The important parts of this definition are:

Systematic process. Audits are structured activities that follow a logical sequence.

Objectivity. This is a quality of the way that information is obtained and also a qual-

ity of the person doing the audit. Essentially it means freedom from bias.

Obtaining and evaluating evidence. This is a matter of examining the underiying sup-

port for assertions or representations.

Assertions about economic actions and events. This is a broad description of the sub-

ject matter that is audited. An assertion is essentially a proposition that can be proven

or disproven.

Degree of correspondence . established criteria. This means an audit establishes

the conformity of assertions with specified criteria.

Communicating results. This means simply that to be useful the results of the audit

need to be communicated to interested parties. The communication may be oral or

written.

Financial Auditing

This book focuses on audits of financial statements by independent auditors. These types

of audits are the primary activity of independent public accountants or independent CPAs

who are engaged by businesses to examine their financial statements.

When the focus is on a particular type of audit, the generalized definition can be

restated in more specific terms. The authoritative definition of the purpose of an audit

of financial statements has been stated in this way:

The objective of the ordinary audit of financial statements by the independent auditor is

the expression of an opinion on the faimess with which they present fairly, in all mater-

ial respects, financial position, results of operations and cash flows in conformity with gen-

erally accepted accounting principles. The auditor's report is the medium through which

he expresses his opinion or, if circumstances require, disclaims an opinion2

A companson of this definition of an audit of financial statements with the generalized

definition highlights the essential aspects of financial auditing.

The systematic process of objectively obtaining and evaluating evidence is an audit

of financial statements in accordance with generally accepted auditing standards.

'Auditing Concepts Committee, "Report of the Committee on Basic Auditing Concepts," The Accounting

Review, Vol. 47, Supp. l972, p. 18.

2AICPA, Codification of Auditing Standards and Procedures (New York: AlCPA, l995), p. AU llO.Ol.

The assertions about economic actions and events are the representations made in

financial statements by the management of an entity about its financial position, results

of operations, and cash flows.

The degree of correspondence with established criteria is judged by whether the finan-

cial statements are presented fairly in conformity with generally accepted accounting

principles.

The results of this kind of audit are communicated in an audit report.

This correspondence between the general definition and the definition of a financial

audit is no accident. The drafters of the generalized definition developed it by induc-

tively reasoning from the specific characteristics of known types of audits to general

propositions.



Other Types of Audits



The other types of audits are basically compliance audits, intemal audits, and operational

audits. The characteristics of these types of audits and the auditors who perform them

are explored later in this chapter and in Chapter 15. Other types of audits share the same

heritage as audits of financial statements and use many of the same methods or proce-

dures. However, audits of financial statements have one outstanding distinguishing char-

acteristic, that is, their influence on the allocation of resources among organizations in

the economy.



The Need for Audits of Financial Statements



Organizations achieve their goals through the use of human and economic resources.

Most often, economic resources are entrusted to the organization by groups or individ-

uals outside it; frequently these outsiders are quite remote from intemal operations. Thus,

organizations must issue stewardship reports on resource administration-source, quan-

tity, allocation, accumulation, and depletion.

Many different types of organizations render reports on the administration of their

resources. A comprehensive but not exhaustive list would include commercial and indus-

trial corporations, banks, railroads, airlines, electric and gas utilities, insurance compa-

nies, hospitals, and govemmental bodies (such as municipalities, counties, and the fed-

eral govemment).

In spite of the diverse activities of these organizations, they all issue some type of

report conceming their fulfillment of responsibilities to outside parties. Regulated com-

panies (such as banks, gas and electric utilities, transportation, insurance, and commu-

nications companies) issue reports to regulating authorities to serve as a basis for regu-

lation. Short-term and long-term creditors use financial reports for assessment of

repayment ability before extending credit and as evidence of compliance with the loan

agreement after issuance. There are many examples of such reports, and the audit func-

tion may be applied to all of them; but the type of report most commonly associated

with the work of the independent auditor is the report to stockholders and creditors.

These reports are the representations of management about its effectiveness in admin-

istering resources to the stockholders and creditors, the suppliers of resources. Organi-

zations represented by management are clients of CPAs, but CPAs report to the public.

作者简介

道格拉斯.R.卡迈克尔，会计学博士，巴卢奇大学会计学

教授，美国注册会计师，注册欺诈行为检查员，是国际上公认的

审计权威。

约翰.J.威林翰，博士，美国注册会计师，得克萨斯大学教

授。

卡罗尔.A.沙勒，美国注册会计师，独立审计和法庭会

计顾问。