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1、1 - 12003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyAssurance Services and theCPA ProfessionChapter 11 - 22003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 1Describe assurance servicesand distinguish audi

2、t servicesfrom other assurance andnonassurance servicesprovided by CPAs.1 - 32003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyAssurance ServicesAssurance services are professionalservices that improve the quality ofinformation for decision makers.Assurance servi

3、ces can beperformed by CPAs or bya variety of other professionals.1 - 42003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyAttestation ServicesAn attestation service is a type of assuranceservice in which the CPA firm issues areport about the reliability of an asse

4、rtionthat is the responsibility of another party.1 - 52003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyOther Assurance ServicesMost other assurance services do not meet theformal definition of attestation services.The CPA must be independent.The CPA is not requi

5、red to provide a written report.The CPA must provide assurance.1 - 62003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyAssurance Services onInformation TechnologyThere is an increased demand for assuranceabout computer controls surroundinginformation transacted el

6、ectronicallyand the security of the informationrelated to the transactions. assurance over Web site controls assurance about information system reliability1 - 72003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyAssurance Services onInformation TechnologyWebTrust i

7、s an attestation service, and theWebTrust seal is a symbolic representationof the CPAs report on managementsassertions about its disclosure ofelectronic commerce practices.1 - 82003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyAssurance Services onInformation Tec

8、hnologySysTrust is an attest-type engagement to evaluate and test system reliability inareas such as security and data integrity.1 - 92003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyAssurance Services onOther Types of InformationCPA Performance ViewCPA ElderCar

9、e ServicesCPA Risk Advisory Services1 - 102003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyAssurance, Attestation, and Nonassurance ServicesASSURANCE SERVICESOther Attestation Services(e.g., WebTrust, SysTrust)Other Assurance Services(e.g., CPA Performance View)

10、CertainManagementConsultingATTESTATION SERVICESAuditsReviews1 - 112003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyAssurance, Attestation, and Nonassurance ServicesNONASSURANCE SERVICESOther ManagementConsultingTaxServicesCertainManagementConsultingAccounting an

11、dBookkeeping1 - 122003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 2Explain the causes ofinformation risk and theimportance of auditing inreducing this risk.1 - 132003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/

12、BeasleyEconomic Demandfor AuditingInformation risk reflects the possibility thatthe information upon which the businessrisk decision was made was inaccurate.Auditing can have a significant effecton information risk.1 - 142003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder

13、/BeasleyCauses of Information Risk1. Remoteness of information2. Biases and motives of the provider3. Voluminous data1 - 152003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyReducing Information Risk1. User verifies information2. User shares information risk with

14、management3. Audited financial statements are provided1 - 162003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 3Describe auditingand distinguish betweenauditing and accounting.1 - 172003 Prentice Hall Business Publishing, Essentials of Auditing

15、1/e, Arens/Elder/Beasley Nature of AuditingAuditing is the accumulation andevaluation of evidence aboutinformation to determine andreport on the degree ofcorrespondence between theinformation and established criteria.Auditing should be done by a competent, independent person.1 - 182003 Prentice Hall

16、 Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyAccumulating andEvaluating EvidenceEvidence is any information used by the auditorto determine whether the information beingaudited is stated in accordance with theestablished criteria.1 - 192003 Prentice Hall Business Publishing,

17、Essentials of Auditing 1/e, Arens/Elder/BeasleyCompetent, Independent PersonThe auditor must be qualified to understand thecriteria used and must be competent to knowthe types and amount of evidence to accumulateto reach the proper conclusion after theevidence has been examined.The competence of the

18、 individual performing the audit is of little value if he or she is biased in the accumulation and evaluation of evidence.1 - 202003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyReportingThe final stage in the auditing processis preparing the Audit Report which i

19、sthe communication of the auditorsfindings to users.1 - 212003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyAudit of a Tax Return ExampleInternalrevenueagentExamines cancelledchecks and othersupporting recordsFederal taxreturns filedby taxpayerInternal RevenueCod

20、e and allinterpretationsReport on taxdeficienciesCompetent,independentpersonInformationEstablished criteriaDeterminescorrespondenceAccumulates andevaluates evidenceReport on results1 - 222003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyDistinction BetweenAuditin

21、g and AccountingAccounting is the recording, classifying,and summarizing of economic eventsfor the purpose of providing financialinformation used in decision making.Auditing is determining whetherrecorded information properlyreflects the economic events thatoccurred during the accounting period.1 -

22、232003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 4Differentiate the threemain types of audits.1 - 242003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyTypes of AuditsFinancial Statement AuditOperational Au

23、ditCompliance AuditEfficiencyEffectiveness1 - 252003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyOperational AuditExampleEvaluate computerized payroll systemfor efficiency and effectivenessInformationNumber of records processed, cost ofthe department, and number

24、 of errorsEstablishedCriteriaCompany standards for efficiency andeffectiveness in payroll departmentAvailableEvidenceError reports, payroll records, andpayroll processing costs1 - 262003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyCompliance AuditExampleDetermin

25、e whether bank requirementsfor loan continuation have been metInformationCompany recordsEstablishedCriteriaLoan agreement provisionsAvailableEvidenceFinancial statements andcalculations by the auditor1 - 272003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyFinanci

26、al Statement AuditExampleAnnual audit of Boeingsfinancial statementsInformationBoeings financialstatementsEstablishedCriteriaGenerally accepted accountingprinciplesAvailableEvidenceDocuments, records, and outsidesources of evidence1 - 282003 Prentice Hall Business Publishing, Essentials of Auditing

27、1/e, Arens/Elder/BeasleyLearning Objective 5Identify the primarytypes of auditors.1 - 292003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyTypes of AuditorsInternal AuditorsCertified Public Accounting FirmsInternal Revenue AgentsGeneral Accounting Office Auditors1

28、 - 302003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 6Discuss how e-commerceand the Internet affectCPA firm operations.1 - 312003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyE-Commerce and CPA Firm Operat

29、ionsCPA firms are using the Internetto market their services.They also use the Internet to connecttheir global professional staff.SendersmailserverReceiversmailserver1 - 322003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 7Describe the requirem

30、entsfor becoming a CPA.1 - 332003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyThree Requirementsfor Becoming a CPAEducational Passing the CPA ExamExperience1 - 342003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Obje

31、ctive 8Describe the AICPA andits role in setting standards.1 - 352003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyThe AICPA sets professional requirementsfor CPAs, conducts research, and publishesmaterials on many different subjects relatedto accounting, auditin

32、g, attestation andassurance services, managementconsulting services, and taxes.AICPA1 - 362003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyVision for the FutureThe AICPA has established the CPA Vision Projectto provide a core purpose and a vision for the CPAprof

33、ession in the year 2011 and beyond.The core purpose of the CPA Vision Project is“CPAsmaking sense of a changingand complex world.”1 - 372003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyVision for the FutureThe future success of the CPA professionrelies a great d

34、eal on public perceptionsof CPAs abilities and roles.CPAs must become market driven andnot dependent on regulations to keepthem in business.The market demands less audit andaccounting and more value-addingconsulting services.1 - 382003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, A

35、rens/Elder/BeasleyVision for the FutureSpecialization is critical for the future of the CPA profession.The market demands that CPAs be conversant in global businesspractices and strategies. 1 - 392003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyThe AICPA is empo

36、wered to set standards(guidelines) and rules that all members andother practicing CPAs must follow.The requirements are set bycommittees made up of AICPA members.Establishing Standardsand Rules1 - 402003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyEstablishing S

37、tandardsand Rules1. Auditing Standards2. Compilation and Review Standards3. Other Attestation Standards4. Code of Professional Conduct1 - 412003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 9Use generally acceptedauditing standards as abasis fo

38、r further study.1 - 422003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/Beasley1. The audit is to be performed by a person orpersons having adequate technical trainingand proficiency as an auditor.2. In all matters relating to the assignment,an independence in mental at

39、titude is tobemaintained by the auditor or auditors.General Standards3. Due professional care is to be exercised inthe planning and performance of the auditand the preparation of the report.1 - 432003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/Beasley1. The work is to

40、 be adequately planned andassistants, if any, are to be properlysupervised.2. A sufficient understanding of internalcontrol is to be obtained to plan the auditand to determine the nature, timing, andextent of tests to be performed.Standards of Field Work1 - 442003 Prentice Hall Business Publishing,

41、Essentials of Auditing 1/e, Arens/Elder/BeasleyStandards of Field Work3. Sufficient competent evidential matter is tobe obtained through inspection, observation,inquiries, and confirmations to afford areasonable basis for an opinion regardingthe financial statements under audit.1 - 452003 Prentice H

42、all Business Publishing, Essentials of Auditing 1/e, Arens/Elder/Beasley1. The report shall state whether the financialstatements are presented in accordance withgenerally accepted accounting principles.2. The report shall identify those circumstancesin which such principles have not beenconsistentl

43、y observed in the current periodin relation to the preceding period.Standards of Reporting1 - 462003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/Beasley3. Informative disclosures in the financialstatements are to be regarded as reasonablyadequate unless otherwise state

44、d in the report.4. The report shall contain an expression ofopinion regarding the financial statements,taken as a whole.Standards of Reporting1 - 472003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleySummary ofGeneral StandardsGenerally Accepted Auditing StandardsG

45、eneral1. Adequate training and proficiency2. Independence in mental attitude3. Due professional careField Work1. Proper planning and supervision2. Internal control understanding3. Sufficient competent evidenceReporting1. Statements prepared in accordance with GAAP2. Circumstances when GAAP not follo

46、wed3. Adequacy of disclosures4. Expression of opinion on financial statements1 - 482003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyLearning Objective 10Identify quality controlstandards and practiceswithin the accountingprofession.1 - 492003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/BeasleyElements of Quality ControlIndependence, integrity, and objectivityPersonnel managementAcceptance