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AuditComfortCycle4KeyQuestionsWhatdoesmanagementneedtogetcomforton?Howdoesmanagement
getcomfort?Aretheyentitledtothatcomfort?Canweauditthatcomfort?Market
OverviewStrategyValue
Creating
ActivitiesFinancial
PerformanceOTHERAUDITPROCEDURESFINANCIALSTATEMENTSCOMPLETIONACCEPTANCE/CONTINUANCEASSESSMENTSUBSTANTIVEAUDITEVIDENCEMAINLYSUBSTANTIVEANALYTICALPROCEDURESSIGNIFICANTCONTROLSCOMFORTNO/LIMITEDCONTROLSCOMFORTMAINLYTESTS
OFDETAILS1Scoping:FormingaPointofViewPerformcompanyandindustryanalyticalproceduresResearchandanalyzeexternalcommunicationsPartnersconnectwithstaffmembersDocumenttheteam’sunderstandingofthebusinessKnowledgebrokertocaptureandshareindustryinformationFormapointofviewontherisksthatmanagement
shouldbeconcernedabout2Scoping:
BusinessAnalysisFramework34StrategicAnalysis
Understandtheclient’sstrategicadvantage567RiskAssessmentUnderstandtherisksthatthreatenattainmentoftheclient’sbusinessobjectives“Theprimarygoalofmanagementcontrolistoensurethatriskmonitoringandcontrolactivitiesarealignedproperlywithoverallstrategicobjectives”p.35StrategicrisksProcessrisks8Scoping:
RiskAssessment–KeyRisks
KeyRiskWeidentifyauditriskthroughunderstandingtheentity’sbusinessobjectivesandrelatedrisks.Business
RisksAudit
Risks
KeyRisk
KeyRisk
KeyRisk
KeyRiskKeyrisksarethoseconditionsorfactorswithinanauditthat,inthejudgmentoftheauditor,giverisetoagreaterriskofmaterialfinancialmisstatementorothermattersresultingintheissuanceofaninappropriateauditreport.
9Scoping:AnalyticalProceduresHighLevelUnderstandthebusinessIdentifyareasofriskDisaggregatedAccountLevelDeterminethenature,timing&extentoftestingExternalbenchmarkingtopeers,markettrendsLookingforanomalies,areasofriskUseofextensiveknowledgemanagementtoolsavailable10BusinessProcessAnalysisUnderstandthekeyprocessesandrelatedcompetenciesneededtorealizestrategicadvantageProcessdrivencompetitionMeasureandbenchmarkprocessperformanceDocumentunderstandingoftheclient’’sabilitytocreatevalueandgeneratefuturecashflowsusingaclientbusinessmodel,processanalyses,keyperformanceindicators,andabusinessriskprofile11BusinessRisksrelatedtoachievingObjectives………………BusinessProcessACompletenessAccuracyValidityRestrictedAccessBusinessProcessBCompletenessAccuracyValidityRestrictedAccessBusinessProcessCCompletenessAccuracyValidityRestrictedAccessAccountBalancesandTransactionsAccountBalancesandTransactionsGeneralComputerControlsAccountBalancesandTransactionsConnectingtheDots……BusinessObjectivesFinancialStatementAssertions/AuditObjectivesClassesofTransactionsOccurrenceCompletenessAccuracyCutoffClassificationAccountBalancesRights&ObligationsExistenceCompletenessAccuracy/ValuationPresentation&DisclosureOccurrence/R&OCompletenessUnderstandabilityAccuracy/Valuation1213AssessimplicationsforbusinessandauditIsriskidentificationcomplete?Aretheyprioritizedproperly?Aretherecontrolstominimizeriskstoacceptablelevel?Doaccountingchoicesanddisclosuresadequatelyreflectuncontrolledrisks?Groupsresidualbusinessriskbyfinancialstatementassertion14ScopingTranslatedintoAuditStrategyWherecontrolsoversignificantaccountbalancesorclassesoftransactionarenotaligned,wewillneedtoperformsubstantivetestsofdetails.StakeholdersRisksControlsAlignmentBusinessObjectives15BusinessMeasurementUsethecomprehensivebusinessknowledgedecisionframetodevelopexpectationsaboutkeyassertionsembodiedintheoverallfinancialstatementsComparereportedfinancialresulttoexpectationsanddesignadditionalaudittestworktoaddressanygapsbetweenexpectationsandreportedresultsTransactionbasedauditingproceduresareappliedtonon-routinetransactionsandnon-routineandhighlyjudgmentalaccountingestimates(p.36).ComputeraudittechniquesfilterroutinetransactionsforunusualitemsAdditionaltestworkisperformedwheninterrelatedfinancialandNonfinancialperformancemeasuresareinconsistentandwhenkeyfinancial-statementassertionsarenotconsistentwiththeauditor’’sunderstandingoftheorganization’’sstrategic-systemsdynamicQualityofearningsareassessedProcessperformanceevaluatedonCycletimeProcessqualityProcesscost16Scoping:AuditTeamofSpecialistsOurbestteamsuseourspecialistcapabilitiestohelpinformingapointofview.StakeholdersBusinessObjectivesFinancialRiskBusinessProcessEnterprise-wideRiskSystems&TechnologyEnergyTradingRiskBusinessResilienceProjectManagementInternalAuditSecurityDataRiskRegulatory/CompliancePerformanceImprovementTreasuryRisksControlsAlignmentComputer-AssistedAuditTechniquesFraud17AuditComfortCycle4KeyQuestionsWhatdoesmanagementneedtogetcomforton?Market
OverviewStrategyValue
Creating
ActivitiesFinancial
PerformanceOTHERAUDITPROCEDURESFINANCIALSTATEMENTSCOMPLETIONACCEPTANCE/CONTINUANCEASSESSMENTSUBSTANTIVEAUDITEVIDENCEMAINLYSUBSTANTIVEANALYTICALPROCEDURESSIGNIFICANTCONTROLSCOMFORTNO/LIMITEDCONTROLSCOMFORTMAINLYTESTS
OFDETAILSHowdoesmanagementgetcomfort?Aretheyentitledtothatcomfort?Canweauditthatcomfort?18“TakingStock”:Real-TimeLinkageintheIterativeProcessShareteammembers’’cumulativeknowledgeUpdateriskidentificationandassessmentConsidertheauditcomfortgainedtodate,byauditassertionAnswer:““Dowehaveenoughcomfort?””Answer:““Whatdowedonext?”19SubstantiveAuditEvidenceMarket
OverviewStrategyValue
Creating
ActivitiesFinancial
PerformanceOTHERAUDITPROCEDURESFINANCIALSTATEMENTSCOMPLETIONACCEPTANCE/CONTINUANCEASSESSMENTSUBSTANTIVEAUDITEVIDENCEMAINLYSUBSTANTIVEANALYTICALPROCEDURESSIGNIFICANTCONTROLSCOMFORTNO/LIMITEDCONTROLSCOMFORTMAINLYTESTS
OFDETAILS20AssuranceHierarchyWillweobtainauditassurancefromtestsofcontrols?Testcontrols.Nofurthertestingrequired.Canweobtainauditassurancefromsubstantiveanalyticalprocedures?Performsubstantiveanalyticalprocedures.Performtestsofdetails.Doweneedadditionalauditassurance?NoYesNoNoYesYes21OtherAuditProceduresMarket
OverviewStrategyValue
Creating
ActivitiesFinancial
PerformanceOTHERAUDITPROCEDURES
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