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2014ACCA《最新《审计与认证业务F8》重点总结二(1)

2014-01-11 来源:读书人 

  RELEVANT TO ACCA QUALIFICATION PAPER F8 AND

  PERFORMANCE OBJECTIVES 17 AND 18

  Audit risk

  Candidates studying Paper F8, Audit and Assurance, are required under the

  syllabus to: ‘Explain the components of audit risk and explain the risks of

  material misstatement in the financial statements’.

  This element of the syllabus has been examined in the last three sessions of

  Paper F8 – in June 2010, December 2010 and June 2011. However, the

  performance of candidates has on the whole been unsatisfactory. This article

  aims to identify the most common mistakes made by candidates as well as

  clarifying how audit risk questions should be tackled in order to maximise

  marks.

  An example question requirement relating to audit risks is as follows:

  Describe the audit risks and explain the auditor’s response to each risk in planning

  the audit of XYZ Co.

  Previously examined risk questions have carried a mark allocation of 10 marks.

  However, a significant majority of candidates have not passed this part of the

  question. Common mistakes made include:

  ? providing definitions of the audit risk model, even though this was not

  part of the question requirement

  ? a lack of understanding of what audit risk is and providing business risks

  instead

  ? not providing an adequate response to the risk. This needs to be from

  the perspective of the auditor and not from management’s perspective

  ? a limited range of risks identified, often just focusing on one area such

  as going concern.

  Audit risk definitions

  Audit risk is defined as ‘the risk that the auditor expresses an inappropriate

  audit opinion when the financial statements are materially misstated. Audit

  risk is a function of the risks of material misstatement and detection risk’.

  Hence, audit risk is made up of two components – risks of material

  misstatement and detection risk.

  Risk of material misstatement is defined as ‘the risk that the financial

  statements are materially misstated prior to audit. This consists of two

  components… inherent risk … control risk.’

  Inherent risk is ‘the susceptibility of an assertion about a class of transaction,

  account balance or disclosure to a misstatement that could be material, either

  2

  AUDIT RISK

  NOVEMBER 2011

  individually or when aggregated with other misstatements, before

  consideration of any related controls.’

  Control risk is ‘the risk that a misstatement that could occur in an assertion

  about a class of transaction, account balance or disclosure and that could be

  material, either individually or when aggregated with other misstatements, will

  not be prevented, or detected and corrected, on a timely basis by the entity’s

  internal control.’

  Detection risk is defined as ‘the risk that the procedures performed by the

  auditor to reduce audit risk to an acceptably low level will not detect a

  misstatement that exists and that could be material, either individually or when

  aggregated with other misstatements.’

  Audit risk questions require candidates to identify risks of material

  misstatements, which include inherent and control risks as well as detection

  risks.

  Audit risk model

  In all three sessions a number of candidates have wasted valuable time by

  describing the audit risk model along with definitions of audit risk, inherent

  risk, control and detection risk. Unless the question requirement specifically

  asks for the ‘components of audit risk’ or ‘a description of the audit risk

  model’, candidates should not provide definitions of audit risk, inherent risk,

  control risk or detection risk as no marks are available.

  Audit risk versus business risk

  The main area where candidates continue to lose marks is that they do not

  actually understand what audit risk relates to. Hence, they frequently provide

  answers that consider the risks the business would face or ‘business risks’,

  which are outside the scope of the syllabus. There are no marks available for

  business risks.

  Business risks are defined as ‘a risk resulting from significant conditions,

  events, circumstances, actions or inactions that could adversely affect an

  entity’s ability to achieve its objectives and execute its strategies, or from the

  setting of inappropriate objectives and strategies’.

  Risks must be related to the risk arising in the audit of the financial statements

  and should include the financial statement assertion impacted. Therefore,

  audit risks should be related back to relevant assertions.



(作者:读书人网友 编辑:kind887)
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