Wiley Practitioner's Guide to GAAS 2020. Joanne M. Flood
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Название: Wiley Practitioner's Guide to GAAS 2020
Автор: Joanne M. Flood
Издательство: John Wiley & Sons Limited
Жанр: Бухучет, налогообложение, аудит
isbn: 9781119596035
isbn:
Establishing an audit strategy varies according to the size of the entity and the complexity of the audit. In audits of small entities, a very small audit team may conduct the entire audit. With a smaller team, coordination and communication between team members are easier. Consequently, establishing the overall audit strategy need not be a complex or time-consuming exercise.
As part of audit planning, the auditor plans the direction and supervision of engagement team members and plans for the review of their work. (AU-C 300.11)
NOTE: It is critical that the auditors do not simply use the prior-year audit plan. The auditors must perform inquiry and other procedures to determine what has changed and how those changes affect the audit plan. So, too, auditors should look with a skeptical eye at procedures performed in the past and determine whether they are necessary or could be eliminated or replaced with more effective procedures.
Determining the Extent of Involvement of Professionals Possessing Specialized Skills
The auditor should consider whether specialized skills are needed in performing the audit. (AU-C 300.12) For example, the auditor may need to involve the use of an information technology (IT) specialist to:
Determine the effect of IT on the audit
Understand the IT controls
Design and perform tests of IT controls or substantive procedures
In determining whether an IT professional is needed, the auditor should consider factors such as the following:
The complexity of the entity’s systems and IT controls and the manner in which they are used in conducting the entity’s business
The significance of changes made to existing systems, or the implementation of new systems
The extent to which data are shared among systems
The extent of the entity’s participation in electronic commerce
The entity’s use of emerging technologies
The significance of audit evidence that is available only in electronic form
(AU-C 300.A18)
Additional Considerations in Initial Audit Engagements
Before starting an initial audit, the auditor should:
Perform procedures regarding the acceptance of the client relationship and the specific audit engagement (see AU-C 220).
Communicate with the previous auditor, where there has been a change of auditors (see Section 210).
(AU-C 300.13)
When developing the overall audit strategy and audit plan, the auditor should consider:
Arrangements to be made with the previous auditor—for example, to review the previous auditor’s audit documentation.
Any major issues (including the application of accounting principles or of auditing and reporting standards) discussed with management in connection with the initial selection as auditors, the communication of these matters to those charged with governance, and how these matters affect the overall audit strategy and audit plan.
The planned audit procedures to obtain sufficient appropriate audit evidence regarding opening balances.
Other procedures required by the firm’s system of quality control for initial audit engagements (for example, the firm’s system of quality control may require the involvement of another partner or senior individual to review the overall audit strategy prior to commencing significant audit procedures or to review reports prior to their issuance).
(AU-C 300.A20)
Documentation
Audit documentation related to planning the audit includes:
Overall audit strategy
Audit plan
Significant changes to the overall audit plan or strategy made during the audit and why those changes were made
(AU-C 300.14)
Matters to Consider in Developing an Audit Strategy
AU-C 300.A25 Appendix—Considerations in Establishing the Overall Audit
The appendix to AU-C 300 provides examples of matters the auditor may consider in establishing the overall audit strategy, and many of these matters also will influence the detailed audit plan. The examples provided cover a broad range of matters applicable to many engagements. Although some of the following matters may be required by other AU-C sections, not all matters are relevant to every audit engagement, and the list is not necessarily complete.
Characteristics of the Engagement
The following are some examples of characteristics of the engagement:
The financial reporting framework on which the financial information to be audited has been prepared, including any need for reconciliations to another financial reporting framework
Industry-specific reporting requirements, such as reports mandated by industry regulators
The expected audit coverage, including the number and locations of components to be included
The nature of the control relationships between a parent and its components that determine how the group is to be consolidated
The extent to which components are audited by other auditors
The nature of the business divisions to be audited, including the need for specialized knowledge
The reporting currency to be used, including any need for currency translation for the audited financial information
The need for statutory or regulatory audit requirements (for example, OMB Circular A- 133, Audits of States, Local Governments, and Nonprofit Organizations)
The availability of the work of the internal auditor function and the extent of the auditor’s potential direct use of such work
The entity’s use of service organizations and how the auditor may obtain evidence concerning the design or operation of controls performed by them
The expected use of audit evidence СКАЧАТЬ