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1、Applicable 适用的Give a true and fair view 如实和公允的反映实际情况In all material respects, present fairly 在所有重大方面,公允反映 Criteria 规定,规则中文教材P105 第二段3.ISA200 Objective and general principles governing an audit of financial statements中文教材P105第二段财务报表审计的目标和一般原则 4.Managements responsibility for the financial statementsM

2、anagement is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of

3、 financial statements that are free from material misstatement, whether due to fraud for error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. 中文教材P106IFRS vs. CAS &IASInternal control 内部控制 Free from 远离；没有Material mis

4、statement 重大错报 Fraud 欺诈;舞弊Accounting policy 会计政策Accounting estimate 会计估计5. The audit report refers to the fact an auditor obtains evidence on a test basis. He does not check everything and is therefore giving reasonable not absolute assurance. Test basis 在测试的基础上 An audit gives the reader reasonable

5、assurance on the truth and fairness of the financial statements. The audit report does not guarantee that the financial statements are correct, but that they are true and fair within a reasonable margin of error.Assurance 保证;确信;Guarantee 保证Margin of error 误差幅度One of the reasons that an auditor does

6、not give absolute assurance is the inherent limitations of audit.Inherent limitation 固有限制The assurance given by auditors is governed by the fact that auditors use judgment in deciding what audit procedures to use and what conclusions to draw, and also by the limitations of every audit.Draw a conclus

7、ion 得出结论 Judgment 判断Audit procedure 审计程序Misstatements which are significant to readers may exist in financial statements and auditors will plan their work on this basis, that is, with professional skepticism. The concept of significant to readers is the concept of materiality.Professional skepticism

8、 专业的怀疑态度Skepticism怀疑态度：怀疑或疑问的态度或思想状态Concept of materiality 重要性概念中文教材P105&1086.Cycle approach 循环法Transaction cycle 交易循环中文教材 P1107.Assertions used by the auditorAssertions about classes of transactions and events for the period under auditOccurrence: transactions and events that have been recorded hav

9、e occurred and pertain to the entityCompleteness: all transactions and events that should have been recorded have been recordedAccuracy: amounts and other data relating to recorded transactions and events have been recorded appropriatelyCut-off: transactions and events have been recorded in the corr

10、ect accounting periodClassification: transactions and events have been recorded in the proper accounts.Assertions about account balances at the period-endExistence: assets, liabilities and equity interests exitRights and obligations: the entity holds or controls the rights to assets, and liabilities

11、 are the obligations of the equity all assets, liabilities and equity interests that should have been recorded have been recordedValuation and allocation: assets, liabilities, and equity interests are included in the financial statement at appropriate amounts and any resulting valuation or allocatio

12、n adjustments are appropriately recordedAssertions about presentation and disclosureOccurrence and rights and obligations: disclosed events, transactions and other matters have occurred and pertain to the entity all disclosures that should have been included in the financial statements have been inc

13、ludedClassification and understandability: financial information is appropriately presented and described, and disclosures are clearly expressedAccuracy and valuation: financial and other information are disclosed fairly and at appropriate amounts中文教材P112-113Assertion: 认定Occurrence: 发生 Completeness:

14、 完整性Accuracy: 准确性Cut-off: 截止Classification: 分类 Assertions about classes of transactions and events for the period under audit: 与各类交易和事项相关的认定 Existence:存在;Rights and obligation:权利和义务Valuation and allocation:计价和分摊 Assertions about account balances at the period-end: 期末账户余额的认定Occurrence and rights and

15、obligations: 发生以及权利和义务Classification and understandability: 分类和可理解性:Assertions about presentation and disclosure: 与列报相关的认定8.Stages of Auditing中文教材P115Planning of the auditAudit riskTest of control = compliance test Substantive procedure 实质性程序 中文教材p298Analytical review 分析程序You are the audit manager o

16、f Hood Enterprises a limited liability company. The companys annual turnover is over $10 million.Required:（a）Compare the responsibilities of the directors and auditors regarding the published financial statements of Hood Enterprises.（6 marks）Preparation of financial statementsThe directors are norma

17、lly required to prepare the financial statements of the company using the appropriate law of their country and in accordance with the Intermational Accounting Standards（IASs）. The auditors are normally required to check or audit those finalcial statements, again in accordance with the legislation of

18、 their country and the Intermational Statements on Auditing.Fraud and errorThe directors are responsible for preventing and detecting fraud and error in the financial statements, no matter how immaterial this may be. Auditors are responsible for ensuring that the financial statements show a true and

19、 fair view; in other words that the financial statements are materially correct. Auditors are not required to detect immaterial fraud or error.DisclosureThe directors must ensure that there is adequate disclosure of all matters required by statute or IASs in the financial statements. The auditor wil

20、l check that disclosure provisions have been complied with ,and where certain disclosures have not been made（e.g. ISA 550 regarding related party transactions）provide this information in the audit report.Going concernThe directors are responsible for ensuring that the company will contiune in operat

21、ional existence for the foreseeable future,and report to the members in the published financial statements if this is unlikely to be the case. The auditor will check the accuracy of the directors working and assumptions and if these are considered incorrect or inappropriate, then the audit report ma

22、y be modified or qualified to bring the situation to the attention of the members of the company.ISA 500 Audit Evidence （Revised） states the management implicitly or explicitly makes assertions relationg to the various elements or financial statements including related disclosures. Auditors may use

23、three categories of assertions to form a basis for risk assessments and the design and performance of further audit procedures. The three categories suggested by ISA 500 relate to （i） classes of transactions,（ii）account balances ,and （iii）presentation and disclosure,One assertion applicable to all t

24、hree categories is completeness:that all transactions, events, assets ,liabilities, equity interests and disclosures that should be included, are included in the financial statements.（a） List and describe SIX financial statement assertions, other than completeness, used by auditors in the audit of f

25、inancial statements.（6 marks）（a）Six financial statement assertions（i） Existence: an asset, liability or equity interest exists;（ii）Cut of:transactions and events have been recorded in the correct accounting period;（iii）Occurrence:a transaction or event that has been recorded took place and pertains

26、to the entity during the period;（iv）Accuracy and valuation:financial and other information is disclosed fairly and at appropriate amounts;（v）Rights and obligations: the entity holds or controls the rights to assets, and liabilities or obligations of the entity; （vi）Classification:transactions and events have been recorded in the proper accounts.