外文翻译财务报告的内部控制doc.docx

外文翻译财务报告的内部控制doc.docx

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外文翻译财务报告的内部控制doc

外文翻译--财务报告的内部控制

本科毕业论文设计

外文翻译

外文题目AuditingInternalControlOverFinancialReporting

外文出处《AuditingInternalControlOverFinancialReporting》UniversityofHawaiiatHilo200412100-107

外文作者JamesEHunton

原文

PublicCompanyAccountingOversightBoardPCAOBAuditingStandardNo2AnAuditofInternalControlOverFinancialReportingPerformedinConjunctionWithanAuditofFinancialStatementsAS-2addressestheworkthatisrequiredtoauditinternalcontroloverfinancialreportingandtherelationshipofthataudittotheauditofthefinancialstatementsSincetheissuanceofAS-2auditorsandotherpartieshaveraisedquestionsonavarietyofissuesabouttheimplicationsofAS-2ToanswerthosequestionsonJune232004theOfficeoftheChiefAuditorofthePCAOBissuedguidanceintheformofquestionsandanswersonissuesrelatedtotheimplementationofAS-2RefertotheSeptember302004andOctober152004GAASUpdateServiceissuesforcoverageofthetopicspreviouslyaddressedbythePCAOBstaffinitsJunereleasewhichrelatetothefollowingareasauditorindependencescopeandextentoftestingevaluatingdeficienciesmulti-locationissuesusingworkofothersandserviceorganizationsInresponsetoadditionalimplementationquestionsthatcontinuetoberaisedonOctober62004thePCAOBstaffupdateditsJunereleaseAuditingInternalControlOverFinancialReportingonfrequentlyaskedquestionsTheupdatedPCAOBreleaseissuedinOctober2004providesadditionalinterpretiveandimplementationguidanceonissuesrelatingtoscopeandextentoftestingevaluatingdeficienciesandserviceorganizations

PCAOBstaffquestionsandanswersrepresentthestaffsopinionsonissuesrelatedtotheimplementationofthestandardsofthePCAOBTheyareintendedtoprovideguidancetoauditorsonimplementingthePCAOBsstandardsHowevertheyareneitherrulesofthePCAOBnorhavetheybeenapprovedbythePCAOB

ScopeandExtentofTesting

QDoesthescopeofinternalcontroloverfinancialreportingasitrelatestocompliancewithlawsandregulationsunderAS-2encompasscontrolsoverabroaderarrayofcircumstancesthanthosedescribedinAUSection317IllegalActsbyClients

AYesAUSection317IllegalActsbyClientsprovidesthattheauditorconsiderthelawsandregulationsthathaveadirectandmaterialeffectonthedeterminationoffinancialstatementamountsHoweverparagraph15ofAS-2doesnotusethephrasedirectandmaterialeffectonthedeterminationoffinancialstatementamountsRatherparagraph15ofAS-2providesthatoperationsandcompliancewithlawsandregulationsdirectlyrelatedtothepresentationofandrequireddisclosuresinfinancialstatementsareencompassedininternalcontroloverfinancialreportingThisprovisioninAS-2includes1thedirectandmaterialeffectsdescribedinAUSection317suchascompliancewithtaxlawsthataffectaccrualsandtheamountrecognizedasexpenseintheaccountingperiodand2othercircumstancesthatwouldbeclassifiedunderAUSection317ashavingonlyindirecteffectsonthefinancialstatements

InthePCAOBstaffsviewinternalcontroloverfinancialreportingencompassescontrolsovertheidentificationmeasurementandreportingofallmaterialactuallosseventsthathaveoccurredincludingcontrolsoverthemonitoringandriskassessmentofareasinwhichsuchactuallosseventsarereasonablypossibleThestaffguidanceillustratesthispointbyindicatingthatforexampleawastedisposalcompanysinternalcontroloverfinancialreportingordinarilywouldencompasscontrolsforidentifyingandmeasuringenvironmentalliabilitiesforexistingandnewlyacquiredlandfillsevenifthereisnogovernmentalinvestigationorenforcementproceedingunderway

ThePCAOBstaffbelievesthatitsinterpretationisconsistentwiththeSecuritiesandExchangeCommissionSECstaffsviewsregardingmanagementsresponsibilitiesforassessinginternalcontroloverfinancialreportingAccordingtotheSECstaffwhileitmaybepossibletoconnecttheviolationofanylawruleorregulationtothefinancialstatementsbyobservingthatiftheviolationissignificantenoughitwillhaveamaterialeffectontheregistrantsfinancialstatementstheSECstaffdoesnotbelievethatcompliancewithalllawsfitswithinthedefinitionTheSECsfinancialreportingrequirementsandtheInternalRevenueCodeareexamplesofregulationsthataredirectlyrelatedtothepreparationofthefinancialstatementsConverselyrulesrequiringdisclosureastotheexistenceofacodeofethicsordisclosureastotheexistenceofanauditcommitteefinancialexpertareexamplesofrulespromulgatedundertheSarbanes-OxleyActof2002SOAthatarenotdirectlyrelatedtothepreparationoffinancialstatements

EvaluatingDeficiencies

Whatistheeffectontheauditorsevaluationofmanagementsassessmentofinternalcontrolandtheauditorsreportincircumstancesunderwhichmanagementsassessmentandtheauditorsauditproceduresdonotincludecertaincontrolsthatshouldhavebeenencompassedbecauseneithermanagementnortheauditorhastheabilitytoevaluatethosecontrols

ATheremaybecircumstancesinwhichtherearerestrictionsonthescopeoftheauditorsengagementtoauditinternalcontroloverfinancialreportingForexamplebothmanagementandtheauditormaybeunabletoobtainevidenceofoperatingeffectivenessofcontrolsataserviceorganizationusedbythecompanybecauseatype2StatementonAuditingStandardsSASNo70ServiceOrganizationsSAS-70reportthatisdeemedtobenecessaryunderthecircumstancesisnotavailableIfneithermanagementnortheauditorisabletoperformtestsofcontrolsattheserviceorganizationegbecausemanagementdoesnothaveacontractualrighttodosoascopelimitationexists

AnSECstaffinterpretationstatesthatsubjecttolimitedexceptionsmanagementcannotissueareportoninternalcontrolwithascopelimitationUnderparagraph20ofAS-2inorderfortheauditortosatisfactorilycompleteanauditofinternalcontroloverfinancialreportingmanagementmustfulfillseveralresponsibilitiesincludingevaluatingtheeffectivenessofthecompanysinternalcontroloverfinancialreportingandsupportingitsevaluationwithsufficientevidenceThereforeifmanagementisunabletoassesscertaincontrolsoverfinancialreportingthatshouldhavebeenincludedinitsassessmentacontroldeficiencyexistsIfthetransactionoreventssubjecttocontrolsthatmanagementisunabletoassessarematerialtothecompanysfinancialstatementstheauditorordinarilywoulddeterminethatthiscontroldeficiencyrepresentsamaterialweaknessInaddition

theauditorwouldneedtodeterminewhethermanagementunderthecircumstanceshadfailedtofulfillitsresponsibilitiestoevaluatetheeffectivenessofthecompanysinternalcontroloverfinancialreportingandsupportitsevaluationwithsufficientevidenceIftheauditordeterminesthatmanagementhasnotfulfilleditsresponsibilitiestheauditorisrequiredtodisclaimanopinionAlsototheextentthatmanagementhaswillfullydecidednottofulfillitsresponsibilitiestheauditormayhaveadditionalresponsibilitiesunderAUSection317andunderSection10AoftheSecuritiesExchangeActof1934

InmakingthedeterminationofwhethermanagementhasfulfilleditsresponsibilitiestoevaluatetheeffectivenessofthecompanysinternalcontroloverfinancialreportingthePCAOBstaffindicatesthattheauditorcouldevaluatefactorssuchasthefollowing

Thedateofthecontractorothertransactiondocumentsthatcouldhaveprovidedmanagementwiththeabilitytoassesscontrolsorotherwisetoobtainevidenceoftheoperatingeffectivenessofrelevantcontrols

Therelativeeaseordifficultywithwhichmanagementcouldrenegotiatethecontractortransactiondocumentsandtheextenttowhichmanagementhasattemptedtodosoand

WhethermanagementisabletoassessthecontrolsorobtainevidenceofoperatingeffectivenessofrelevantcontrolsintheabsenceofhavingaccesstothecontrolsThePCAOBstaffprovidesthefollowingexamplesofhowtoapplytheaforementionedguidance

InabilitytoobtainevidenceoftheoperatingeffectivenessofcontrolsattheserviceorganizationWhenthetransactionsoreventssubjecttotheinternalcontrolsattheserviceorganizationarematerialtothecompanysfinancialstatementsandmanagementisunabletoobtainevidenceabouttheiroperatingeffectivenesstheauditorordinarilywoulddeterminethatamaterialweaknessexistsHoweverforexampleiftheservicingcontractwiththeserviceorganizationwasexecutedin2001iewellbeforetheexistenceoftheSOAandmanagementalreadyhasnegotiatedwiththeserviceorganizationtoprovideasuitabletype2SAS-70reportnextyeartheauditormightdeterminethatmanagementhadfulfilleditsresponsibilitiesunderAS-2AccordinglytheauditormightbeabletocompletetheauditofinternalcontroloverfinancialreportingOntheotherhandtheauditorordinarilywoulddeterminethatmanagementhadnotfulfilleditsresponsibilitiesunderAS-2inthefollowingcircumstances1ifmanagementrecentlyreneweditscontractwiththeserviceorganizationbutdidnotnegotiateeitheranagreementaboutobtainingasuitabletype2SAS-70reportorpermissiontotestcontrolsattheserviceorganizationor2ifthecontractwiththeserviceorganizationislong-datedandmanagementhasnotattemptedtonegotiatetoobtainthenecessaryevidenceofoperatingeffectivenessofcontrolsAccordinglyinthesecircumstancestheauditorwouldberequiredtodisclaimanopinionandwouldneedtoevaluatehisorheradditionalresponsibilitiesunderAUSection317andunderSection10AoftheSe