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Overall Audit Plan and Audit Program Chapter 13 http://downloadslide.blogspot.com
Overall Audit Plan
and Audit Program
Chapter 13
http://downloadslide.blogspot.com
Overall Audit Plan and Audit Program Chapter 13 http://downloadslide.blogspot.com ©2012 Prentice Hall Business Publishing, Auditing 14/e,

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Learning Objective 1
Learning Objective 1
Use the five types of audit tests to determine whether financial statements are fairly stated.
Use the five types of audit tests to
determine whether financial statements
are fairly stated.
Learning Objective 1 Use the five types of audit tests to determine whether financial statements are

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Types of Tests
Types of Tests
 Risk assessment procedures Further audit procedures
Risk assessment procedures
Further audit procedures
Types of Tests  Risk assessment procedures Further audit procedures ©2012 Prentice Hall Business Publishing, Auditing

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Further Audit Procedures and the Audit Risk Model

Further Audit Procedures and the Audit Risk Model Audit risk model AAR IR × = PDR

Audit risk

model

AAR

IR × CR

= PDR

Further Audit Procedures and the Audit Risk Model Audit risk model AAR IR × = PDR

Analytical

procedures

+

Further Audit Procedures and the Audit Risk Model Audit risk model AAR IR × = PDR

Tests of

details of

balances

Further Audit Procedures and the Audit Risk Model Audit risk model AAR IR × = PDR

+

Substantive

tests of

transactions

+

Tests of controls

=

Sufficient

appropriate

evidence

per GASS

Further audit procedures

Further Audit Procedures and the Audit Risk Model Audit risk model AAR IR × = PDR

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Risk Assessment Procedures
Risk Assessment Procedures
A major part of these procedures are done to obtain an understanding of internal control.
A major part of these procedures are
done to obtain an understanding
of internal control.
Risk Assessment Procedures A major part of these procedures are done to obtain an understanding of

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Role of All Audit Tests in the Sales and Collection Cycle

Role of All Audit Tests in the Sales and Collection Cycle ©2012 Prentice Hall Business Publishing,
Role of All Audit Tests in the Sales and Collection Cycle ©2012 Prentice Hall Business Publishing,

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Learning Objective 2
Learning Objective 2
Select the appropriate types of audit tests.
Select the appropriate types of audit tests.
Learning Objective 2 Select the appropriate types of audit tests. ©2012 Prentice Hall Business Publishing, Auditing

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Relationship Between Further Audit Procedures and Evidence
Relationship Between Further Audit
Procedures and Evidence
Relationship Between Further Audit Procedures and Evidence ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 13

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Audit Assurance at Different Levels of Internal Control Effectiveness
Audit Assurance at Different Levels of
Internal Control Effectiveness
Audit Assurance at Different Levels of Internal Control Effectiveness ©2012 Prentice Hall Business Publishing, Auditing 14/e,

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Learning Objective 3
Learning Objective 3
Understand how information technology affects audit testing.
Understand how information technology
affects audit testing.
Learning Objective 3 Understand how information technology affects audit testing. ©2012 Prentice Hall Business Publishing, Auditing

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Impact of Information Technology on Audit Testing

SAS 80 (AU 326) and SAS 109 (AU 319) provide guidance for auditors of entities that
SAS 80 (AU 326) and SAS 109 (AU 319)
provide guidance for auditors of entities
that transmit, process, maintain, or access
significant information electronically.
Impact of Information Technology on Audit Testing SAS 80 (AU 326) and SAS 109 (AU 319)

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Impact of Information Technology on Audit Testing

Impact of Information Technology on Audit Testing Computer-assisted audit techniques may be used to test automated

Computer-assisted audit techniques may be used to test automated controls or data.

Reports produced by IT may be used to test the effectiveness of IT general controls.

  • Program change controls

  • Access controls

Impact of Information Technology on Audit Testing Computer-assisted audit techniques may be used to test automated

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Learning Objective 4
Learning Objective 4
Understand the concept of evidence mix and how it should be varied in different circumstances.
Understand the concept of evidence mix and
how it should be varied in different
circumstances.
Learning Objective 4 Understand the concept of evidence mix and how it should be varied in

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Variations in Evidence Mix
Variations in Evidence Mix
Variations in Evidence Mix ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 13 - 14

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Learning Objective 5
Learning Objective 5
Design an audit program.
Design an audit program.
Learning Objective 5 Design an audit program. ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 13

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Audit Program
Audit Program
Part 1: Tests of controls and substantive tests of transactions
Part 1:
Tests of controls and substantive
tests of transactions
Part 2: Analytical procedures Part 3: Tests of details and balances
Part 2:
Analytical procedures
Part 3:
Tests of details and balances
Audit Program Part 1: Tests of controls and substantive tests of transactions Part 2: Analytical procedures

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Methodology for Designing Controls and Substantive Tests
Methodology for Designing Controls
and Substantive Tests
Methodology for Designing Controls and Substantive Tests ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 13

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Four-Step Approach to Designing

Control and Substantive Tests 13 - 18
Control and Substantive Tests
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©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

Methodology for Designing Tests of Balances Accounts Receivable

Methodology for Designing Tests of Balances – Accounts Receivable ©2012 Prentice Hall Business Publishing, Auditing 14/e,
Methodology for Designing Tests of Balances – Accounts Receivable ©2012 Prentice Hall Business Publishing, Auditing 14/e,

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Methodology for Designing Tests of Balances Accounts Receivable

Methodology for Designing Tests of Balances – Accounts Receivable ©2012 Prentice Hall Business Publishing, Auditing 14/e,
Methodology for Designing Tests of Balances – Accounts Receivable ©2012 Prentice Hall Business Publishing, Auditing 14/e,

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Learning Objective 6
Learning Objective 6
Compare and contrast transaction-related audit objectives with balance-related and presentation and disclosure-related audit objectives.
Compare and contrast transaction-related
audit objectives with balance-related and
presentation and disclosure-related audit
objectives.
Learning Objective 6 Compare and contrast transaction-related audit objectives with balance-related and presentation and disclosure-related audit

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Relationship of Transaction-related Audit Objectives to Balance-related Audit Objectives Transaction- Balance- related related Audit Audit Nature
Relationship of Transaction-related
Audit Objectives to Balance-related
Audit Objectives
Transaction-
Balance-
related
related
Audit
Audit
Nature of
Objective
Objective
Relationship
Occurrence
Completeness
Existence or completeness Direct
Completeness or existence Direct
Accuracy
Accuracy
Direct
Posting and
summarization
Classification
Timing
Detail tie-in
Direct
Classification
Cutoff
Realizable value
Direct
Direct
None
Rights and obligation
None
Relationship of Transaction-related Audit Objectives to Balance-related Audit Objectives Transaction- Balance- related related Audit Audit Nature

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Relationship Among Five Key Evidence-related Terms

Relationship Among Five Key Evidence-related Terms  Phases of the audit process  Audit objectives 

Phases of the audit process

Audit objectives

Types of tests

Evidence decisions

Types of evidence

Relationship Among Five Key Evidence-related Terms  Phases of the audit process  Audit objectives 

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Phases of the Audit Process
Phases of the Audit Process
I. Plan and design an audit approach. II. Perform tests of controls and substantive tests of
I.
Plan and design an audit approach.
II. Perform tests of controls and
substantive tests of transactions.
III. Perform analytical procedures and
tests of details of balances.
IV. Complete the audit and issue an
audit report.
Phases of the Audit Process I. Plan and design an audit approach. II. Perform tests of

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Audit Objectives
Audit Objectives
 Transaction-related Balance-related Presentation and disclosure-related
Transaction-related
Balance-related
Presentation and disclosure-related
Audit Objectives  Transaction-related Balance-related Presentation and disclosure-related ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Types of Tests
Types of Tests
  • Risk assessment procedures

Tests of controls

Substantive tests of transactions

Analytical procedures

Tests of details of balances

Types of Tests  Risk assessment procedures  Tests of controls  Substantive tests of transactions

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Evidence Decisions
Evidence Decisions
 Audit procedures Sample size Items to select Timing
Audit procedures
Sample size
Items to select
Timing
Evidence Decisions  Audit procedures Sample size Items to select Timing ©2012 Prentice Hall Business Publishing,

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Types of Evidence Documentation
Types of Evidence
Documentation
Audit
Audit
Inquiries of Client
Inquiries of Client
Confirmation
Confirmation
Analytical Procedures
Analytical
Procedures
Physical Evidence
Physical
Evidence
Recalculation Reperformance
Recalculation
Reperformance
  • Evidence

Observation
Observation
Types of Evidence Documentation Audit Inquiries of Client Confirmation Analytical Procedures Physical Evidence Recalculation Reperformance Evidence

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Learning Objective 7
Learning Objective 7
Learning Objective 7 Integrate the four phases of the audit process. ©2012 Prentice Hall Business Publishing,

Integrate the four phases of the audit process.

Learning Objective 7 Integrate the four phases of the audit process. ©2012 Prentice Hall Business Publishing,
Learning Objective 7 Integrate the four phases of the audit process. ©2012 Prentice Hall Business Publishing,

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Summary of the Audit Process
Summary of the Audit Process
       

Perform analytical

Plan and design

procedures and

Phase I

an audit approach

   

Phase III

tests of details of balances

       
 

Perform tests of controls and

     

Complete the

Phase II

substantive tests of transactions

 

Phase IV

audit and issue an audit report

Summary of the Audit Process Perform analytical Plan and design procedures and Phase I an audit

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Summary of the Audit Process:

Phase I
Phase I

Accept client and perform initial planning

Understand the client’s business and industry

Assess client’s business risk

Perform preliminary analytical procedures

Summary of the Audit Process: Phase I Accept client and perform initial planning Understand the client’s

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Summary of the Audit Process:

Phase I
Phase I

Set materiality and assess acceptable audit risk and inherent risk

Understand internal control and assess control risk

Gather information to assess fraud risks

Develop overall audit plan and audit program

Summary of the Audit Process: Phase I Set materiality and assess acceptable audit risk and inherent

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Summary of the Audit Process:

Phase II
Phase II
Plan to reduce assessed level of control risk? Yes
Plan to reduce assessed
level of control risk?
Yes

No

Perform tests of controls

Perform substantive tests of transactions

Assess likelihood of misstatements in

financial statements

Summary of the Audit Process: Phase II Plan to reduce assessed level of control risk? Yes

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Summary of the Audit Process:

Phase III
Phase III
Low Medium High or unknown Perform analytical procedures Perform tests of key items Perform additional tests
Low
Medium
High or
unknown
Perform analytical procedures
Perform tests of key items
Perform additional tests
of details of balances
Summary of the Audit Process: Phase III Low Medium High or unknown Perform analytical procedures Perform

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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Summary of the Audit Process:

Phase IV
Phase IV

Perform additional tests for presentation and disclosure

   

Accumulate final evidence

   

Evaluate results

   

Issue audit report

   

Communicate with audit committee and management

Summary of the Audit Process: Phase IV Perform additional tests for presentation and disclosure Accumulate final

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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End of Chapter 13
End of Chapter 13
End of Chapter 13 ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley

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