审计学学习指导(24).docxVIP

Chapter 24 Completing the Audit We always cover completing the audit near the end of the course. The following are the topics we cover: Chapter opening vignette Overview Perform additional tests for presentation and disclosure-related audit objectives Review for contingent liabilities and commitments Review for subsequent events Final evidence accumulation Evaluate results Audit documentation review Communicate with the audit committee and management Additional problems Chapter Opening Vignette - “Good Review Requires More Than Looking at Audit Files ” A significant portion of the overall audit process consists of work being reviewed by supervisory personnel. Although this is both prudent and required by auditing standards, it is important to realize that review is inherently limited in terms of its effectiveness. This underscores the importance of staff doing a good job in the first place. If staff work sloppily thinking that their mistakes will get caught by reviewers, or if supervisors are lax in their delegation procedures thinking that they can compensate through review, audit risk is significantly increased. This vignette illustrates these concepts. Two other concepts covered in the vignette are the importance of the reviewer havin g a complete understanding of the client s business and the use of independent analytical procedures as a part of the review. The combination of these two things enabled the manager to uncover the staff deficiencies. Overview We find this a good time to return to Figure 13-9 (page 426) for a review of what the auditor has done to this point, and where completing the audit fits in. Naturally, special emphasis is put on phase IV. (See Figure 13-9) AuditPerform Additional Tests for Presentation and Disclosure-Related Objectives (page 778) Audit Throughout the various chapters focusing on the transaction cycles and related account balances, we have highlighted specific audit procedures performed to satisfy unique presentation and disc