Critical Changes in Auditing Standards
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1 Beyond Your Numbers Critical Changes in Auditing Standards 15 th Annual 2008 Region IX Management Training Conference CPA & Advisory Services
2 Agenda!What is the risk assessment suite (RAS)?!Implementing Statement of Auditing Standard (SAS) 114!Review of SAS 112
3 Beyond Your Numbers What is the RAS? CPA & Advisory Services
4 What Is RAS?! Risk Assessment Suite of Audit Standards (RAS) includes 8 new standards (SAS )! Primary objective is to enhance the auditor s ability to identify and respond to risks of material misstatement! Complementary to SAS 99, the standard on consideration of fraud in a financial statement audit
5 What Is RAS?! Auditing Standards Board (ASB) Significant strengthening of audit standards! More in-depth understanding of the entity and its environment, including internal control " Quality " Depth
6 What Is RAS?! Applies to audits of periods beginning on or after December 15, 2006! Intended to enhance audit effectiveness! Will significantly affect formality of risk assessment process & documentation of details
7 What Is RAS?!RAS re-engineers (modernizes) audit process!evolutionary rather than revolutionary!focus on risks of material misstatement (RMM) " Identification " Response
8 What Is RAS?!Will require more time by clients and auditors " Client assistance in documentation " High level auditor and client involvement in evaluating! RAS adds significant new requirements " But no significant requirements were removed
9 RAS Process!Key elements of RAS process " Information gathering " Assess risks of material misstatement " Design responses to assessed RMM " Perform further audit procedures " Evaluate audit findings & conclude
10 Information Gathering!Risk assessment procedures areas " External factors " Nature of client " Objectives/strategies/business risks " Financial performance measurement/ review " Internal control
11 Internal Control!Obtain understanding sufficient to " Evaluate design effectiveness Whether controls individually or in combination are capable of effectively preventing or detecting & correcting material misstatements " Determine if implemented as designed Whether control exists & is in use
12 Internal Control!Planning stage/interim fieldwork " Detailed documentation of design Entity-level Information technology Significant transaction cycles " Walk-throughs
13 Assess Risks of Material Misstatement!Overall level!by assertion for each material or potentially material financial statement caption (financial statement level)!focus on both recognition & disclosure!linkage requirement to audit procedures
14 Evaluate Audit Findings & Conclude!Address all but trivial identified misstatements!two types of misstatements " Known " Likely Estimates Sample results
15 Evaluate Audit Findings & Conclude!Request management to further investigate each likely misstatement!request management to record each identified misstatement!evaluate each identified uncorrected misstatement individually first
16 Evaluate Audit Findings & Conclude!Evaluate identified uncorrected misstatements in aggregate " Quantitative considerations " Qualitative considerations!evaluate missing/incomplete disclosures!evaluate sufficiency of audit evidence
17 Evaluate Audit Findings & Conclude!Determine opinion to be expressed!evaluate identified control deficiencies!make required communications
18 How Does the Suite Benefit My Entity and Me?! Enhanced information on the risks to which your entity is exposed and possible deficiencies in and suggestions for improvement to the controls and other methods used to mitigate those risks! Reduced opportunities to circumvent prescribed controls and procedures by employees or others! Reinforced emphasis on doing the right thing continually! Increased accountability by management for the financial reporting process and risk identification and containment
19 How Does the Suite Benefit My Entity and Me?! Greater probability the audit will detect material misstatement whether caused by error or fraud if present! Improved consistent reliability of financial statements and disclosures! More focus by the auditors on what could make a material difference in financial statements
20 Beyond Your Numbers Implementing SAS 114 CPA & Advisory Services
21 SAS 114 Overview!Auditor s Communication with Those Charged with Governance!Supersedes SAS 61 Communication with Audit Committees
22 SAS 114 Overview!Required to communicate " Auditor s responsibility under GAAS " Overview of planned scope and timing of the audit " Significant findings from the audit!periods beginning on or after 12/15/06
23 Beyond Your Numbers Review of SAS 112 CPA & Advisory Services
24 SAS 112 Overview! Reporting standard for Internal Control Financial Reporting (ICFR)! Revised definition of material weakness (MW)! New definitions for control deficiency (CD) & significant deficiency (SD) " Eliminates term reportable condition! Framework for evaluating severity of control deficiencies
25 SAS 112 Definition of Terms! Control Deficiency (CD) exists when design or operation of control does not allow management or employees, in normal course of performing their assigned functions, to prevent or detect misstatements on timely basis " Deficiency in design " Deficiency in operation
26 SAS 112 Definition of Terms! Significant Deficiency (SD) CD, or combination of CDs, that adversely affects entity s ability to initiate, authorize, record, process or report financial data reliably in accordance with GAAP such that there is more than a remote likelihood that a misstatement of the entity s financial statements that is more than inconsequential will not be prevented or detected
27 SAS 112 Definition of Terms!Material Weakness (MW) significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected.
28 SAS 112 Definition of Terms! Compensating Control a detection control that can limit the severity of the deficiency although not eliminate it! Complimentary Control a preventative control that can eliminate the deficiency
29 Beyond Your Numbers Questions? Jeffrey Allen, CPA CPA & Advisory Services
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