AUDIT RISK ASSESSMENT AND RESPONSES TO ASSESSED RISK BY Geoffrey Byamugisha Partner, Ernst & Young. Lessons on Audit Risk. Responding to fraud risk

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1 AUDIT RISK ASSESSMENT AND RESPONSES TO ASSESSED RISK BY Geoffrey Byamugisha Partner, Ernst & Young ICPAU Page 1 COURSE CONTENT Lessons on Audit Risk Identification of audit risk and audit risk assessment (key considerations from ISA 315) Responding to assessed audit risk (key considerations from ISA 330) Responding to fraud risk Role of Professional Skepticism in audit risk assessment Questions ICPAU Page 2 1

2 Lessons on Audit Risk Behavioral change Why must be considered? There are risks in the environment e.g. Fraud at audit clients There are audit risks created by auditors e.g. Lack/incorrect documentation Role of Professional Scepticism» Why is this important? Impact on individuals and Audit firms involved in defending claims There is need to re-emphasise the basics of auditing to audit staff. Whilst auditors operate in an increasingly complex environment, it should also be noted that findings/claims are occurring in simple scenarios. Auditors need to minimise the recurrence of findings through their own individual actions and changes in behaviour 3 Audit Risk identification and assessment 1. Guidance is from ISA ISA 315 deals with: the auditor's responsibility to identify and assess the risks of material misstatement in the financial statements, through; understanding the entity and its environment, including the entity's internal control. ICPAU Page 4 2

3 Objective of ISA 315 The objective of the auditor is to identify and assess the risks of material misstatement, whether due to fraud or error, at the financial statement and assertion levels, through understanding the entity and its environment, including the entity's internal control, thereby providing a basis for designing and implementing responses to the assessed risks of material misstatement. The auditor should perform risk assessment procedures to provide a basis for the identification and assessment of risks of material misstatement at the financial statement and assertion levels. Risk assessment procedures by themselves, however, do not provide sufficient appropriate audit evidence on which to base the audit opinion. 5 Risk assessment procedures and related activities Inquiries of management, and of others within the entity and those charged with governance Analytical procedures. Observation and inspection. Consideration of results obtained from the client acceptance or continuance process If the engagement partner has performed other engagements for the entity, review and assess the information from such engagements Review and assess information obtained from the auditor's previous experience with the entity and determine whether changes have occurred since the previous audit that may affect its relevance to the current audit. The engagement team should discuss the susceptibility of the entity's financial statements to material misstatement, and the application of the applicable financial reporting framework to the entity's facts and circumstances. 6 3

4 Understanding of the Entity and Its Environment Relevant industry, regulatory, and other external factors including the applicable financial reporting framework The nature of the entity, including; its operations; its ownership and governance structures; the types of investments that the entity is making and plans to make, including investments in special-purpose entities; and the way that the entity is structured and how it is financed to enable the auditor to understand the classes of transactions, account balances, and disclosures to be expected in the financial statements. The entity's selection and application of accounting policies, including the reasons for changes thereto. The auditor shall evaluate whether the entity's accounting policies are appropriate for its business and consistent with the applicable financial reporting framework and accounting policies used in the relevant industry. The entity's objectives and strategies, and those related business risks that may result in risks of material misstatement The measurement and review of the entity's financial performance 7 The Entity's Internal Control The auditor shall obtain an understanding of internal control relevant to the audit. Although most controls relevant to the audit are likely to relate to financial reporting, not all controls that relate to financial reporting are relevant to the audit. It is a matter of the auditor's professional judgment whether a control, individually or in combination with others, is relevant to the audit. When obtaining an understanding of controls that are relevant to the audit, the auditor shall evaluate the design of those controls and determine whether they have been implemented, by performing procedures in addition to inquiry of the entity's personnel. 8 4

5 Components of internal control Control environment Entity s Risk assessment process The information system and communication Control activities relevant to the audit Monitoring of controls 9 Control environment Obtain an understanding of the control environment. Evaluate whether: (a) Management, with the oversight of those charged with governance, has created and maintained a culture of honesty and ethical behavior; and (b) The strengths in the control environment elements collectively provide an appropriate foundation for the other components of internal control, and whether those other components are not undermined by deficiencies in the control environment. 10 5

6 The entity's risk assessment process obtain an understanding of whether the entity has a process for: (a) Identifying business risks relevant to financial reporting objectives; (b) Estimating the significance of the risks; (c) Assessing the likelihood of their occurrence; and (d) Deciding about actions to address those risks. 11 The information system and communication Obtain an understanding of the information system, including the related business processes, relevant to financial reporting, including the following areas: Obtain an understanding of how the entity communicates financial reporting roles and responsibilities and significant matters relating to financial reporting 12 6

7 Monitoring of Controls obtain an understanding of the major activities that the entity uses to monitor internal control over financial reporting, including those related to those control activities relevant to the audit, and how the entity initiates remedial actions to deficiencies in its controls. Assess internal audit function 13 Auditor s Responses to assessed Risk The auditor is required to design and implement overall responses to address the assessed risks of material misstatement at the financial statement level 14 7

8 Auditor s Responses to assessed Risk 1) Substantive procedures Test of detail Substantive analytical procedures 2) Tests of Control 15 Overall Response Overall responses to address the assessed risks of material misstatement at the financial statement level may include: Emphasizing to the audit team the need to maintain professional skepticism. Assigning more experienced staff or those with special skills or using experts. Providing more supervision. Incorporating additional elements of unpredictability in the selection of further audit procedures to be performed. Making general changes to the nature, timing, or extent of audit procedures, for example: performing substantive procedures at the period end instead of at an interim date; or modifying the nature of audit procedures to obtain more persuasive audit evidence. 16 8

9 Responding to fraud risk Fraud Its happening at your client now! Key considerations: Appreciating that fraud does actually happen at audit clients Industry perspective of fraud cases Types of (Fraud Tree) Frequency Vs impact of fraud categories Reliance on IT controls to detect fraud Forensic Data Analysis ( FDA ) Role of professional skepticism in identifying fraud Professional skepticism fundamentals Role of professional skeptism in identifyiong Frauds Practical cases of applying Professional Skepticism Knowing when to consider using Fraud and investigation specialists 17 Definition of Fraud The Association for Certified Fraud Examiners ( ACFE ) defines fraud as any intentional or deliberate act to deprive another of property or money by guile, deception or other unfair means. The principal categories of fraud (or white-collar crime) are: Misrepresentation of material facts (or false pretences) Concealment of material facts Bribery Extortion Conflicts of interest Forgery Theft Breach of contract Breach of fiduciary duty 18 9

10 What are the main types of fraud? Fraud tree Corruption Fraudulent statements Conflicts of interest Bribery and corruption Illegal gratuities Bid-rigging/ procurement Revenue recognition GAAP Reserves Non financial Asset misappropriation Cash theft Theft of other assets: inventory/ AR/ fixed assets Fake vendor Payroll fraud Travel & Ent fraud Theft of data 19 Frequency Vs impact of fraud categories: Comparing frequency/ median loss for main internal fraud categories Although Asset Misappropriation is the most frequent category of fraud, Financial Statement Fraud results in the highest median loss per fraud case. Source: ACFE 2012 Report On Occupational Fraud 20 10

11 EY Global Fraud Survey, 2012 Survey conducted by EY in 43 countries with more than 1,700 interviews (Nov 2011 to Feb 2012) Key highlights: 15% of CFO s respondents said they would be willing to make cash payments in order to win business 4% said they would be willing to misstate financial performance, compared to 3% in 2010 survey Only 36% of South African respondents feel that unethical practices cannot be justified to help a business survive an economic downturn, compared to 64% in 2010 survey Response from countries: 81% believed that ABAC (Anti-bribery; Anti Corruption) policies are in place and that these are communicated to staff. However, about half of them say that staff are not penalised for breaching prescripts 21 Perspective of reliance on IT Controls to detect fraud Source: ACFE 2012 Report On Occupational Fraud 22 11

12 Reliance on IT controls will not detect fraud - Consider using Forensic Data Analysis ( FDA ) FDA can assist audit teams identify potential fraudulent transactions related to Expenses in clients. Examples of expense analysis performed : Transfers made to Suppliers that share the same bank account number as employees Changes to Supplier bank account details during the year Identify duplicate expenses across claims Expenses with round numbers Expenses with exact same amounts 23 Role of Professional Skepticism One of the audit fundamentals Professional skepticism is an attitude that includes a questioning mind, being alert to conditions which may indicate possible misstatement due to error or fraud, and a critical assessment of audit evidence. Auditors should plan and perform audits with professional skepticism recognizing that circumstances may exist that cause the financial statements to be materially misstated. Maintaining professional skepticism throughout the audit is important to reduce the risks of overlooking unusual circumstances, over generalizing when drawing conclusions from audit observations and using inappropriate assumptions in determining the nature, timing and extent of audit procedures and evaluating the results thereof

13 Importance of professional skepticism in identifying fraud Auditors need to continually exercise professional skepticism when performing fraud risk assessment and while executing audit procedures. This means approaching each audit procedure performed with an ongoing questioning mind that accepts the possibility that a material misstatement due to fraud may occur in any company, at any time, and may be perpetrated by anyone. ISA When obtaining reasonable assurance, the auditor is responsible for maintaining professional skepticism throughout the audit, considering the potential for management override of controls and recognizing the fact that audit procedures that are effective for detecting error may not be effective in detecting fraud. 25 Practical cases of applying Professional Skepticism Do not rely on verbal responses, always obtain important responses in writing Always request to see original signed contracts/ documents when relying on important scanned or photocopied documents Ensure that Board Minutes final versions are approved and signed by the Board Adjust audit procedures accordingly if information provided by client is not accurate. e.g. many ad-hoc payments are made contrary to what we were told 26 13

14 Professional scepticism: Other considerations Requirement to demonstrate professional skepticism in audit documentation Clearly document the procedures performed, challenges made to management and auditors thought processes Keep learning more on how to apply professional scepticism There s RISK in the environment There s RISK on audit files The consequences of risk are serious Auditors response to risk needs to be appropriate ICPAU Page 27 Questions & Discussion ICPAU Page 28 14

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