chapter 1 audit framework and regulation.pptVIP

(vi) The purpose of the external audit under International Standards on Auditing is for the auditor to obtain sufficient appropriate audit evidence on which to base the audit opinion. This opinion is to the effect that the financial statements give a ‘true and fair view’ (or ‘present fairly in all material respects’) of the position, performance (and cash flows) of the entity. This opinion is prepared for the benefit of shareholders. 鉴证业务，保证业务 * * 如实和公允的反应情况 * 审计只合理保证：审计证据是说服性而非结论性的 Subject matter:审计对象 * * 法定和非法定审计 * Responsibility是描述清楚一个人的职责是什么，应该干哪些事情，而Accountability是在此基础上告诉一个人要把这些事情干到符合什么要求，否则要受到什么惩罚。? * * 积极保证，消极保证：没有内容显示不符合要求 审阅与审计最大的区别在于提供的保证水平不同：①审阅只是一种消极保证（Negative Assurance），无法像审计那样发现所有对中期报告产生影响的重大事项；而审计则是一种积极保证（Positive Assurance），其目标是对公司的财务报表是否真实、公允地反映公司的财务状况、经营成果和现金流量发表审计意见。②从具体的操作程序上来看，审阅只包括有限的询证和分析性复核，不必评估公司的内部控制制度、不必收集充分证据、也不必进行实质性测试。③从使用对象上来看，审计报告需要提供给外部报表使用者，而审阅报告则不必对外公布，多用于内部，提交给公司管理当局或董事会。 * PART A AUDIT FRAMEWORK AND REGULATION Explain the nature, purpose and scope of assurance engagements including the role of the external audit and its regulatory and ethical framework Chapter 1 The concept of audit and other asssurance engagements Main Contents: What is an auditing -the nature and purpose of external audit -the scope of external audit -statutory and non-statutory audits -limitations of audit Why the need for audit -accountability and stewardship -agency theory -information hypothesis Types of assurance services 1 What is an auditing? An external audit is a type of assurance engagement that is carried out by an auditor to give an independent opinion on a set of financial statement Slide * Purpose of an external audit Shareholders Directors Company Own Appoint Manage Financial Statements Prepare Measure performance Auditor Appoint independent Adds Credibility 1.1Objective of external audit: -to express an opinion on whether the financial statement are prepared, in all material respects, in accordance with an identified r