审计学原理英文课件-(11)

Chapter11AccountsReceivable,NotesReceivable,andRevenueMcGraw-Hill/IrwinCopyright©2014byTheMcGraw-HillCompanies,Inc.Allrightsreserved.ØSourceslClaimsagainstcustomersfromsaleofgoodslLoanstoofficersoremployeeslLoanstosubsidiarieslClaimsagainstvariousotherrefundslClaimsfortaxrefundslAdvancestosuppliersØShownonbalancesheetatnetrealizablevalue11-2ØSourceslWrittenpromisestopaycertainamountsatfuturedateslNotesforsubstantialamountslInstallmentnoteorcontractcanallowsellertoholdlienongoodsØExamples:lSaleofindustrialmachinery,farmequipmentlIssuanceofcapitalstocklLoanstoofficers,employees11-3ØAuditrisksignificantbecauselManyincidencesoffraudhaveinvolvedoverstatementofreceivablesandrevenuelRevenuerecognitionmaybebasedoncomplexaccountingruleslReceivablesandrevenuesareusuallysubjecttovaluationusingsignificantaccountingestimates11-41.Usetheunderstandingoftheclientanditsenvironmenttoconsiderinherentrisk,includingfraudrisks,relatedtoreceivablesandrevenues.2.Obtainanunderstandingofinternalcontroloverreceivablesandrevenues.3.Assesstherisksofmaterialmisstatementanddesigntestsofcontrolsandsubstantiveproceduresthat:a.Substantiatetheexistenceofreceivablesandtheoccurrenceofrevenuetransactionsb.Establishthecompletenessofreceivablesandrevenuetransactionsc.Verifythecutoffofrevenuetransactionsd.Determinethattheclienthasrightstorecordedreceivablese.Establishthepropervaluationofreceivablesandtheaccuracyofrevenuetransactionsf.Determinethatthepresentationanddisclosureofreceivablesandrevenueareappropriate11-5ØControlEnvironmentlImportantbecauseofriskofintentionalmisstatementofrevenuelIndependenceofauditcommitteelManagementestablishtoneatthetoplCommitmenttocompetencelManagement’sphilosophyandoperatingstylelHumanresourcepoliciesandpracticesØRiskAssessmentlRiskofmisstatementofrevenue11-6ØControlActivitieslDivisionofduties•Preparesalesorder•Approvecredit•Issuemerchandisefromstock•Shipment•Billing•Invoiceverification•Maintenanceofcontrolaccounts•Maintenanceofcustomers’ledgers•Approvalofsalesreturnsandallowances•Authorizationofwrite-offsofuncollectibleaccounts11-7ØCustomerpurchaseorderØSalesorderØBillofladingØInvoiceØControllistingØCreditmemo11-811-911-10ØSegregationofduties--salesandcollectionsØMatchingofsalesinvoicesandshippingdocumentsØClericalaccuracychecksoninvoicesØCreditapprovalforsalestransactionsØMailingofmonthlystatements11-11ØReconciliationofbankaccountsØUseofcontrollistingofcashreceiptsØUseofbudgetsandanalysisofvariancesØControlovershippingandbillingdocumentsØUseofauthorizedcreditmemorandaØUseofchartofaccountsandreviewofaccountcodings11-12ØSubdivisionofdutieslThecustodianofnotesreceivableshouldnothaveaccesstocashortothegeneralaccountingrecordslTheacceptanceandrenewalofnotesbeauthorizedinwritingbyaresponsibleofficialwhodoesnothavecustodyofnoteslThewrite-offofdefaultednotesbeapprovedinwritingbyresponsibleofficialsandeffectiveproceduresadoptedforsubsequentfollow-upofsuchdefaultednotes11-13ØLeadschedulesforreceivablesandnetrevenueandØWorkingpaperslAgedtrialbalanceofA/RlAnalysesofotheraccountsreceivablelAnalysisofnotesreceivableandrelatedinterestlAnalysisofallowancefordoubtfulaccountsandnoteslComparativeanalysesofrevenuelDocumentationofinternalcontrollRiskanalysesandauditprogram11-14A.Usetheunderstandingoftheclientanditsenvironmenttoconsiderinherentrisks,includingfraudrisks,relatedtoreceivablesandrevenue.B.Obtainanunderstandingofinternalcontroloverreceivablesandrevenue.C.Assesstherisksofmaterialmisstatementanddesignfurtherauditprocedures.11-15D.Performfurtherauditprocedures—testsofcontrols.1.Examplesoftestsofcontrols:a.Examinesignificantaspectsofasampleofsalestransactions.b.Compareasampleofshippingdocumentstorelatedsalesinvoices.c.Reviewtheuseandauthorizationofcreditmemoranda.d.Reconcileselectedcashregistertapesandsalesticketswithsalesjournals.e.TestITapplicationcontrols.f.Examineevidenceofreviewandapprovalofrevenueestimates.2.Ifnecessary,revisetherisksofmaterialmisstatementbasedontheresultsoftestsofcontrols.11-16E.Performfurtherauditprocedures—substantiveproceduresforreceivablesandrevenue.1.Obtainanagedtrialbalanceoftradeaccountsreceivableandanalysesofotheraccountsreceivableandreconciletoledgers.2.Obtainanalysesofnotesreceivableandrelatedinterest.3.Inspectnotesonhandandconfirmthosewithholders.4.Confirmreceivableswithdebtors.5.Reviewtheyear-endcutoffofsalestransactions.6.Performanalyticalproceduresforaccountsreceivable,notesreceivable,andrevenue.7.Reviewsignificantyear-endsalescontractsforunusualterms.8.Testthevaluationofnotesreceivable,computationofinterestincome,interestreceivable,andamortizationofdiscountorpremium.11-17E.Furtherauditprocedurescont.9.Evaluatetheproprietyoftheclient’saccountingmethodsforreceivablesandrevenue.10.Evaluateaccountingestimatesrelatedtorevenuerecognition.11.Determinetheadequacyoftheclient’sallowanceforuncollectibleaccounts.12.Ascertainwhetheranyreceivableshavebeenpledged.13.Investigateanytransactionswithorreceivablesfromrelatedparties.14.Evaluatethebusinesspurposeofsignificantandunusualsalestransactions.15.Evalu