Auditing Research Paper-Seminar 5

Auditing Research Paper-Seminar 5

The components of the paper: The profession of auditing, difference between auditing and accounting, the three main types of audit, the primary types of auditors, professional organizations, regulations and standards, assurance services that auditors can offer, ethics, audit reports onions, qualified and non-qualified, and identify current trends in the auditing profession.

Describe the profession of auditing: Auditing is a profession of highly skilled and trained critical thinkers, responsible for having the appropriate competence and capabilities to perform the audit, complying with relevant ethical requirements, including those pertaining to independence and due care, maintaining professional skepticism and exercising professional judgment, throughout the planning and performance of the audit.

To express an opinion, the auditor obtains reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. To obtain reasonable assurance, which is a high, but not absolute level of assurance, the auditor, plans the work and properly supervises any assistants, determines appropriate materiality levels, identifies and assesses risks of material misstatement, whether due to fraud or error.

This is based on an understanding of the entity and its environment, including the entity’s internal control, and obtains sufficient appropriate audit evidence about whether material misstatements exist, through designing and implementing appropriate responses to the assessed risks. The auditor expresses an opinion in accordance with the auditor’s findings, and the opinion states whether the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework. (McGraw-Hill Education, 2010).

Distinguish between auditing and accounting: Accounting involves tracking, reporting, and analyzing financial transactions. It covers everything from preparing individual tax returns to preparing financial statements for multinational corporations, and is considered a fundamental discipline within the field of accounting. The main goal of accounting is to provide a company with clear, comprehensive, and reliable information about its economic activities and status of its assets and liabilities. This information is presented in the form of accounting reports. The reports include the balance sheet, income statement, statement of changes in equity, and cash flow statement. Accountants comply with the principles and guidelines (e.g. GAAP, FASB, APB, and AICPA). (Wiley, 2013).

Auditing is an independent examination of accounting and financial records and financial statements of the company in order to render an opinion as to whether the statements are fairly presented. Most commonly financial audits are performed on a company’s request for the benefit of financial information users (i.e. internal and external). Auditors analyze and compare accounting reports and confirmation documents as well as verify conformity of a company’s accounting with established standards and regulations (e.g. US GAAP, IFRS, FASB, GAAS, and PCAOB.) Therefore, the main goal of an audit is to perform thorough evaluation of a company’s financial records and reports and provide a company with improvement recommendations based on that evaluation. (Wiley, 2013).

Accounting provides financial information to users of such information, and auditing is a means to ensure such information is reliable and comforts with established rules and regulations.

Differentiate between the three different types of audits: In general, an audit consists of evaluation of a subject matter with a view to express an opinion on whether the subject matter is fairly presented. There are different types of audits that can be performed depending on the subject matter under consideration, for example: Audit of financial statements Audit of internal control over financial reporting Compliance audit. (PWC, 2011)

Audit of Financial Statements: With a mindset of professional skepticism, independent auditors seek to gather sufficient, appropriate audit evidence to support their opinion about the financial statements. Because the facts and circumstances of an audit typically vary dramatically between companies, the standards describe a principles-based process and provide guidance to help independent auditors use their judgment in the application of these principles on a particular engagement. In developing an audit strategy, the independent auditor considers internal controls and determines whether to rely on those controls for various components of the audit. The independent auditor may decide (and for public companies with market capitalization of $75 million or more, auditors are required) to perform tests of the company’s internal control over financial reporting. An independent auditor assesses the desirability of adopting such a strategy by considering factors such as cost/benefit considerations, size of the company, and prior year results of control testing. If test results indicate that the company’s internal controls are effective, the independent auditor may decide to reduce the level of substantive tests that it performs as a basis for its opinion. The independent auditor is precluded from relying exclusively on the company’s internal controls as a basis for concluding that the financial statements are free from material misstatement. For example, in audits of companies with excellent controls, independent auditors will still perform substantive tests of balances, transactions, and disclosures, but to a lesser degree in those instances. Notwithstanding the auditor’s understanding of internal controls, the independent auditor may choose an audit strategy that relies heavily or almost exclusively on substantive tests to gather the audit evidence necessary to form an opinion on the financial statements. Regardless of the strategy chosen, the independent auditor will perform a sufficient level of substantive audit procedures to support the auditor’s opinion, which provides reasonable assurance that the financial statements taken as a whole are free of material misstatement. (PWC, 2011). Audit of internal control over financial reporting: A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The standards require the planning and performance of the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. The audit includes obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. (KPMG Accountants, 2013). Compliance Audit: A compliance audit is a comprehensive review of an organization’s adherence to regulatory guidelines. Independent accounting, security or IT consultants evaluate the strength and thoroughness of compliance preparations. Auditors review security polices, user access controls and risk management procedures over the course of a compliance audit. What, precisely, is examined in a compliance audit will vary depending upon whether an organization is a public or private company, what kind of data it handles and if it transmits or stores sensitive financial data. For instance, SOX requirements mean that any electronic communication must be backed up and secured with reasonable disaster recovery infrastructure. Independent accounting, security or IT consultants evaluate the strength and thoroughness of compliance preparations. Auditors review security polices, user access controls and risk management procedures over the course of a compliance audit. Compliance auditing promotes transparency by providing reliable reports as to whether funds have been administered, management exercised and citizens’ rights to due process honored as required by the applicable authorities. It promotes accountability by reporting deviations from and violations of authorities, so that corrective action may be taken and those accountable may be held responsible for their actions. It promotes good governance both by identifying weaknesses and deviations from laws and regulations and by assessing propriety where there are insufficient or inadequate laws and regulations. Fraud and corruption are, by their very nature, elements which counteract transparency, accountability and good stewardship. Compliance auditing therefore promotes good governance in the public sector by considering the risk of fraud in relation to compliance. (Rouse, 2014).

Identify the primary types of auditors: Independent, Internal and External auditors:

Independent Auditor: An auditor is an independent certified public accountant who examines the financial statements that a company’s management has prepared. The federal securities laws require publicly held companies that file reports with the SEC to submit financial statements that are accurate, truthful, and complete and prepared according to a set of accounting standards called “Generally Accepted Accounting Principles” (or “GAAP”). Many of these financial statements – including those in the company’s annual report and those provided to shareholders in connection with the solicitation of proxies for annual meetings – must be examined and reported on by an independent auditor. A company’s outside, independent auditor examines the company’s financial statements and provides a written report that contains an opinion as to whether the financial statements are fairly stated and comply in all material respects with GAAP. In addition, some companies also use internal auditors to review the financial reporting processes and internal accounting controls to assure that the company’s systems are appropriately designed and operating effectively. (SEC, 2002). Internal Auditor: As defined by the Institute of Internal Auditors (IIA), “Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

Internal Auditors’ roles include monitoring, assessing, and analyzing organizational risk and controls; and reviewing and confirming information and compliance with policies, procedures, and laws. Working in partnership with management, internal auditors provide the board, the audit committee, and executive management assurance that risks are mitigated and that the organization’s corporate governance is strong and effective. And, when there is room for improvement, internal auditors make recommendations for enhancing processes, policies, and procedures.” (Cornell University, 2012). External Auditor: Identify and assess the risks of material misstatement of the financial statements due to fraud: Obtain understanding of the internal controls in respect of those assertions which are subject to fraud (e.g., revenue) and ensure those controls are designed effectively. If not=> report to the audit committee. They obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and such responses should at a minimum include the following: -testing of the appropriateness of journal entries, especially at the end of the reporting period. And, make inquiries of individuals involved in financial reporting process;-review the accounting estimates for bias (e.g., provisions, valuation allowances, percentage of completion of sales transactions, results of the impairment tests);-analyze significant unusual transactions outside of the normal course of business. In order to respond appropriately to fraud or suspected fraud identified during the audit: Communicate

fraud or suspected fraud to those charged with governance. (KPMG, 2011).

Professional organizations for accountants: AICPA: The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. 

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting. (AICPA, (2015).

State CPA Group: Are under the guidance of AICPA. There are 55 states and territories resources and contact information pages.  The site is designed for AICPA members, CPA societies, boards of accountancy, and aspiring CPAs to access state- and territory-specific resources and information in the areas of accountancy, government, study, and taxes. I live in Connecticut and this is The Connecticut State Resource and Contact Information: Connecticut Society of CPA’s: The CTCPA represents the accounting profession and its interests before legislators, regulators, and standard setters, and Connecticut State Board of Accountancy: e.g. (How to become CPA, exam material, requirements, and courses). (AICPA, 2015).

Regulations, standards-agencies responsible: PCAOB: Is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports. The PCAOB also oversees the audits of broker-dealers, including compliance reports filed pursuant to federal securities laws, to promote investor protection. The PCAOB is directed by the Sarbanes-Oxley Act of 2002 to establish auditing and related professional practice standards for registered public accounting firms to follow in the preparation and issuance of audit reports. (PCAOB, 2015). GAAS: An independent auditor plans, conducts, and reports the results of an audit in accordance with generally accepted auditing standards (GAAS). Auditing standards provide a measure of audit quality and the objectives to be achieved in an audit. Auditing procedures differ from auditing standards. Auditing procedures are acts that the auditor performs during the course of an audit to comply with auditing standards. The standards are: General standards, Standards of fieldwork and Standards of reporting. (AIPCA, 2015). IAASB: The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body that serves the public interest by setting high-quality International Standards for auditing, assurance, and other related Standards, and by facilitating the convergence of international and national auditing and assurance Standards. In doing so, the IAASB enhances the quality and consistency of practice throughout the world and strengthens public confidence in the global auditing and assurance profession. (IAASB, 2015). ASB: The Auditing Standards Board (ASB) is the AICPA’s senior committee for auditing, attestation, and quality control applicable to the performance and issuance of audit and attestation reports for non-issuers. Its mission is to serve the public interest by developing, updating and communicating comprehensive standards and practice guidance that enable practitioners to provide high-quality, objective audit and attestation services to nonissuers in an effective and efficient manner. Learn more about ASB in the Auditing, Attestation and Quality Control Standards Setting Activities. (AICPA, 2015. SOX: The Sarbanes-Oxley Act of 2002 (often shortened to SOX) is legislation passed by the U.S. Congress to protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise, as well as improve the accuracy of corporate disclosures. The U.S. Securities and Exchange Commission (SEC) administers the act, which sets deadlines for compliance and publishes rules on requirements. (Rouse, 2015).

Define different assurance services that auditors can offer: The internal audit provides management and the audit committee with assurance on internal controls and reports. The external auditors’ is responsible in obtaining reasonable assurance about whether management statements are materially accurate and to provide a publicly available report, of the audited financial statements to users who have an interest in the organization. External auditors conduct their procedures and make judgements in accordance with the professional standards. The standards are issued by AICPA, PCAOB, and the IAASB. ((Johnstone, Gramling & Rittenberg, 2015).

AICPA committee defined assurance services as “independent professional services that improve the quality of information, or its context, for decision makers.” The definition captures essential elements of the audit function–independence and improving information for decision making. Independence is the most important link between the audit tradition and new assurance services. Of all the values accountants bring to the audit, independence is probably most prized. It will be equally present for assurance services. There can be no conflict between independence in the performance of an audit and the performance of new assurance services, because independence is required for both.

The definition captures essential elements of the audit function–independence and improving information for decision making. Independence is the most important link between the audit tradition and new assurance services. Of all the values accountants bring to the audit, independence is probably most prized. It will be equally present for assurance services. There can be no conflict between independence in the performance of an audit and the performance of new assurance services, because independence is required for both.

The range of new assurance services will be guided by decision makers’ information needs. You can get some idea of the range, at least at this early stage of service expansion, from the services the AICPA Committee identified. The Committee also developed business plan objectives: Risk assessment. Improve the quality of risk information by assessing the likelihood and magnitude of adverse events. Systems reliability. Assure that systems are designed and operated to provide reliable information. Entity performance measurement. Assure the relevance and reliability of entity performance measures, broadly conceived (e.g., in conformity with the Jenkins Committee’s business reporting model).

Every one of the services demands that the assurer apply measurement criteria, a process performed on every audit. The criteria, like those for electronic commerce assurance services, are different from GAAP. Accountants performing these and related services will have to be able to apply such measurement criteria and to measure in nonfinancial units, which will call for some adaptation. But neither task is novel in the accounting profession. In fact they define an opportunity. If accountants are measurement and verification specialists, they should be able to apply that expertise generally.

No one can audit a modern corporation effectively without knowledge of information technology and without knowledge of controls and how to evaluate them. Systems assurance and electronic commerce assurance show how such skills and knowledge give auditors a good base to move on to nonaudit assurance services. There is a close relationship between the information-technology skills and knowledge that should be part of the auditor’s toolkit and the skills and knowledge that will be applicable to a significant, probably a high, proportion of nonaudit assurance services.

Risk assessment assurance services require the assurer to understand the risks affecting an organization. The link to auditing lies in the fact that some form of risk analysis is always applied, and the going-concern evaluation is a form of risk analysis. In addition, a prerequisite for risk analysis is an understanding of client operations and strategies, the industry, and the economy and their interrelationships. Auditors should be at home with this demand, because it’s a prerequisite to effective auditing.

Performance measurement services would take the accountant directly into the uncharted waters of relevance-enhancement assurance services. The assurer would evaluate the relevance of performance measures, would identify relevant performance measures, and would design systems that produce relevant performance measurement data. This is a noticeable departure from the audit tradition, which has been limited to assurance on reliability. On the other hand, the work is not beyond the attest tradition or what accountants have accepted before as work within their range of competence. The qualities of good accounting standards have been discussed within the profession for years. Today professional standards provide guidance to accountants who devise measurement criteria for specific engagements, and devising them cannot be done without full attention to the relevance of the measures.

Nevertheless, to fulfill the promise of relevance-enhancement assurance services, accountants would need greater proficiency than is typical today. The full range of relevance-enhancement services takes in all decision-making processes. That’s because every process in the sequence that leads to a decision is a place where the information for the decision can be made more relevant. The fast process in the sequence is problem definition. Others include determining information requirements, locating and obtaining the information, analyzing it, and evaluating alternatives and tradeoffs. The last process–after action is taken–is getting feedback on outcomes, which is particularly important for recurring decisions. (Elliot, 2008).

The expertise necessary to provide assurance services involves both (1) the skill to apply appropriate procedures to the information and report on them and (2) adequate knowledge of the subject matter and criteria used to measure or evaluate it. The criteria includes, Objectivity, integrity, strong analytical skills, implementing substantive procedures, experience in measuring various subject matters against criteria, processes for testing the reliability of data and clarity in reporting the results are critical elements in delivering assurance services. (AICPA, 2015).

KPMG Assurance Services: We are well positioned to provide assurance services that will help your organisations to succeed and help mitigate your risks. Examples of assurance services we can offer our existing and new clients include but are not limited to the following:

Turnover/ revenue certification, Review of International Financial Reporting Standards (IFRS) conversion, Performance of agreed upon procedures, Review of internal controls and making of recommendations for strengthening of control environment, and Review of IFRS reporting (KPMG, 2015).

Assurance Services, Scope of items reported on: business processes, control processes, risk analysis, non-financial performance data and financial information.

The attributes of individuals providing assurance services include: subject matter knowledge, such as information system knowledge (such as GAS), independence, expertise in the process of gathering and evaluating evidence related to the subject matter, and agreed upon criteria to evaluate the standards for internal control. (Johnstone, Gramling & Rittenberg, 2012).

Describe how ethics impacts the work of auditors:

Ethical Standard sets out basic principles and procedures relating to auditor independence that must be applied when carrying out audits. It is important that auditor is compliant with the Code of Ethics established by the different boards e.g. (IESBA, AICPA, as a guidance of professional responsibilities in making audit decisions. The Code of Ethics for Professional Accountants requires auditors to adhere to the fundamental principles: integrity-a professional account should be straightforward and honest in performing professional services, objectivity-not allow bias, conflict of interest, or undue influence of others to override professional or business judgements, professional competence and due care-is a continuing duty to maintain professional knowledge and skill at the level required to assure the client receives competent professional service, and act diligently and in accordance with applicable technical and professional standards, confidentiality-respect the confidentiality of information acquired and not disclose any information, and professional behavior-comply with the relevant laws and regulations and avoid and action that discredits the profession. The AICPAs’ Code of Professional Conduct is very similar to the fundamental principles just described, however, AICPA includes independence-a member in public practice should be independent both in fact and in appearance when providing auditing and other attestation services. (Johnson, Gramling & Rittenberg, Chapter 4, p. 152 – 153). IFAC Code of Ethics: The IFAC Code of Ethics requires that the accountant performs his or her professional responsibilities with competence. A professional accountant should also take steps to ensure that those working under his or her authority in a professional capacity have appropriate training and supervision, requires that practitioners should be both independent of mind and in appearance for audits. Independence is related to the basic principles of integrity and objectivity as well as professional skepticism. Contingent fees for audit engagements create unacceptable self-interest and advocacy threats, and requires that the accountant performs his or her professional responsibilities with diligence. Diligent means that the professional accountant and those working under his or her authority should observe technical and professional standards.

Describe the parts of an audit report: The Auditor
An audit is a process for testing the accuracy and completeness of information presented in an organization’s financial statements. This testing process enables an independent Certified Public Accountant (CPA) to issue what is referred to as “an opinion” on how fairly a company’s financial statements represent its financial position and whether it has complied with generally accepted accounting principles. The audit report is addressed to the board of directors as the trustees of the organization. The report usually includes the following:

a cover letter, signed by the auditor, stating the opinion.

the financial statements, including the balance sheet, income statement and statement of cash flows

notes to the financial statements

In addition to the materials included in the audit report, the auditor often prepares what is called a “management letter” or “management report” to the board of directors. This report cites areas in the organization’s internal accounting control system that the auditor evaluates as weak.

Auditors are not expected to guarantee that 100% of the transactions are recorded correctly. They are required only to express an opinion as to whether the financial statements, taken as a whole, give a fair representation of the organization’s financial picture. In addition, audits are not intended to discover embezzlements or other illegal acts. Therefore, a “clean” or unqualified opinion should not be interpreted as assurance that such problems do not exist.

The standard auditor’s opinion contains three parts and states that:
• the preparation of the financial statements are the responsibility of management, and that the auditor has performed an independent review.
• Generally accepted auditing procedures were followed, providing reasonable assurance that the statements do not contain any material errors.
• The auditor is satisfied that the statements were prepared in accordance with accepted accounting procedures and that any assumptions or estimates used are reasonable. 

An unqualified opinion indicates that the auditor believes that the statements are free from any material errors or omissions.

qualified opinion is issued when the accountant believes the financial statements are, in a limited way, not in accordance with generally accepted accounting principles. A qualified option may be issued if the auditor has concerns about the going-concern assumption of the company, the valuation of certain items on the balance sheet or some unreported pending contingent liabilities.

Under U.S. GAAP, the auditor must provide its judgment about the company’s internal controls, or the processes the company uses to ensure accurate financial statements.

Under the Sarbanes-Oxley act, management is supposed to make a statement about its internal controls including the following:

• A statement declaring that the financial statements are presented fairly;
• A statement declaring that management is responsible for maintaining and executing effectual internal controls;
• A description of the internal control system and how it is evaluated;
• An analysis of how effective the internal controls have been over the last year;
• A statement declaring that the auditors have review management’s report on its internal controls. (Investopedia, (2015).

Identify current trends in the auditing profession: Auditing has made great strides in the past decade, but it has not seemingly kept pace with the real-time economy. Some auditing approaches and techniques that were valuable in the past now appear outdated. Also, the auditing evolution has reached a critical juncture whereby auditors may either lead in promoting and adopting the future audit or continue to adhere to the more traditional paradigm in some manner. Future audit approaches would likely require auditors, regulators, and standards setters to make significant adjustments. Such adjustments might include (1) changes in the timing and frequency of the audit, (2) increased education in technology and analytic methods, (3) adoption of full population examination instead of sampling, (4) re-examination of concepts such as materiality and independence, and (5) mandating the provisioning of the audit data standard. Auditors would need to possess substantial technical and analytical skills that are currently not components of most traditional four-year university accounting programs.

SOX introduced the first major change in the mandate of the public company audit. This new prescription focuses on auditor assessment of internal controls, a very important step in the assurance of future systems that will be modular, computerized, and often outsourced. The accounting profession now faces an opportunity to further elevate the audit to a higher level of automation. It is imperative that accountants ultimately lead the way in adoption and implementation of the future audit such that they continue to be the professionals of choice relative to audit engagements of the future. (AIPCA, 2012).

Conclusion: Future audits will use advanced data and analytics capabilities to look beyond an organization’s walls and understand the impact of broader forces in ways we never could before. Change will not come without challenges. Addressing concerns over auditor independence, data security, transparency and more will require an intense dialogue between companies and their auditors about how much data to share, and how information should be housed and protected. It will also require extensive engagement with regulators, to demonstrate how this data and analytics revolution will first and foremost strengthen audit quality. We must ensure that this is a journey of shared goals and mutual benefits for investors, regulators, and companies themselves. It is clear that auditors must embrace this evolved approach to understanding an organization’s most critical information to ensure that all stakeholders in the capital market system continue to be well served by the audit profession. We must collectively strive to ensure that the audit remains an unambiguous pillar of confidence, and at the same time, provides greater value, relevance and utility around financial reporting analysis than has been seen before.

References:

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