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Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 17 Auditing and Evaluating the AIS

17-2 Outline Learning objectives Types of audits Audit Clarity Project Generally accepted auditing standards Financial statement audit steps

17-3 Learning objectives 1.Describe the various kinds of audits you might encounter in your accounting career. 2.Explain the purpose of the Audit Clarity Project and summarize its essential components. 3.Explain ten generally accepted auditing standards & their role in a financial statement audit. 4.Discuss the basic steps associated with a financial statement audit. 5.Explain the connection between auditing and accounting information systems.

17-4 Types of audits Financial audit Express an opinion on the fairness of a company’s financial statements Operational audit Determine if a company’s business processes & policies “make sense” Systems audit Ascertain whether information technology is producing expected results

17-5 Types of audits Compliance audit Examine the AIS and financial statements of GNFP entities Management audit Determines the way management decisions are supported Investigative audit Investigates the AIS and related data to determine if fraud has occurred International audit Applies and combines one or more of the other types in international contexts

17-6 Audit Clarity Project Four main change areas to financial statement audit standards –Format –Terminology –Additional requirements –Audit report The ACP’s goals were to make audit standards easier to read and to converge them with international audit standards.

17-7 Audit Clarity Project

17-8 Audit Clarity Project Terminology –Applicable financial reporting framework US GAAP IFRS –Emphasis of matter paragraph Calls attention to something in the statements and / or the disclosures

17-9 Audit Clarity Project Additional requirements –Ensure appropriateness of applicable financial reporting framework if other than US GAAP –Obtain agreement from management regarding their responsibilities for financial statements & internal control –Adhere to quality control standards throughout the audit

17-10 Audit Clarity Project Table 17.1 Elements of the unmodified auditor’s report ElementExplanation TitleMust include the phrase “independent auditor’s report” AddresseeMay be the board of directors, management or other parties Introductory paragraph Must identify the organization, the financial statements audited and related information Management’s responsibilities Financial statements and internal controls Auditor’s responsibilities Performing an audit according to generally accepted auditing standards (GAAS) Auditor’s opinionStates that, in the auditor’s opinion, the statements are fairly presented Signature, address and date Audit firm’s information

17-11 Generally Accepted Auditing Standards Figure 17.3

17-12 Financial statement audit steps Figure 17.4

17-13

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