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The Integrated Audit <ul><li>What is it (PCAOB)?: Conduct of a simultaneous audit of internal control over financial repor...
Structure of an Integrated Audit <ul><li>Management’s assessment of internal control over financial reporting. </li></ul><...
Identifying Control Deficiencies Material Inconsequential Remote Likelihood of Potential Risk Magnitude of Potential Risk ...
Code of Professional Conduct <ul><li>Why have a code of professional conduct?  (e.g., Hippocratic oath) </li></ul><ul><li>...
Code of Professional Conduct <ul><li>Four parts of the code </li></ul><ul><li>1.  Ethical Principles  </li></ul><ul><ul><u...
SOX Rules:  Independence <ul><li>Having a financial interest in the client </li></ul><ul><li>Having a family relationship ...
SOX Prohibited 8 services <ul><li>Bookkeeping and accounting services; </li></ul><ul><li>Financial information systems des...
Additional AICPA Independence Issues <ul><li>Preparing accounting information then auditing it  </li></ul><ul><li>1) Clien...
Section 200: Competence and Technical Standards <ul><li>Only undertake professional engagements in which you can reasonabl...
Section 300: Responsibility to Clients <ul><li>301.  Confidentiality (definition = shall not divulge confidential informat...
Section 400 and 500: Responsibility to Colleagues and Other Responsibilities <ul><li>400.  Responsibility to Colleagues  (...
Generally Accepted Auditing Standards <ul><li>GENERAL </li></ul><ul><ul><li>Adequate technical training and proficiency (c...
Overview of the Audit Process Client Acceptance and Retention Understand Client’s Business Environment & Strategy Evaluate...
The Lifeblood of Audit Practice <ul><li>New Clients </li></ul>
Obtaining New Clients <ul><li>How do firms grow and expand their practice? </li></ul><ul><li>a. special services  </li></u...
Audit Fee Determination <ul><li>How do you price the engagement? </li></ul><ul><li>size, complexity, and risk  80% </li></...
Factors Leading Clients to Switch Audit Firms <ul><li>Why might a client switch auditors? </li></ul><ul><li>According to 8...
New Engagements: Things to Do <ul><li>New Client Investigation </li></ul><ul><li>Engagement Letters </li></ul><ul><li>Comm...
New client acceptance:  Factors within the control of the auditor <ul><li>Expertise and staffing:  Does the firm have the ...
New Client Acceptance:  Factors evaluated by the auditor <ul><li>Integrity:  Does the management of the company possess ad...
Knowledge of Client’s Business <ul><li>Products and services </li></ul><ul><li>Strategy and objectives </li></ul><ul><li>N...
Knowledge of Industry <ul><li>1. Factors to consider? </li></ul><ul><li>ability to obtain capital </li></ul><ul><li>consum...
Knowledge of Business and Industry <ul><li>Why do we need to understand the client’s industry? </li></ul><ul><li>1.  Some ...
Predecessor – Successor Auditor Communication <ul><li>Can you submit a proposal before speaking with the prior auditor? </...
Engagement Letters <ul><li>1.  Why? </li></ul><ul><li>a. avoid misunderstandings with the client </li></ul><ul><li>b. mini...
Objectives of Strategic Management <ul><li>To define a clear strategy, identify relevant strategic objectives and articula...
Considering Strategy <ul><li>   </li></ul><ul><li>What are the organization’s primary products and services? </li></ul><ul...
Indications of Weak Strategic Management <ul><li>Poor design of overall strategy </li></ul><ul><li>Failure to articulate a...
Risk Evaluation Risk Evaluation The Risk Assessment Process What do you do with the knowledge obtained? Strategic Analysis...
Consider Special Circumstances <ul><li>Audit segments </li></ul><ul><li>Related parties </li></ul><ul><li>Internal audit <...
Related Parties <ul><li>Identify related parties </li></ul><ul><li>Identify transactions with related parties </li></ul><u...
Use of Specialists <ul><li>Identify assertions where the opinion of a specialist may be needed </li></ul><ul><li>Select a ...
Internal Audit <ul><li>Obtain an understanding of the internal audit group </li></ul><ul><li>Determine if activities of in...
Auditor Reporting Options Adverse Adverse Unqualified Auditor’s assessment of ICOFR Unqualified or Other Unqualified Mater...
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  • enhancing the stature of the profession and its ability to serve the public; these represent minimum standards)
  • Actuarial planning, mfr. scheduling and layout, compensation and employee benefit analysis, Merger and acquisition analysis and assistance, information system design and implementation, marketing research. c. 2. find out which of the competitors managers do which clients. When you learn a manager has left the firm you can target that client. Give all partners and managers an expense account and impress on them the need to take a client out to lunch each month and not the same client. Referral: small firm can&apos;t handle SEC refers you Personal contacts: golf course, country club, charity, community meetings
  • Actuarial planning, mfr. scheduling and layout, compensation and employee benefit analysis, Merger and acquisition analysis and assistance, information system design and implementation, marketing research. c. 2. find out which of the competitors managers do which clients. When you learn a manager has left the firm you can target that client. Give all partners and managers an expense account and impress on them the need to take a client out to lunch each month and not the same client. Referral: small firm can&apos;t handle SEC refers you Personal contacts: golf course, country club, charity, community meetings
  • Key question for strategic analysis: How does the company make money? Generic Strategies: Low cost, broad market. Low cost, niche market. Differentiated, broad market. Differentiated, niche market. Hybrid. No company can totally ignore either dimension and most fall somewhere in the hybrid category. Key Point 1: Strategy (should) impact all decisions! Key Point 2: Success depends on quality of implementation of strategy! Key Point 3: Implementation of strategy drives results!
  • Transcript of "auditch4.ppt"

    1. 1. The Integrated Audit <ul><li>What is it (PCAOB)?: Conduct of a simultaneous audit of internal control over financial reporting and the financial statements. </li></ul><ul><li>What can it be (theoretical)?: High level integration of considerations about internal control over financial reporting with the planning of a financial statement audit. </li></ul><ul><li> Note: The second standard of fieldwork already requires the auditor to obtain an understanding of internal control (over financial reporting) adequate to plan the audit. </li></ul>
    2. 2. Structure of an Integrated Audit <ul><li>Management’s assessment of internal control over financial reporting. </li></ul><ul><ul><li>Accept responsibility for the effectiveness of ICOFR </li></ul></ul><ul><ul><li>Evaluate the effectiveness of ICOFR </li></ul></ul><ul><ul><li>Support the assessment with sufficient evidence and documentation </li></ul></ul><ul><ul><li>Provide written assessment of ICOFR (required for PCAOB rules only) </li></ul></ul><ul><li>Audit the effectiveness of internal control over financial reporting. </li></ul><ul><li>Audit the fairness of the financial statements </li></ul>
    3. 3. Identifying Control Deficiencies Material Inconsequential Remote Likelihood of Potential Risk Magnitude of Potential Risk Significant Deficiency Material Weakness
    4. 4. Code of Professional Conduct <ul><li>Why have a code of professional conduct? (e.g., Hippocratic oath) </li></ul><ul><li>1. establish a minimum standard </li></ul><ul><li>2. provide ideals toward which member should strive </li></ul><ul><li>3. strengthens the relationship among the members of the profession </li></ul><ul><li>4. enhances the confidence and trust the public places in the audit report </li></ul><ul><li>5. distinguish a businessman from a professional </li></ul><ul><li>- accepting the responsibility of serving the public even if it entails personal sacrifice </li></ul><ul><li>6. importance of the perception of independence </li></ul>
    5. 5. Code of Professional Conduct <ul><li>Four parts of the code </li></ul><ul><li>1. Ethical Principles </li></ul><ul><ul><ul><ul><ul><li>Are they enforceable? </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Of what benefit are they? </li></ul></ul></ul></ul></ul><ul><li>2. Rules of Conduct – enforceable? </li></ul><ul><ul><ul><ul><ul><li>independence, </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>competence, </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>responsibilities to clients, </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>other responsibilities </li></ul></ul></ul></ul></ul><ul><ul><ul><li>3. Interpretation of the Rules (clarification of rules) </li></ul></ul></ul><ul><li>4. Ethical Rulings </li></ul>
    6. 6. SOX Rules: Independence <ul><li>Having a financial interest in the client </li></ul><ul><li>Having a family relationship with employees, management or owners of the client </li></ul><ul><li>Performing work that is the responsibility of management </li></ul><ul><li>Auditing work that was originally completed by the auditor or the firm </li></ul><ul><li>Providing services to a client that are incompatible to the objectives of the external audit </li></ul>
    7. 7. SOX Prohibited 8 services <ul><li>Bookkeeping and accounting services; </li></ul><ul><li>Financial information systems design and implementation; </li></ul><ul><li>Actuarial and valuation services; </li></ul><ul><li>Internal audit services </li></ul><ul><li>Expert services including litigation support; </li></ul><ul><li>Legal services; </li></ul><ul><li>Management functions; </li></ul><ul><li>Human resources services; </li></ul><ul><li>Corporate financial services . </li></ul>
    8. 8. Additional AICPA Independence Issues <ul><li>Preparing accounting information then auditing it </li></ul><ul><li>1) Client must accept work and </li></ul><ul><ul><ul><li>2) CPA can't prepare source documents (SEC v. AICPA) Why the difference? Does it matter? </li></ul></ul></ul><ul><li>Auditor/client lawsuits, client non-payment of fees </li></ul><ul><li>Importance of the audit committee and reporting relationships </li></ul><ul><li>Accepting position with a client shortly after completing an audit? </li></ul><ul><li>Opinion Shopping </li></ul>
    9. 9. Section 200: Competence and Technical Standards <ul><li>Only undertake professional engagements in which you can reasonably expect to complete with professional competence. Applies to juniors as well as partners. </li></ul><ul><li>1. auditing experience, education, industry expertise, GAAP, GAAS, planning and supervising, + exercise due care </li></ul><ul><li>2. Use of specialists </li></ul><ul><li>3. authority -> Bylaws -> Code -> Rule 202 (GAAS) </li></ul><ul><li> -> Rule 203 (GAAP) </li></ul><ul><ul><li>Must non-AICPA members comply? </li></ul></ul><ul><ul><li>Technically no; however, courts have consistently held all CPA's to the standard </li></ul></ul><ul><li>Florida audit </li></ul><ul><li>SAS #50 to avoid opinion shopping, </li></ul>
    10. 10. Section 300: Responsibility to Clients <ul><li>301. Confidentiality (definition = shall not divulge confidential information about the client without the client’s consent. </li></ul><ul><li>EX: product cost information, next season's marketing campaign, future earnings projections, executive salaries </li></ul><ul><li>Distinguish from privileged communication. Medicine, law, clergy. State statute but not federal. </li></ul><ul><ul><ul><ul><li>purpose </li></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>free flow of communication between auditor and client </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>prevent loss of competitive advantage, insider trading, client privacy (e.g., executive payroll) </li></ul></ul></ul></ul></ul><ul><ul><li>302. Contingent fees the fee is based on an outcome. Basically unacceptable for attestation engagements </li></ul></ul>
    11. 11. Section 400 and 500: Responsibility to Colleagues and Other Responsibilities <ul><li>400. Responsibility to Colleagues (e.g., solicitation, encroachment) Eliminated due to FTC pressure in 1970's </li></ul><ul><li>501. Acts Discreditable e.g., discrimination, retention of client's records, criminal acts. </li></ul><ul><li>502. Advertising which is false, misleading or deceptive </li></ul><ul><li>503. Commissions and Referral fees, basically unacceptable unless it's a non-attest engagement and you (the receiver or payer) inform the client in advance and the client finds it acceptable. </li></ul>
    12. 12. Generally Accepted Auditing Standards <ul><li>GENERAL </li></ul><ul><ul><li>Adequate technical training and proficiency (competence) </li></ul></ul><ul><ul><li>Independence (ethics and integrity) </li></ul></ul><ul><ul><li>Due professional care (work effort) </li></ul></ul><ul><li>FIELD WORK </li></ul><ul><ul><li>Adequate planning and supervision </li></ul></ul><ul><ul><li>Sufficient understanding of internal control </li></ul></ul><ul><ul><li>Sufficient competent evidence </li></ul></ul><ul><li>REPORTING </li></ul><ul><ul><li>Generally accepted accounting principles </li></ul></ul><ul><ul><li>Consistency </li></ul></ul><ul><ul><li>Informative disclosures </li></ul></ul><ul><ul><li>Opinion regarding the financial statements taken as a whole </li></ul></ul>
    13. 13. Overview of the Audit Process Client Acceptance and Retention Understand Client’s Business Environment & Strategy Evaluate Control Response to Risks & Internal Control Over Financial Reporting Preliminary Analytical Procedures Knowledge Acquisition of Current Conditions Audit Completion and Reporting Planning Tests of Financial Statement Assertions and Internal Controls Tests of Financial Statement Assertions and Control Effectiveness Sales & Customer Service Processes Supply Chain & Manufacturing Processes Resource Management Processes
    14. 14. The Lifeblood of Audit Practice <ul><li>New Clients </li></ul>
    15. 15. Obtaining New Clients <ul><li>How do firms grow and expand their practice? </li></ul><ul><li>a. special services </li></ul><ul><li>b. start a new firm </li></ul><ul><li>c. obtain clients from other firms </li></ul><ul><li>1. purchase (ex: retiring CPA's practice) </li></ul><ul><li>2. out compete </li></ul><ul><li>call for proposals </li></ul><ul><li>partner incentives key referrals e.g., small firm can't handle SEC refers you past clients (e.g., Mike Borman at IBC) </li></ul><ul><li> banks </li></ul><ul><ul><li>business people </li></ul></ul><ul><li>personal contacts </li></ul><ul><li>alums </li></ul><ul><li>advertising target specific industries </li></ul><ul><li>3. merge with other firms - discuss pitfalls </li></ul>
    16. 16. Audit Fee Determination <ul><li>How do you price the engagement? </li></ul><ul><li>size, complexity, and risk 80% </li></ul><ul><li>Internal control strength </li></ul><ul><li>1st year learning </li></ul><ul><li>Knowledge spillovers from other services provided </li></ul><ul><li>Internal auditors assistance anticipated </li></ul>
    17. 17. Factors Leading Clients to Switch Audit Firms <ul><li>Why might a client switch auditors? </li></ul><ul><li>According to 8-K’s </li></ul><ul><li>20% 96 lower audit fee </li></ul><ul><li>14% 68 service </li></ul><ul><li>12% 63 time for a change or rotation policy </li></ul><ul><li>10% 56 merger and acquisition </li></ul><ul><li>10% 53 personality </li></ul><ul><li>10% 53 need bigger firm </li></ul><ul><li>9% 40 location </li></ul><ul><li>9% 38 CPA resigned account </li></ul><ul><li>9% 37 company insolvent </li></ul><ul><li>6% 29 excellent proposal </li></ul><ul><li>5% 24 recommendation of shareholder, director or employee </li></ul><ul><li>4% 19 accounting disagreement </li></ul><ul><li>3% 17 new company officers </li></ul><ul><li>3% 14 followed engagement partner to new firm </li></ul><ul><li>3% 9 recommendation of underwriter </li></ul><ul><li>1% 4 fee dispute </li></ul><ul><li>1% 4 excessive audit staff turnover </li></ul><ul><li>1% 3 litigation against firm </li></ul><ul><li>.1% 2 need smaller firm </li></ul><ul><li>.05% 1 qualified opinion </li></ul>
    18. 18. New Engagements: Things to Do <ul><li>New Client Investigation </li></ul><ul><li>Engagement Letters </li></ul><ul><li>Communication with Predecessor </li></ul><ul><li>Preliminary Planning: </li></ul><ul><ul><li>Understand client business </li></ul></ul><ul><ul><li>Evaluate strategic management </li></ul></ul><ul><ul><li>Identify risk factors </li></ul></ul><ul><ul><li>Identify special conditions </li></ul></ul><ul><ul><li>Segment the audit </li></ul></ul>
    19. 19. New client acceptance: Factors within the control of the auditor <ul><li>Expertise and staffing: Does the firm have the requisite staff available who possess or can obtain the needed expertise for completing the engagement on a timely basis in accordance with professional standards? </li></ul><ul><li>Independence: Is the firm independent of the client so as to be able to provide an opinion that is perceived to be unbiased? </li></ul>
    20. 20. New Client Acceptance: Factors evaluated by the auditor <ul><li>Integrity: Does the management of the company possess adequate integrity so that the auditor can be reasonably assured that they are not knowingly committing material fraud and/or illegal acts? </li></ul><ul><li>Reputation and image: Does the company have a poor reputation such that the auditor's association with it could be embarrassing or detrimental? </li></ul><ul><li>Accounting practices: Does the company have a positive attitude about complying with professional accounting standards so as to present a full and accurate portrait of the company's financial performance and status in their financial statements? </li></ul><ul><li>Financial status: Is the company in danger of ceasing operations in the near-term due to extremely poor performance or other negative factors? </li></ul>
    21. 21. Knowledge of Client’s Business <ul><li>Products and services </li></ul><ul><li>Strategy and objectives </li></ul><ul><li>Nature of operating cycle </li></ul><ul><li>Key processes </li></ul><ul><li>Asset Base and financing structure </li></ul><ul><li>Nature of information systems </li></ul><ul><li>Attitudes on financial reporting </li></ul><ul><li>Reporting requirements </li></ul><ul><li>Critical risks </li></ul><ul><li>Is it auditable? </li></ul>
    22. 22. Knowledge of Industry <ul><li>1. Factors to consider? </li></ul><ul><li>ability to obtain capital </li></ul><ul><li>consumer demand, cyclical nature of business </li></ul><ul><li>degree of competition in industry </li></ul><ul><li>life cycle of industry </li></ul><ul><li>factors critical to success </li></ul><ul><li>2. Sources of Information </li></ul><ul><li>AICPA industry audit guides </li></ul><ul><li>textbooks </li></ul><ul><li>technical magazines </li></ul><ul><li>prior year's workpapers </li></ul><ul><li>hire someone with the expertise </li></ul>
    23. 23. Knowledge of Business and Industry <ul><li>Why do we need to understand the client’s industry? </li></ul><ul><li>1. Some industries are riskier than others and this affects client business risk and audit risk </li></ul><ul><li>Companies in an industry typically have common aspects where inherent risk is high </li></ul><ul><ul><li>inventory obsolescence in fashion and consumer electronics </li></ul></ul><ul><ul><li>Accounts receivable valuation in consumer loan industry </li></ul></ul><ul><ul><li>Reserves in insurance </li></ul></ul><ul><li>3. Many industries have unique accounting requirements </li></ul>
    24. 24. Predecessor – Successor Auditor Communication <ul><li>Can you submit a proposal before speaking with the prior auditor? </li></ul><ul><li>Can you accept the engagement prior to speaking with the prior auditor? </li></ul><ul><li>Are you required to communicate with the prior auditor? </li></ul><ul><li>What are the responsibility of the prior auditor? What is customary? When and to how many potential successors must the predecessor respond? </li></ul><ul><li>Must the communication be in writing? </li></ul><ul><li>Must you keep information so gained confidential if you do not accept the job? </li></ul><ul><li>Is permission required of the client? </li></ul><ul><li>Suppose it is not given? Ramifications </li></ul><ul><li>What is a Limited Response and when is it given? </li></ul><ul><li>Suppose there isn't a prior auditor, what other sources might you use? </li></ul><ul><li>What is the nature of the information you seek? </li></ul>
    25. 25. Engagement Letters <ul><li>1. Why? </li></ul><ul><li>a. avoid misunderstandings with the client </li></ul><ul><li>b. minimize potential liability (ex: 1136 Tenants) </li></ul><ul><li>c. promote good relations with client personnel </li></ul><ul><li>d advertises other services </li></ul><ul><li>2. What does it contain? </li></ul><ul><li>a. nature of service offered (e.g., audit) </li></ul><ul><li>b. timing -deadlines </li></ul><ul><li>c. any scope limitations </li></ul><ul><li>d. other services </li></ul><ul><li>e. need for assistance from client's employees </li></ul><ul><li>f. arrangement on fees </li></ul><ul><li>3. When should it be obtained? </li></ul>
    26. 26. Objectives of Strategic Management <ul><li>To define a clear strategy, identify relevant strategic objectives and articulate a business plan that creates a sustainable source of value. </li></ul><ul><li>To effectively monitor the environment for threats that could limit the success of the organization in achieving its objectives. </li></ul><ul><li>To effectively match resource allocations to strategic objectives. </li></ul><ul><li>To effectively monitor performance relative to the overall objectives of the organization and foster continuous improvement. </li></ul><ul><li>To maximize shareholder value and return on capital. </li></ul>
    27. 27. Considering Strategy <ul><li>   </li></ul><ul><li>What are the organization’s primary products and services? </li></ul><ul><li>What is the company’s basic strategy? </li></ul><ul><ul><li>Low Cost </li></ul></ul><ul><ul><li>Low Cost Niche </li></ul></ul><ul><ul><li>Differentiation </li></ul></ul><ul><ul><li>Differentiation Niche </li></ul></ul><ul><ul><li>Combined </li></ul></ul><ul><li>How does the company make a profit? </li></ul><ul><li>What is the source of the company’s sustainable competitive advantage? </li></ul><ul><li>What are the company’s Critical Success Factors (CSFs)? </li></ul>
    28. 28. Indications of Weak Strategic Management <ul><li>Poor design of overall strategy </li></ul><ul><li>Failure to articulate and align interest with strategy </li></ul><ul><li>Mismatch of process/resources and strategy </li></ul><ul><li>Missed opportunities </li></ul><ul><li>Lack of flexibility </li></ul><ul><li>Failure to anticipate threats </li></ul><ul><li>Poor coordination </li></ul><ul><li>Failure to deliver investment value </li></ul>
    29. 29. Risk Evaluation Risk Evaluation The Risk Assessment Process What do you do with the knowledge obtained? Strategic Analysis Organizational Business Models External Threat Analysis Strategic Business Risks Residual Risks Implications? Process Analysis Process Business Risks Process Maps Internal Threat Analysis Assurance about Current Conditions
    30. 30. Consider Special Circumstances <ul><li>Audit segments </li></ul><ul><li>Related parties </li></ul><ul><li>Internal audit </li></ul><ul><li>Need for specialists </li></ul>
    31. 31. Related Parties <ul><li>Identify related parties </li></ul><ul><li>Identify transactions with related parties </li></ul><ul><li>Examine documentation for related party transactions </li></ul><ul><li>Review disclosures and valuations of related party transactions </li></ul><ul><li>Determine if financial reporting is in accordance with GAAP </li></ul>
    32. 32. Use of Specialists <ul><li>Identify assertions where the opinion of a specialist may be needed </li></ul><ul><li>Select a specialist based on professional credentials </li></ul><ul><li>Communicate audit objectives to specialist </li></ul><ul><li>Evaluate findings of specialist </li></ul><ul><li>Perform additional procedures (if needed) </li></ul><ul><li>Determine if financial reporting is in accordance with GAAP </li></ul>
    33. 33. Internal Audit <ul><li>Obtain an understanding of the internal audit group </li></ul><ul><li>Determine if activities of internal audit are relevant to external audit </li></ul><ul><li>Evaluate competence of internal auditors </li></ul><ul><li>Evaluate objectivity of internal auditors </li></ul><ul><li>Consider possible role of internal auditor </li></ul><ul><ul><li>Internal control </li></ul></ul><ul><ul><li>Risk assessment </li></ul></ul><ul><ul><li>Substantive testing </li></ul></ul><ul><li>Test work of internal auditors (as needed) </li></ul>
    34. 34. Auditor Reporting Options Adverse Adverse Unqualified Auditor’s assessment of ICOFR Unqualified or Other Unqualified Material weakness Material weakness Unqualified or Other Adverse Material weakness No material weakness Unqualified or Other Unqualified No material weakness No material weakness Auditor’s report on FS Report on Mgmt’s Assessment of ICOFR Auditor’s Tests of ICOFR Mgmt’s Assessment of ICOFR
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