In this assignment, you will extend your knowledge gained in assignm.pdf

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In this assignment, you will extend your knowledge gained in assignment 1 (Alpine Bags Case) by taking the significant risks you have already identified and then conducting further analysis on their likelihood and materiality. Risks identified from gaining an understanding of the clients business are referred to as inherent risks. These risks are considered in the audit-risk formula. The auditor needs to identify which financial statement assertions may be affected by these inherent risks. Identifying these risks will help determine the nature of the audit procedures to be performed. Management implicitly or explicitly makes assertions regarding the recognition, measurement, and presentation of the various elements of the financial statements and related disclosures. Auditors use assertions for account balances to form a basis for the assessment of risks of material misstatement. That is, assertions are used to identify the types of errors that could occur in transactions that result in the account balances. Consequently, breaking down the financial statement accounts into these assertions will direct the audit effort to those areas of higher risk. Assertions direct the audit, and audit procedures are designed so that they are responsive to the assessed risks. Broadly, these assertions can be classified in the following categories: existence or occurrence completeness valuation and allocation, or accuracy rights and obligations cut-off classification presentation, disclosure, and understandability Using the risks identified in assignment 1 on working paper A11, complete the following information in the relevant columns of the working paper. Identify the assertions that would be affected. Give an assessment of high, medium, or low in relation to the likelihood and materiality of the risk occurring. A risk should be classified as high if it is highly likely to be present and material. A risk should be classified as medium if it may be present and material. Risks should be classified as low if they are unlikely to be present and/or not material..

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A top-down approach begins at the financial statement level. It requires the auditor\'s understanding of the overall risk to internal control over financial reporting. Discuss how an auditor uses a top-down approach in the audit of internal control over financial reporting to select the controls to test. Compare and contrast a top-down approach versus a detailed approach in an audit. What would auditors gain from using a top-down approach? Solution Auditor should use top-down approach to the audit of internal control over financial reporting for selecting controls totest. The process begins with understanding overall risk to internal control. The auditor then focuses on entity-level controls and works down to significant accounts and disclosures and their relevant assertions. This approach directs the auditor\'s attention to accounts, disclosures, and assertions that present a reasonable possibility of material misstatement to the financial statements and related disclosures. The auditor then verifies his or her understanding of the risks in the company\'s processes and selects for testing those controls that sufficiently address the assessed risk of misstatement to each relevant assertion. In Detailed audit approach each and every thing is been checked very minutely, this approach is designed to be used throughout the audit efficiently and effectively to focus on the nature, timing and extent of audit procedures in areas that are more responsible for material misstatement in the financial report. It requires the auditor to first understand the entity and its environment in order to identify risks that may result in material misstatement in the financial statements and report. Then, auditor performs an assessment of those risks at both the financial report and assertion levels. The assessment involves considering a number of factors such as the nature of the risks, relevant internal controls and the required level of audit evidence. It involves following steps Understanding, which comes from identifying and assessing risk Responding to identified risk Concluding on areas of risk Getting risk right which means acheaving Efficiency and effectiveness Top down approach helps to get the understanding of entity its fianacial statemnst easily and in quite less time, with effeciency and effectivness. Top-down approach also analyzes risk by aggregating the impact of internal operational failures, as it is a three step process helps auditor to detect the frauds and risk easily and effeciently. .

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Q.1 What is the purpose of audit risk assessment? What are its objectives, and why is it important in assessing the likelihood that fraud may occur? Q.2 Distinguish between an auditor\'s responsibilities to detect and report errors, illegal acts, and fraud. What role does materiality have in determing the proper reporting and disclosure of such events? Solution Answer1. Risk Assessment is the identification and analysis of risks to the achievement of an organization\'s objectives, for the purpose of determining how those risks should be managed. Risk assessment implies an initial determination of operating objectives, then a systematic identification of those activities or events that could prevent a business unit from reaching its objectives.. In other words, it\'s an analysis of what could go wrong. Fraud is defined as the intentional false representation or concealment of a material fact for the purpose of inducing another to act upon it to his or her injury (as defined by the American Institute of Certified Public Accountants). Answer 2. Auditors have a responsibility to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to fraud or error. -Should assess the RoMM(Risk of Material Misstatement ) whether from errors, illegal acts, or fraud during the planning phase -Provide reasonable assurance of detecting such misstatements -Use professional skepticism, a questioning mind, and critical analysis -Illegal Acts: auditors should focus on illegal acts that would have direct effects on the financial statements. indirect illegal acts require disclosure only and may result in fines and penalties -Materiality determines how much of a role the auditor should have in determining the proper reporting and disclosure of such events..

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page 10 (4) In-house legal counsel. E. Be aware in evaluating management's responses to inquiries that it is often in the best position to perpetrate fraud. 13. Considering the results of analytical procedures performed in planning the audit: A. When unexpected results occur, consider the risk of material misstatement due to fraud. B. Perform analytical procedures on revenue during the planning of the audit to identify unusual or unexpected relationships. C. Because analytical procedures performed during planning often use data aggregated at a high level, results obtained often only provide a broad initial indication about whether a material misstatement exists. 14. An auditor should consider fraud risk factors, which are events or conditions that indicate incentives/pressures to perpetrate fraud, opportunities to carry out fraud, or attitude/rationalization to justify a fraudulent action: A. The auditor should use professional judgment in determining whether a risk factor is present and in identifying and assessing the risk of material misstatement due to fraud. B. While fraud risk factors do not necessarily indicate the existence of fraud, they often are present when fraud exists. 15. Other information that should be considered includes the discussion among audit team members, reviews of interim financial statements, and the consideration of identified inherent risks. IDENTIFYING RISKS THAT MAY RESULT IN A MATERIAL MISSTATEMENT DUE TO FRAUD 16. It is helpful when identifying risks of fraud to consider the three conditions ordinarily present when a material misstatement due to fraud ordinarily occursincentives/pressures, opportunities, and attitude/rationalization. Fraud experts often refer to these three conditions as the fraud triangle. 17. The auditor should evaluate whether identified risks of material misstatement due to fraud can be related to specific accounts, assertions, or whether they relate more pervasively to the financial statements as a whole. 18. The identification of a risk of material misstatement due to fraud includes consideration of the type of risk (fraudulent financial reporting or misappropriation of assets), the significance of the risk, the likelihood of the risk, and the pervasiveness of the risk. 19. A presumption of improper revenue recognition is a fraud risk. 20. The auditor should always address the risk of management override of controls. Fraud (previously referred to as irregularities)-Intentional misstatements or omissions of amounts or disclosures in financial statements. Audits are concerned with misstatements arising from two distinct types of acts: Fraudulent Financial Reporting - Intentional misstatements in financial statements to deceive financial statement users. Misappropriation of assets (also referred to as "defalcations")-Theft of company's assets the effect of which has not been appropriately reflected in the financial statements. PROFESSIONAL SKEPTICISM BACKGROUND INFORMATION (AU 230) 4. In ev.

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