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Chapter8

AuditPlanningandAnalyticalProceduresChapter8

AuditPlanningandA1PlanningThefirstgenerallyacceptedauditingstandardoffieldworkrequiresadequateplanning.Theauditormustadequatelyplantheworkandmustproperlysuperviseanyassistants.PlanningThefirstgenerallya2PlanningReasons:Enabletheauditortoobtainsufficientappropriateevidenceforthecircumstances.Helpkeepauditcostsreasonable.Avoidmisunderstandingswiththeclient.PlanningReasons:3PlanningFigure8-1inp.173presentstheeightmajorpartsofauditplanning.Acceptableauditrisk.Inherentrisk.PlanningFigure8-1inp.173p4PlanningAcceptableauditrisk.可接受的審計(jì)風(fēng)險(xiǎn)Ameasureofhowwillingtheauditoristoacceptthatthefinancialstatementsmaybemateriallymisstatedaftertheauditiscompletedandanunqualifiedopinionhasbeenissued.PlanningAcceptableauditrisk5PlanningInherentrisk固有風(fēng)險(xiǎn)Ameasureoftheauditor’sassessmentofthelikelihoodthattherearematerialmisstatementsinanaccountbalancebeforeconsideringtheeffectivenessofinternalcontrol.PlanningInherentrisk固有風(fēng)險(xiǎn)6PlanningAssessingacceptableauditriskandinherentriskisanimportantpartofauditplanningbecauseithelpsdeterminetheamountofevidencethatwillneedtobeaccumulatedandstaffassignedtotheengagement.PlanningAssessingacceptable7AcceptClientandPerformInitialAuditPlanningInitialauditplanninginvolvesfourthings:Theauditordecideswhethertoacceptanewclientorcontinueservinganexistingone.Theauditoridentifieswhytheclientwantsorneedsanaudit.AcceptClientandPerformInit8AcceptClientandPerformInitialAuditPlanningInitialauditplanninginvolvesfourthings:Theauditorobtainsanunderstandingwiththeclientaboutthetermsoftheengagement.Theauditordevelopsanoverallstrategyfortheaudit,includingengagementstaffingandanyrequiredauditspecialists.AcceptClientandPerformInit9AcceptClientandPerformInitialAuditPlanningClientacceptanceandcontinuance:Newclientinvestigation.Continuingclients.AcceptClientandPerformInit10AcceptClientandPerformInitialAuditPlanningNewclientinvestigation.Beforeacceptinganewclient,mostCPAfirmsinvestigatethecompanytodetermineitsacceptability.AcceptClientandPerformInit11AcceptClientandPerformInitialAuditPlanningNewclientinvestigation.Examiningtheprospectiveclient’sstandinginthebusinesscommunity,financialstability,andrelationswithitspreviousCPAfirm.AcceptClientandPerformInit12AcceptClientandPerformInitialAuditPlanningNewclientinvestigation.TheCPAfirmmustalsodeterminethatithasthecompetency,suchasindustryknowledge,toaccepttheengagementandthatthefirmcansatisfyallindependencerequirements.AcceptClientandPerformInit13AcceptClientandPerformInitialAuditPlanningNewclientinvestigation.ForprospectiveclientsthathavepreviouslybeenauditedbyanotherCPAfirm,thenew(successor)auditorisrequiredbyauditingstandardstocommunicatewiththepredecessorauditor.AcceptClientandPerformInit14AcceptClientandPerformInitialAuditPlanningNewclientinvestigation.Theburdenofinitiatingthecommunicationrestswiththesuccessorauditor,butthepredecessorauditorisrequiredtorespondtotherequestforinformation.AcceptClientandPerformInit15AcceptClientandPerformInitialAuditPlanningNewclientinvestigation.Thepredecessorauditorobtainpermissionfromtheclientbeforethecommunicationcanbemade.AcceptClientandPerformInit16AcceptClientandPerformInitialAuditPlanningNewclientinvestigation.Ifaclientwillnotpermitthecommunicationorthepredecessorwillnotprovideacomprehensiveresponse,thesuccessorshouldseriouslyconsiderthedesirabilityofacceptingaprospectiveengagement.AcceptClientandPerformInit17AcceptClientandPerformInitialAuditPlanningNewclientinvestigation.Whentherehasbeennopreviousauditor,whenapredecessorauditorwillnotprovidethedesiredinformation,orifanyindicationofproblemsarisesfromthecommunication,auditorcangatheringinformationfromlocalattorneys,otherCPAs,banks,andotherbusinesses,evenhireaprofessionalinvestigation.AcceptClientandPerformInit18AcceptClientandPerformInitialAuditPlanningContinuingClientsManyCPAfirmsevaluateexistingclientsannuallytodeterminewhethertherearereasonsfornotcontinuingtodotheaudit.AcceptClientandPerformInit19AcceptClientandPerformInitialAuditPlanningInvestigatingnewclientsandreevaluatingexistingonesisanessentialpartofdecidingacceptableauditrisk.AcceptClientandPerformInit20AcceptClientandPerformInitialAuditPlanningIdentifyClient’sReasonsforAuditTwomajorfactorsaffectingacceptableauditriskarethelikelystatementusersandtheirintendedusesofthestatements.AcceptClientandPerformInit21AcceptClientandPerformInitialAuditPlanningIdentifyClient’sReasonsforAuditThemostlikelyusesofthestatementscanbedeterminedfrompreviousexperiencewiththeclientanddiscussionswithmanagement.AcceptClientandPerformInit22AcceptClientandPerformInitialAuditPlanningObtainanUnderstandingwiththeClientAclearunderstandingofthetermsoftheengagementshouldexistbetweentheclientandtheCPAfirm.AcceptClientandPerformInit23AcceptClientandPerformInitialAuditPlanningObtainanUnderstandingwiththeClientEngagementletter:engagement’sobjectives,theresponsibilitiesoftheauditorandmanagement,andtheengagement’slimitations.Figure8-2inp.176AcceptClientandPerformInit24AcceptClientandPerformInitialAuditPlanningDevelopOverallAuditStrategyTheplannedstrategyhelpstheauditordeterminetheresourcesrequiredfortheengagement,includingengagementstaffing.AcceptClientandPerformInit25AcceptClientandPerformInitialAuditPlanningDevelopOverallAuditStrategySelectstaffforengagement.TheauditormusthaveadequatetechnicaltrainingandproficiencytoperformtheauditAcceptClientandPerformInit26AcceptClientandPerformInitialAuditPlanningDevelopOverallAuditStrategyEvaluateneedforoutsidespecialists.Theauditorneedstoevaluatethespecialist’sprofessionalqualificationsandunderstandtheobjectivesandscopeofthespecialist’swork.AcceptClientandPerformInit27AcceptClientandPerformInitialAuditPlanningDevelopOverallAuditStrategyEvaluateneedforoutsidespecialists.Theauditorshouldalsoconsiderthespecialist’srelationshiptotheclient.AcceptClientandPerformInit28AcceptClientandPerformInitialAuditPlanningDevelopOverallAuditStrategyEvaluateneedforoutsidespecialists.Theuseofaspecialistdoesnotaffecttheauditor’sresponsibilityfortheauditandtheauditreportshouldnotrefertothespecialist.AcceptClientandPerformInit29UnderstandtheClient’sBusinessandIndustry了解審計(jì)客戶的業(yè)務(wù)和行業(yè)Thesecondstandardoffieldworkstates:Theauditormustobtainasufficientunderstandingoftheentityanditsenvironment,includingitsinternalcontrol,toassesstheriskofmaterialmisstatementofthefinancialstatementswhetherduetoerrororfraud,andtodesignthenature,timing,andextentoffurtherauditprocedures.UnderstandtheClient’sBusine30UnderstandtheClient’sBusinessandIndustryThenatureoftheclient’sbusinessandindustryaffectsclientbusinessriskandtheriskofmaterialmisstatementsinthefinancialstatements.UnderstandtheClient’sBusine31UnderstandtheClient’sBusinessandIndustryFigure8-3inp.179:Strategicsystemsunderstandingoftheclient’sbusinessandindustry.UnderstandtheClient’sBusine32UnderstandtheClient’sBusinessandIndustryIndustryandexternalenvironment.Businessoperationsandprocesses.Managementandgovernance.Objectivesandstrategies.Measurementandperformance.UnderstandtheClient’sBusine33UnderstandtheClient’sBusinessandIndustryIndustryandexternalenvironment.Threeprimaryreasons:Risksassociatedwithspecificindustriesmayaffecttheauditor’sassessmentofclientbusinessriskandacceptableauditriskandmayeveninfluenceauditorsagainstacceptingengagementsinriskierindustries.UnderstandtheClient’sBusine34UnderstandtheClient’sBusinessandIndustryIndustryandexternalenvironment.Threeprimaryreasons:Certaininherentrisksarecommontoallclientsincertainindustries.Manyindustrieshaveuniqueaccountingrequirements.UnderstandtheClient’sBusine35UnderstandtheClient’sBusinessandIndustryBusinessOperationsandProcesses.Theauditorshouldunderstandfactorssuchasmajorsourcesofrevenue,keycustomersandsuppliers,sourcesoffinancing,andinformationaboutrelatedpartiesthatmayindicateareasofincreasedclientbusinessrisk.UnderstandtheClient’sBusine36UnderstandtheClient’sBusinessandIndustryBusinessOperationsandProcesses.Tourtheplantandoffices.Observeoperationsfirsthandandmeetkeypersonnel.Discussionswithnonaccountingemployees.Identifyinherentrisk.UnderstandtheClient’sBusine37UnderstandtheClient’sBusinessandIndustryBusinessOperationsandProcesses.Identifyrelatedparties.Transactionswithrelatedpartiesareimportanttoauditorsbecauseaccountingstandardsrequirethattheybedisclosedinthefinancialstatementsiftheyarematerial.UnderstandtheClient’sBusine38UnderstandtheClient’sBusinessandIndustryBusinessOperationsandProcesses.Identifyrelatedparties.Arelatedparty

is

definedasanaffiliatedcompany,aprincipalowneroftheclientcompany,oranyotherpartywithwhichtheclientdeals,whereoneofthepartiescaninfluencethemanagementoroperatingpoliciesoftheother.UnderstandtheClient’sBusine39UnderstandtheClient’sBusinessandIndustryBusinessOperationsandProcesses.Identifyrelatedparties.Arelatedpartytransactionisanytransactionbetweentheclient

andarelatedparty.UnderstandtheClient’sBusine40UnderstandtheClient’sBusinessandIndustryBusinessOperationsandProcesses.Identifyrelatedparties.Mostauditorsassessinherentriskashighforrelatedpartiesandrelatedpartytransactions.UnderstandtheClient’sBusine41UnderstandtheClient’sBusinessandIndustryBusinessOperationsandProcesses.Identifyrelatedparties.Allrelatedpartiesneedtobeidentifiedandincludedintheauditor’spermanentfilesearlyintheengagement.UnderstandtheClient’sBusine42UnderstandtheClient’sBusinessandIndustryBusinessOperationsandProcesses.Identifyrelatedparties.Commonwaysofidentifyingrelatedpartiesincludeinquiryofmanagement,reviewofSECfilings,andexaminingstockholders’listingstoidentifyprincipalstockholders.UnderstandtheClient’sBusine43UnderstandtheClient’sBusinessandIndustryBusinessOperationsandProcesses.Identifyrelatedparties.TheSarbanes–OxleyActprohibitsrelatedpartytransactionsthatinvolvepersonalloanstoanydirectororexecutiveofficerofapubliccompany.UnderstandtheClient’sBusine44UnderstandtheClient’sBusinessandIndustryBusinessOperationsandProcesses.Identifyrelatedparties.Banksandotherfinancialinstitutionsarepermittedtomakenormalloanstotheirdirectorsandofficersusingmarketrates.UnderstandtheClient’sBusine45UnderstandtheClient’sBusinessandIndustryManagementandGovernance.Auditorshouldassessmanagement’sphilosophyandoperatingstyleanditsabilitytoidentifyandrespondtorisk.UnderstandtheClient’sBusine46UnderstandtheClient’sBusinessandIndustryManagementandGovernance.Afirm’sgovernanceincludesitsorganizationalstructure,aswellastheactivitiesoftheboardofdirectorsandtheauditcommittee.UnderstandtheClient’sBusine47UnderstandtheClient’sBusinessandIndustryManagementandGovernance.Togainanunderstandingtheclient’sgovernancesystem,theauditorshouldunderstandcorporatecharterandbylaws,considerthecompany’scodeofethicsandreadthecorporateminutes.UnderstandtheClient’sBusine48UnderstandtheClient’sBusinessandIndustryClientObjectivesandStrategies.Knowledgeofclientobjectivesandstrategieshelpstheauditortoassessclientbusinessriskandinherentriskinthefinancialstatements.UnderstandtheClient’sBusine49UnderstandtheClient’sBusinessandIndustryClientObjectivesandStrategies.Auditorsshouldunderstandclientobjectivesrelatedto:Reliabilityoffinancialreporting.Effectivenessandefficiencyofoperations.Compliancewithlawsandregulations.UnderstandtheClient’sBusine50UnderstandtheClient’sBusinessandIndustryMeasurementandPerformance.Aclient’sperformancemeasurementsystemincludeskeyperformanceindicatorsthatmanagementusestomeasureprogresstowarditsobjectives.UnderstandtheClient’sBusine51UnderstandtheClient’sBusinessandIndustryMeasurementandPerformance.Performancemeasurementincludesratioanalysisandbenchmarkingagainstkeycompetitors.UnderstandtheClient’sBusine52AssessClientBusinessRiskTheauditorusesknowledgegainedfromtheunderstandingoftheclient’sbusinessandindustrytoassessclientbusinessrisk,theriskthattheclientwillfailtoachieveitsobjectives.AssessClientBusinessRiskThe53AssessClientBusinessRiskTheauditor’sprimaryconcernistheriskofmaterialmisstatementsinthefinancialstatementsduetoclientbusinessrisk.Figure8-4inp.182AssessClientBusinessRiskThe54AssessClientBusinessRiskInquiriesofmanagementaboutclientbusinessrisksithasidentified,inadvanceofcertifyingquarterlyandannualfinancialstatements,mayprovideasignificantsourceofinformationforauditorsaboutclientbusinessrisksaffectingfinancialreporting.AssessClientBusinessRiskInq55PerformPreliminaryAnalyticalProceduresAuditorsperformpreliminaryanalyticalprocedurestobetterunderstandtheclient’sbusinessandtoassessclientbusinessrisk.PerformPreliminaryAnalytical56PerformPreliminaryAnalyticalProceduresSuchpreliminarytestscanrevealunusualchangesinratioscomparedtoprioryears,ortoindustryaverages,andhelptheauditoridentifyareaswithincreasedriskofmisstatementsthatrequirefurtherattentionduringtheaudit.PerformPreliminaryAnalytical57AnalyticalProcedures分析程序Analyticalproceduresusecomparisonsandrelationshipstoassesswhetheraccountbalancesorotherdataappearreasonablerelativetotheauditor’sexpectations.AnalyticalProcedures分析程序Analy58AnalyticalProceduresTheemphasisinthedefinitionofanalyticalproceduresisonexpectationsdevelopedbytheauditor.AnalyticalProceduresTheempha59AnalyticalProceduresPerformedatthreetimes:Requiredintheplanningphasetoassistindeterminingthenature,extent,andtimingofauditprocedures.AnalyticalProceduresPerformed60AnalyticalProceduresPerformedatthreetimes:Oftendoneduringthetestingphaseoftheauditasasubstantivetestinsupportofaccountbalances.AnalyticalProceduresPerformed61AnalyticalProceduresPerformedatthreetimes:Requiredduringthecompletionphaseoftheaudit.Figure8-6inp.187AnalyticalProceduresPerformed62FiveTypesofAnalyticalProceduresAuditorscompareclientdatawith:IndustrydataSimilarprior-perioddataClient-determinedexpectedresultsAuditor-determinedexpectedresultsExpectedresultsusingnonfinancialdataFiveTypesofAnalyticalProce63CommonFinancialRatiosShort-termDebt-PayingAbilityCashratioQuickratioCurrentratioCommonFinancialRatiosShort-t64CommonFinancialRatiosLiquidityActivityRatioAccountsreceivableturnover,DaystocollectreceivablesInventoryturnover,DaystosellinventoryCommonFinancialRatiosLiquidi65CommonFinancialRatiosAbilitytoMeetLong-termDebtObligationsDebttoequityTimesinterestearnedCommonFinancialRatiosAbility66CommonFinancialRatiosProfitabilityratiosEarningspershareGrossprofitpercentProfitmarginReturnonassetsReturnoncommonequityCommonFinancialRatiosProfita67Chapter8

AuditPlanningandAnalyticalProceduresChapter8

AuditPlanningandA68PlanningThefirstgenerallyacceptedauditingstandardoffieldworkrequiresadequateplanning.Theauditormustadequatelyplantheworkandmustproperlysuperviseanyassistants.PlanningThefirstgenerallya69PlanningReasons:Enabletheauditortoobtainsufficientappropriateevidenceforthecircumstances.Helpkeepauditcostsreasonable.Avoidmisunderstandingswiththeclient.PlanningReasons:70PlanningFigure8-1inp.173presentstheeightmajorpartsofauditplanning.Acceptableauditrisk.Inherentrisk.PlanningFigure8-1inp.173p71PlanningAcceptableauditrisk.可接受的審計(jì)風(fēng)險(xiǎn)Ameasureofhowwillingtheauditoristoacceptthatthefinancialstatementsmaybemateriallymisstatedaftertheauditiscompletedandanunqualifiedopinionhasbeenissued.PlanningAcceptableauditrisk72PlanningInherentrisk固有風(fēng)險(xiǎn)Ameasureoftheauditor’sassessmentofthelikelihoodthattherearematerialmisstatementsinanaccountbalancebeforeconsideringtheeffectivenessofinternalcontrol.PlanningInherentrisk固有風(fēng)險(xiǎn)73PlanningAssessingacceptableauditriskandinherentriskisanimportantpartofauditplanningbecauseithelpsdeterminetheamountofevidencethatwillneedtobeaccumulatedandstaffassignedtotheengagement.PlanningAssessingacceptable74AcceptClientandPerformInitialAuditPlanningInitialauditplanninginvolvesfourthings:Theauditordecideswhethertoacceptanewclientorcontinueservinganexistingone.Theauditoridentifieswhytheclientwantsorneedsanaudit.AcceptClientandPerformInit75AcceptClientandPerformInitialAuditPlanningInitialauditplanninginvolvesfourthings:Theauditorobtainsanunderstandingwiththeclientaboutthetermsoftheengagement.Theauditordevelopsanoverallstrategyfortheaudit,includingengagementstaffingandanyrequiredauditspecialists.AcceptClientandPerformInit76AcceptClientandPerformInitialAuditPlanningClientacceptanceandcontinuance:Newclientinvestigation.Continuingclients.AcceptClientandPerformInit77AcceptClientandPerformInitialAuditPlanningNewclientinvestigation.Beforeacceptinganewclient,mostCPAfirmsinvestigatethecompanytodetermineitsacceptability.AcceptClientandPerformInit78AcceptClientandPerformInitialAuditPlanningNewclientinvestigation.Examiningtheprospectiveclient’sstandinginthebusinesscommunity,financialstability,andrelationswithitspreviousCPAfirm.AcceptClientandPerformInit79AcceptClientandPerformInitialAuditPlanningNewclientinvestigation.TheCPAfirmmustalsodeterminethatithasthecompetency,suchasindustryknowledge,toaccepttheengagementandthatthefirmcansatisfyallindependencerequirements.AcceptClientandPerformInit80AcceptClientandPerformInitialAuditPlanningNewclientinvestigation.ForprospectiveclientsthathavepreviouslybeenauditedbyanotherCPAfirm,thenew(successor)auditorisrequiredbyauditingstandardstocommunicatewiththepredecessorauditor.AcceptClientandPerformInit81AcceptClientandPerformInitialAuditPlanningNewclientinvestigation.Theburdenofinitiatingthecommunicationrestswiththesuccessorauditor,butthepredecessorauditorisrequiredtorespondtotherequestforinformation.AcceptClientandPerformInit82AcceptClientandPerformInitialAuditPlanningNewclientinvestigation.Thepredecessorauditorobtainpermissionfromtheclientbeforethecommunicationcanbemade.AcceptClientandPerformInit83AcceptClientandPerformInitialAuditPlanningNewclientinvestigation.Ifaclientwillnotpermitthecommunicationorthepredecessorwillnotprovideacomprehensiveresponse,thesuccessorshouldseriouslyconsiderthedesirabilityofacceptingaprospectiveengagement.AcceptClientandPerformInit84AcceptClientandPerformInitialAuditPlanningNewclientinvestigation.Whentherehasbeennopreviousauditor,whenapredecessorauditorwillnotprovidethedesiredinformation,orifanyindicationofproblemsarisesfromthecommunication,auditorcangatheringinformationfromlocalattorneys,otherCPAs,banks,andotherbusinesses,evenhireaprofessionalinvestigation.AcceptClientandPerformInit85AcceptClientandPerformInitialAuditPlanningContinuingClientsManyCPAfirmsevaluateexistingclientsannuallytodeterminewhethertherearereasonsfornotcontinuingtodotheaudit.AcceptClientandPerformInit86AcceptClientandPerformInitialAuditPlanningInvestigatingnewclientsandreevaluatingexistingonesisanessentialpartofdecidingacceptableauditrisk.AcceptClientandPerformInit87AcceptClientandPerformInitialAuditPlanningIdentifyClient’sReasonsforAuditTwomajorfactorsaffectingacceptableauditriskarethelikelystatementusersandtheirintendedusesofthestatements.AcceptClientandPerformInit88AcceptClientandPerformInitialAuditPlanningIdentifyClient’sReasonsforAuditThemostlikelyusesofthestatementscanbedeterminedfrompreviousexperiencewiththeclientanddiscussionswithmanagement.AcceptClientandPerformInit89AcceptClientandPerformInitialAuditPlanningObtainanUnderstandingwiththeClientAclearunderstandingofthetermsoftheengagementshouldexistbetweentheclientandtheCPAfirm.AcceptClientandPerformInit90AcceptClientandPerformInitialAuditPlanningObtainanUnderstandingwiththeClientEngagementletter:engagement’sobjectives,theresponsibilitiesoftheauditorandmanagement,andtheengagement’slimitations.Figure8-2inp.176AcceptClientandPerformInit91AcceptClientandPerformInitialAuditPlanningDevelopOverallAuditStrategyTheplannedstrategyhelpstheauditordeterminetheresourcesrequiredfortheengagement,includingengagementstaffing.AcceptClientandPerformInit92AcceptClientandPerformInitialAuditPlanningDevelopOverallAuditStrategySelectstaffforengagement.TheauditormusthaveadequatetechnicaltrainingandproficiencytoperformtheauditAcceptClientandPerformInit93AcceptClientandPerformInitialAuditPlanningDevelopOverallAuditStrategyEvaluateneedforoutsidespecialists.Theauditorneedstoevaluatethespecialist’sprofessionalqualificationsandunderstandtheobjectivesandscopeofthespecialist’swork.AcceptClientandPerformInit94AcceptClientandPerformInitialAuditPlanningDevelopOverallAuditStrategyEvaluateneedforoutsidespecialists.Theauditorshouldalsoconsiderthespecialist’srelationshiptotheclient.AcceptClientandPerformInit95AcceptClientandPerformInitialAuditPlanningDevelopOverallAuditStrategyEvaluateneedforoutsidespecialists.Theuseofaspecialistdoesnotaffecttheauditor’sresponsibilityfortheauditandtheauditreportshouldnotrefertothespecialist.AcceptClientandPerformInit96UnderstandtheClient’sBusinessandIndustry了解審計(jì)客戶的業(yè)務(wù)和行業(yè)Thesecondstandardoffieldworkstates:Theauditormustobtainasufficientunderstandingoftheentityanditsenvironment,includingitsinternalcontrol,toassesstheriskofmaterialmisstatementofthefinancialstatementswhetherduetoerrororfraud,andtodesignthenature,timing,andextentoffurtherauditprocedures.UnderstandtheClient’sBusine97UnderstandtheClient’sBusinessandIndustryThenatureoftheclient’sbusinessandindustryaffectsclientbusinessriskandtheriskofmaterialmisstatementsinthefinancialstatements.UnderstandtheClient’sBusine98UnderstandtheClient’sBusinessandIndustryFigure8-3inp.179:Strategicsystemsunderstandingoftheclient’sbusinessandindustry.UnderstandtheClient’sBusine99UnderstandtheClient’sBusinessandIndustryIndustryandexternalenvironment.Businessoperationsandprocesses.Managementandgovernance.Objectivesandstrategies.Measurementandperformance.UnderstandtheClient’sBusine100UnderstandtheClient’sBusinessandIndustryIndustryandexternalenvironment.Threeprimaryreasons:Risksassociatedwithspecificindustriesmayaffecttheauditor’sassessmentofclientbusinessriskandacceptableauditriskandmayeveninfluenceauditorsagainstacceptingengagementsinriskierindustries.UnderstandtheClient’sBusine101UnderstandtheClient’sBusinessandIndustryIndustryandexternalenvironment.Threeprimaryreasons:Certaininherentrisksarecommontoallclientsincertainindustries.Manyindustrieshaveuniqueaccountingrequirements.UnderstandtheClient’sBusine102UnderstandtheClient’sBusinessandIndustryBusinessOperationsandProcesses.Theauditorshouldunderstandfactorssuchasmajorsourcesofrevenue,keycustomersandsuppliers,sourcesoffinancing,andinformationaboutrelatedpartiesthatmayindicateareasofincreasedclientbusinessrisk.UnderstandtheClient’sBusine103UnderstandtheClient’sBusinessandIndustryBusinessOperationsandProcesses.Tourtheplantandoffices.Observeoperationsfirsthandandmeetkeypersonnel.Discussionswithnonaccountingemployees.Identifyinherentrisk.UnderstandtheClient’sBusine104UnderstandtheClient’sBusinessandIndustryBusinessOperationsandProcesses.Identifyrelatedparties.Transactionswithrelatedpartiesareimportanttoauditorsbecauseaccountingstandardsrequirethattheybedisclosedinthefinancialstatementsiftheyarematerial.UnderstandtheClient’sBusine105UnderstandtheClient’sBusinessandIndustryBusinessOperationsandProcesses.Identifyrelatedparties.Arelatedparty

is

definedasanaffiliatedcompany,aprincipalowneroftheclientcompany,oranyotherpartywithwhichtheclientdeals,whereoneofthepartiescaninfluencethemanagementoroperatingpoliciesoftheother.UnderstandtheClient’sBusine106UnderstandtheClient’sBusinessandIndustryBusinessOperationsandProcesses.Identifyrelatedparties.Arelatedpartytransactionisanytransactionbetweentheclient

andarelatedparty.UnderstandtheClient’sBusine107UnderstandtheClient’sBusinessandIndustryBusinessOperationsandProce

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