Principles of Auditing , An Introduction to International Standards on Auditing
Second Edition

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Second Edition

PRINCIPLES OF AUDITING

An Introduction to International Standards on Auditing

Rick Hayes

California State University, Los Angeles

Roger Dassen

Deloitte Touche, Amsterdam

International Auditing and Assurance Standards Board (IAASB) Free University of Amsterdam, University of Maastrict

Arnold Schilder

The Netherlands Central Bank

Basel Committee of Banking Supervisions Accounting Task Force University of Amsterdam

Philip Wallage

KPMG, Amsterdam University of Amsterdam

Pearson Education Limited

Edinburgh Gate Harlow

Essex CM20 2JE England

and Associated Companies throughout the world

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First published by McGraw-Hill Publishing Company 1999

Second edition published by Pearson Education Limited 2005

Copyright © ۱۹۹۹ by McGraw-Hill International (UK) Limited

© Pearson Education Limited 2005

The rights of Rick Hayes, Roger Dassen, Arnold Schilder and Philip Wallage to be identified as authors of this work have been asserted by them in accordance with the Copyright, Designs, and Patents Act 1988.

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without either the prior written permission of the Publishers or a licence permitting restricted copying in the United Kingdom issued by the Copyright Licensing Agency Ltd, 90 Tottenham Court Road, London W1T 4LP.

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ISBN 0 273 68410 8

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Typeset in 10.5/12.5 pt Minion by 25.

Printed and bound in Great Britain by Ashford Colour Press Ltd. Gosport.

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List of illustrations                                                                            xi

Foreword by                                                                                      xv

Preface                                                                                           xvii

Acknowledgements                                                                          xix

• Learning Objectives 1
• Auditing through World History 2
• The Auditor, Corporations and Financial Information 3
• International Accounting and Auditing Standards 5
• An Audit Defined 10
• Types of Audits 14
• Types of Auditors 16
• Setting Audit Objectives Based on Management Assertions 19
• The Audit Process Model 23
• International Public Accountancy Firms 28
• Summary 33
• Answers to Certification Exam Questions 35
• Notes 35
• Questions, Exercises and Cases 38

• Learning Objectives 43
• Introduction 44
• Theories on the Demand and Supply of Audit Services 44
• Audit Regulation 47
• Audit Firms 50
• Audit Quality and Audit Fee Determination 51
• Legal Liability 52
• Some Developments in the Audit Market 57
• Examples of Landmark Studies and Legislation that Influenced the

International Audit Market                                                         ۶۴

• Summary 67
• Answers to Certification Exam Questions 68

• Notes 69
• Questions, Exercises and Cases 71

• Learning Objectives 74
• What Are Ethics? 75
• The IFAC Code of Ethics for Professional Accountants 76
• Ethics Guidelines Applicable to All Accountants (Part A) 76
• Ethics Applicable to Professional Accountants in Public Practice (Part B) 82
• Independence Requirements 83
• Other Topics Applicable To Professional Accountants in Public Practice 94
• Applicable To Employed Professional Accountants (Part C) 101
• Enforcement of Ethical Requirements 104
• Future Developments 105
• Summary 106
• Answers to Certification Exam Questions 107
• Notes 108
• Questions, Exercises and Cases 110

• Learning Objectives 113
• International Framework for Auditor Services 114
• Elements of an Assurance Engagement 117
• General Considerations in An Assurance Engagement 124
• Audits and Reviews of Historical Financial Information 126
• Assurance Engagements Other than Historical Financial Information 136
• Related Services 146
• Summary 151
• Answers to Certification Exam Questions 153
• Notes 155
• Questions, Exercises and Cases 160

• Learning Objectives 164
• Client Acceptance: the First Step on the Journey to an Opinion 165
• Evaluate the Client’s Background 166
• Ability to Meet Ethical and Specific Competence Requirements 171
• Use of Other Professionals in the Audit 175
• Communicating With the Predecessor (Existing) Auditor 178
• Acceptance by the Client – The Engagement Proposal 179
• The Audit Engagement Letter 183

• Summary 186
• Answers to Certification Exam Questions 187
• Notes 188
• Questions, Exercises and Cases 190

  Understanding the Entity, Risk Assessment and Materiality 193

• Learning Objectives 193
• Planning – Phase II of the Audit Process Model 194
• Understanding the Entity and its Environment 197
• Based on the Evidence, Assess Risk; Types of Risk 208
• Planning Materiality 215
• Summary 220
• Answers to Certification Exam Questions 222
• Notes 223
• Questions, Exercises and Cases 225

• Learning Objectives 229
• Introduction 230
• Internal Control Defined 230
• The Importance of Internal Control 232
• Components of Internal Control 235
• Control Environment 236
• Risk Assessment 245
• Information Systems, Communication, and Related Business Processes 247
• Control Activities (Control Procedures) 251
• Monitoring of Controls 256
• Design of Internal Controls 259
• Summary 261
• Answers to Certification Exam Questions 263
• Notes 264
• Questions, Exercises and Cases 267

  Control Risk, Audit Planning and Test of Controls                                                                              ۲۷۲

• Learning Objectives 272
• Understanding, Assessing and Testing Internal Controls 274
• Understanding of Internal Controls and Documentation 274
• Assessing Control Risk 286
• Overall Responses to Assessed Risk 290
• Prepare Planning Memorandum and Audit Plan 293
• Tests of Controls 296

• Evaluate Sufficiency and Appropriateness of Audit Evidence 304
• Summary 305
• Answers to Certification Exam Questions 307
• Notes 309
• Questions, Exercises and Cases 310

• Learning Objectives 317
• Introduction 318
• The Analytical Review Process 319
• Formulating Expectations 324
• General Analytical Procedures 326
• Analytical Procedures During Different Phases In The Audit Process 333
• Analytical Procedures As Substantive Tests 335
• Computer Assisted Audit Techniques (CAATs) and

Generalized Audit Software (GAS)                                                  ۳۳۷

• Analytical Procedures Using Data Mining Techniques 341
• Follow-Up In Case Of Unexpected Deviations 343
• Summary 343
• Answers to Certification Exam Questions 345
• Notes 346
• Questions, Exercises and Cases 348

• Learning Objectives 352
• Introduction 353
• The Basis of Evidence 354
• Sufficient Appropriate Audit Evidence 358
• Substantive Audit Procedures 364
• Audit Procedures for Obtaining Audit Evidence 368
• Summary 380
• Answers to Certification Exam Questions 382
• Notes 384
• Questions, Exercises and Cases 385

Appendix to Chapter 10

Audit Sampling and Other Selective Testing Procedures                 ۳۹۱

• Preface 391
• Introduction 392
• Definitions 392
• Audit Evidence 397
• Selecting Items for Testing to Gather Audit Evidence 400
• Statistical versus Non-Statistical Sampling Approaches 401

• Design of the Sample 402
• Answers to Certification Exam Questions 417
• Notes 418
• Questions, Exercises and Cases 419

• Learning Objectives 421
• Introduction 423
• Quality Control 424
• Evaluate Governance Evidence 430
• Review for Discovery of Subsequent Events 441
• Review Financial Statements and Other Report Material 445
• Wrap-Up Procedures 448
• Going Concern Issues 455
• Matters for Attention of Partners (MAPs) 457
• Reports to The Board of Directors 458
• Summary 460
• Answers to Certification Exam Questions 461
• Notes 463
• Questions, Exercises and Cases 466

Appendix to Chapter 11

Audit Documentation and Working Papers                               ۴۷۳

• Introduction 473
• Form and Content of the Working Papers 475
• Document Retention 477
• Permanent and Current Files 478
• Preparation of Working Papers 483
• Adjusting Entry 485
• Summary 486
• Notes 487
• Questions, Exercises and Cases 489

• Learning Objectives 490
• Introduction 491
• Basic Elements of the Auditor’s Report 493
• Types of Reports Expressing Audit Opinions 499
• Matters that Do Not Affect the Auditor’s Opinion (Modification of an

Auditor’s Report Containing an Unqualified Opinion)                ۵۰۵

• Circumstances That May Result in Other Than an Unqualified Opinion 511
• Uncertainties Leading to Qualification of Opinions 516
• Communications with those Charged with Governance 520

• Long-Form Audit Report 523
• XBRL and Continuous Reporting 525
• Summary 528
• Answers to Certification Exam Questions 530
• Notes 531
• Questions, Exercises and Cases 534

• Learning Objectives 541
• Introduction 542
• You are the Audit Manager 542
• The Audit Planning Memorandum – Strategy Part 548
• The Audit Planning Memorandum – Plan Part 554
• Audit Program (Audit Plan) 557
• Completion Memorandum 575
• Summary 580
• Answers to Certification Exam Questions 581
• Notes 583
• Questions, Exercises and Cases 584

• Learning Objectives 592
• Introduction 593
• The Nature of Corporate Governance 593
• Causes of Current Corporate Governance Discussions 597
• Corporate Governance Structures 602
• Corporate Governance Committees and Reports 604
• Best Practice from a Global Perspective 606
• Corporate Governance and the Role of the Auditor 617
• Summary 624
• Answers to Certification Exam Questions 626
• Notes 627
• Questions, Exercises and Cases 630

Appendix A to Chapter 14

The Combined Code (UK): An Example of Auditors’ Review of Corporate Governance Best Practice                                                                               ۶۳۲

Appendix B to Chapter 14

Governance and Auditing in a Public Interest Context                                                                                               ۶۳۶

Glossary                                                                                                                  ۶۴۴

Index                                                                                                                  ۶۸۳

• List of International Standards on Auditing 8
• Types of Audit 15
• Auditor Certification Designations Around the World 18
• Financial Statement Assertions, Definitions and Procedures for Auditing Receivables 21
• Audit Process Model 24
• Developing and Audit Program 26
• The Organizational Hierarchy of a Typical International Auditing Firm 28

• An Illustration of Four Theories of Auditing 45
• Objectives of the COSO Report 65

• Ethical Principles 75
• Three-Part Framework of IFAC Ethics Code 77
• Independence in the Sarbanes-Oxley Act of 2002 84
• Application of Ethics to Specific Situations (Topic and Applicable Paragraph

in the Code of Ethics for Professional Accountants)                                                                                                  ۸۶

• Identification of Potential Threats to Auditors Independence 87
• Examples of Safeguards Within Audit Firms 92
• Considerations of Fees Charged to Clients 95
• Considerations Concerning Incompatible Activities and Advertising 96
• Considerations for Handling Clients’ Monies 97
• Considerations Concerning Relations with Other Professional Accountants 98
• Procedures to Change Auditors 99

• Assurance Engagements and Related Services 115
• Context Data Flow Diagram of Assurance Engagement Elements 118
• Data Flow Diagram Assurance Engagement Elements and Engagement

Sub-Processes                                                                                                  ۱۱۹

• Assurance Report Basic Elements 125
• Form of Unqualified Review Report 128
• Reports on Special Purpose Audit Engagements 130
• Form of Examples of Reports on Financial Statements Prepared in Accordance with a Comprehensive Basis of Accounting other than

International Accounting Standards or National Standards                                                                                                  ۱۳۲

• Report on Components of Financial Statements –

Schedule of Accounts Receivable                                                                                                  ۱۳۳

• Report on Compliance 134

• Report on Summarized Financial Statements When an Unqualified Opinion

Was Expressed on the Annual Audited Financial Statements                                                                                                      ۱۳۶

• Prospective Financial Report Examples 139
• Illustrative Report Expressing An Unqualified Opinion On Management’s Assessment Of The Effectiveness Of Internal Control Over Financial Reporting (Separate Report) 141
• “Year at a Glance” from The Shell Report 143
• Auditor’s assurance on the Shell’s Sustainability Report 145
• Example of a Report of Factual Findings in Connection with Accounts Payable 148
• Examples of Compilation Reports 150
• Standard Audit Process Model – Phase I Client Acceptance 165
• Sources of Information for Client Evaluation 167
• Three Major Influences on the Continuance of the Relationship 169
• Sample Table of Contents of New Client Proposal 181
• Sample Audit Engagement Letter 185
• Audit Process Model 195
• Overview of the Proposed ISAs 196
• Global Systems Perspective on Client Business Risk 199
• Industry, Regulatory And Other External Factors, Including The Applicable

Financial Reporting Framework Auditors Should Consider                                                                                                      ۲۰۰

• Considerations When Obtaining An Understanding Of The Nature Of

The Entity                                                                                                      ۲۰۲

• Entity Level Business Model 203
• Examples of Legal documents and Records to Consider in the Context of Understanding the Entity’s Nature 204
• Considerations Concerning Entity Objectives, Strategies And Related

Business Risks                                                                                                      ۲۰۶

• Measurement and Review of the Entity’s Financial Performance 206
• Important Characteristics of Analytical Procedures at Three Audit Stages 207
• Documentation Formats for Strategic Risk and Significant Classes of

Transactions                                                                                                      ۲۰۹

• Components of Audit Risk 212
• Interrelationship of the Components of Audit Risk 212
• Relationship between Inherent, Control and Detection Risk 213
• Inverse Relationship Between Materiality and Audit Risk 217
• Components of Internal Control – COSO Report 232
• Components of Internal Control Structure 236
• Organizational Chart Segregation Of Duties And Assignment Of Authority

And Responsibility                                                                                                      ۲۴۱

• Factors on Which to Assess Internal Control Environment 244
• Risk Assessment Blank Evaluation Tool 245
• Typical Input, Subsystems and Output of an Information System 248
• Overview of Segregation of Duties 254
• Overall Internal Control Evaluation Tool 258

LIST OF ILLUSTRATIONS

• The Process of Auditing Based on Internal Controls 273
• Examples of Factors That Affect the Nature and Extent of Procedures for

an Understanding Sufficient to Plan the Audit                                                                                                  ۲۷۶

• Effect of Account Characteristics on the Auditor’s Understanding of the

Internal Control System                                                                                                  ۲۷۷

• Narrative Description of the Control Environment 281
• Internal Control Narrative (Table) Documentation 282
• Internal Control Questionnaire Documentation 283
• Checklist Documentation 284
• Internal Control Flow Chart Revenue Cycle 285
• Sample Audit Plan (Audit Program) – Accounts Receivable 295
• The Analytical Review Process 322
• Five Types of Ratio Analysis 327
• Standard Client and Industry Ratios 328
• Indications that the Going Concern Assumption Might be Questioned 330
• The Four-Phase Analytical Review Process Using GAS 340
• Legal Evidence and Audit Evidence 355
• Financial Statement Assertions Grouped by Substantive Test Areas 356
• The Quality of Audit Evidence 359
• Sufficient Appropriate Audit Evidence 360
• Reliability of Evidence 361
• Audit Procedures (Evidence Gathering Techniques) 369
• Confirmation 375
  • Minimum sample size to detect 5 percent error 408
  • IDEA Audit Software Screen to Determine Sample Size 409
  • Error Projection 414
  • IDEA Evaluation of Sample Results 416
• Audit Process Model – Phase Flow Diagram 422
• Audit Process Model – Phase IV Evaluation and Reporting 423
• Responsibilities of the Engagement Partner 428
• Legal Letter 432
• Management Representation Letter 436
• Circumstances That May Indicate Unidentified Related Parties 440
• Procedures to Identify Related Parties Transactions 441
• Procedures to Identify Events That May Require Adjustment of,

or Disclosure in, the Financial Statements                                                                                                  ۴۴۴

• Financial Statement Disclosure Checklist: Inventory 446
• Typical Wrap-up Procedures 449
• Review Checklist 450
• Independent Review Checklist 452
• Indications that the Going Concern Assumption Might be Questioned 456
• Summary of Audit Process Documents 459
  • Significant Findings or Issues Documented 474
  • Sample Work Papers – Permanent File Contents 479

• Sample Work Papers – Current File 480
• Sample Work Papers – Account Analysis Schedule 482
• Sample Work Papers – Interest and Long-term Debt Work Paper 484
• Example of Digit-Position Indexing 485

• Certification of Schlumberger Financial Statements by Corporate Officers 492
• Sample Wording – Auditor’s Unqualified Report 497
• Sample US Unqualified Report and Management’s Report on Responsibility

for Financial Reporting for Wm. Wrigley Jr. Company                                                                                                      ۴۹۸

• Sample Wording – Limitation on Scope Qualified Opinion 503
• Sample Wording – Inadequate Disclosure Adverse Opinion 504
• Sample Wording – Limitation of Scope Disclaimer of Opinion 505
• Sample Wording – Auditor’s Unqualified Report with Legal Uncertainty

Emphasis of Matter Paragraph                                                                                                      ۵۰۶

• Sample Wording – Auditor’s Unqualified Report with Going Concern

Emphasis of Matter Paragraph                                                                                                      ۵۰۷

• Intel’s 2002 Unqualified Audit (Report with Change in Accounting Methods Emphasis of Matter Paragraph 508
• Dell’s 2002 Unqualified Audit Report with Change in Revenue Recognition Emphasis of Matter Paragraph 509
• Sample Wording – Auditor’s Qualified Report for Non-Disclosure of Going

Concern Problem                                                                                                      ۵۱۰

• Disagreement on Accounting Policies – Inappropriate Accounting Method

Qualified Opinion                                                                                                      ۵۱۴

• Disagreement on Accounting Policies – Inadequate Disclosure Qualified

Opinion                                                                                                      ۵۱۵

• Example of XBRL-Coded Data 526
• Contents of Group Audit Instructions 543
• Subsidiaries Important to the Audit 545
• HOT and Subsidiaries 546
• Contents of Audit Planning Memorandum – Strategy Part 549
• Contents of Audit Planning Memorandum – Plan Part 553
• Audit Program 557
• Contents of Completion Memorandum 575
• Outline of Management Letter to Local 577
• Summary of Unadjusted Audit Differences Found in the Audit 579
• Causes of Current Discussions 598
• Corporate Governance Structures 603
• Corporate Governance Committees and Reports 604
• Current and Future Business Reporting Models 616
• Next Steps Enhanced Business Reporting 617

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