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首页 PL888431_Activity2_0_RiskAssessment_TPA_Group i-…

PL888431_Activity2_0_RiskAssessment_TPA_Group i-buttons.pdf

PL888431_Activity2_0_RiskAssess…

阳光下的维娜斯
2012-05-06 0人阅读 举报 0 0 0 暂无简介

简介:本文档为《PL888431_Activity2_0_RiskAssessment_TPA_Group i-buttonspdf》,可适用于领域

ABCDeAudITActivity–RiskAssessmentApplicableWorkflow:InternationalFSAGroupAuditJuly©KPMGInternationalCooperative(“KPMGInternational”),aSwissentityMemberfirmsoftheKPMGnetworkofindependentfirmsareaffiliatedwithKPMGInternationalKPMGInternationalprovidesnoclientservicesNomemberfirmhasanyauthoritytoobligateorbindKPMGInternationaloranyothermemberfirmvisàvisthirdparties,nordoesKPMGInternationalhaveanysuchauthoritytoobligateorbindanymemberfirmAllrightsreservedABCDi©KPMGInternationalCooperative(“KPMGInternational”)KPMGInternationalprovidesnoclientservicesandisaSwissentitywithwhichtheindependentmemberfirmsoftheKPMGnetworkareaffiliatedContentsMaterialityMateriality•Materiality(roundedasappropriate)IFSAGAa•AretheresignificantaccountsordisclosuresthatwillbeauditedusingalowerMaterialitybecauseofusers’expectationsneedsIFSAGAc•PerformanceMateriality(roundedasappropriate)IFSAGAe•AMPT(roundedasappropriate)IFSAGAgMateriality–ComponentAuditor•AuditMisstatementPostingthreshold(AMPT)IFSAGAa•ComponentMaterialityIFSAGAcMateriality–GroupAuditor•ComponentMaterialityIFSAGAa•AMRT(roundedasappropriate)IFSAGAcMaptoFinancialProcess•AuditMisstatementPostingthreshold(AMPT)atthecomponentlevelIFSAGAaMappingtoAuditProgram•OnlymapSignificantAccountsDisclosuresthathavebeenselectedinSelectProcess(es)andorauditprogram(s)toauditprogramsIFSAGAaEntityanditsEnvironmentIndustryandotherExternalFactors•Documentthekeyelementsofourunderstandingoftheentity’sIndustryandOtherExternalfactorsSuchdocumentationincludeselementswhicharerelatedtotheidentificationandassessmentofrisksandtothedesignoffurtherauditproceduresConsiderthefactorsandotherguidanceintheibuttonIFSAGAaABCDii©KPMGInternationalCooperative(“KPMGInternational”)KPMGInternationalprovidesnoclientservicesandisaSwissentitywithwhichtheindependentmemberfirmsoftheKPMGnetworkareaffiliatedLawsandRegulationsOperations•Documentthekeyelementsofourunderstandingoftheentity’soperationSuchdocumentationincludeselementswhicharerelatedtotheidentificationandassessmentofrisksandtothedesignoffurtherauditproceduresConsiderthefactorsandotherguidanceintheibuttonIFSAGAaOwnershipandGovernance•Documentthekeyelementsofourunderstandingoftheentity’sownershipandgovernance,investmentsandstructuresandfinancingSuchdocumentationincludeselementswhicharerelatedtotheidentificationandassessmentofrisksandtothedesignoffurtherauditproceduresConsiderthefactorsandotherguidanceintheibuttonIFSAGAaAccountingPolicies•Documentthekeyelementsofourunderstandingoftheentity’saccountingpoliciesandpractices,includingthereasonforanyyesanswersaboveSuchdocumentationincludeselementswhicharerelatedtotheidentificationandassessmentofrisksandtothedesignoffurtherauditproceduresConsiderthefactorsandotherguidanceintheibuttonIFSAGAaObjectivesandStrategies•Documentthekeyelementsofourunderstandingoftheentity’sobjectivesandstrategiesandthoserelatedbusinessrisksthatmayresultinriskofmaterialmisstatementSuchdocumentationincludeselementswhicharerelatedtotheidentificationandassessmentofrisksandtothedesignoffurtherauditproceduresConsiderthefactorsandotherguidanceintheibuttonIFSAGAaEntityLevelControlsControlEnvironment•ControlEnvironmentIFSAGAaRiskAssessmentProcessABCDiii©KPMGInternationalCooperative(“KPMGInternational”)KPMGInternationalprovidesnoclientservicesandisaSwissentitywithwhichtheindependentmemberfirmsoftheKPMGnetworkareaffiliated•EntitywideRiskAssessmentProcessIFSAGAaCommunications•CommunicationsIFSAGAaMonitoringofControls•MonitoringofControlsIFSAGAaGroupandAuditRiskAssessmentActivitiesGroupAuditScoping•Documentthebenchmarkthreshold(s)thatwillusedtodeterminewhichcomponentsareofindividualfinancialsignificancetothegroup(optional)IFSAGAa•Component(s)thatarelikelytoincludesignificantrisk(s)ofmaterialmisstatementsoftheGroupFinancialStatementsIFSAGAa•Determinethework(ifany)tobeperformedontheremainingfinancialinformation,includingcomponentsthatarenotsignificantcomponentsIFSAGAa•(c)theanalyticalprocedurestobeperformedatthegrouplevelIFSAGAc•ConfirmthatKPMGmemberfirmwillauditpercentormoreofconsolidatedassetsorconsolidatedrevenue,andNonKPMGmember(s)willnothaveasubstantialroleinthegroupauditofapublicinterestentity(whenapplicable)IFSAGAa•TableIFSAGAcInstructionstoComponentAuditors•AreyouplanningtocompletetheGroupAuditInstructionstemplateineAudITIFSAGAa•AttachtheGroupAuditInstructionsandAppendicestothisactivityIFSAGAcUnderstandingtheComponentsAuditors•Listofcomponentsandcomponentauditors:IFSAGAc•CooperationIFSAGAe•PerformanceMaterialityIFSAGAaABCDiv©KPMGInternationalCooperative(“KPMGInternational”)KPMGInternationalprovidesnoclientservicesandisaSwissentitywithwhichtheindependentmemberfirmsoftheKPMGnetworkareaffiliated•DidallcomponentauditorsreportthattheyoperateinregulatoryenvironmentsthatactivelyoverseeauditorsIFSAGAg•Iseachcomponentauditor’sprofessionalcompetencesufficienttoperformtoworkrequestedbyusaspartofthegroupauditGAi•DothecomponentauditorsoperateinregulatoryenvironmentsthatactivelyoverseesauditorsIFSAGAkInvolvementinComponentAuditorWork•SignificantComponentsIFSAGAa•Hasasignificantrisk(s)oftheGroupfinancialstatementsbeenidentifiedbythecomponentauditor(s)IFSAGAcPlannedAuditApproachFinancialReportingProcess•ConsolidationIFSAGAaHigherLevelControls•DocumenthigherlevelcontrolsthatweplantorelyontoreduceoreliminatetestingofothercontrolsIFSAGAaRiskAssessmentandPlanningDiscussion•Document()thedateandtheparticipantsinthetablebelowand()thedecision(s)reachedfromtheriskassessmentandplanningdiscussionintherelevantactivitiesorintheTrackerIFSAGAa•Forthoseteammembers(includingKPMGspecialists)andotherengagementreviewers(includingEngagementQualityControlReviewer)thatwerenotinvolvedinthediscussion,wecommunicatedthefollowingmattersIFSAGAcABCD©KPMGInternationalCooperative(“KPMGInternational”)KPMGInternationalprovidesnoclientservicesandisaSwissentitywithwhichtheindependentmemberfirmsoftheKPMGnetworkareaffiliatedMaterialityMateriality•Materiality(roundedasappropriate)IFSAGAaGuidanceforGroupengagementteamGroupmaterialityRThegroupengagementteamshalldeterminethefollowing:•materialityforthegroupfinancialstatementsasawholewhenestablishingtheoverallgroupauditstrategyNote:ThegroupengagementteamshallusetheconsolidatedorcombinedamountsofthegroupwhendeterminingmaterialityforthegroupfinancialstatementsasawholeInthecontextofagroupaudit,materialityisestablishedforboththegroupfinancialstatementsasawhole,andforthefinancialinformationofthecomponentsMaterialityforthegroupfinancialstatementsasawholeisusedwhenestablishingtheoverallgroupauditstrategy•AretheresignificantaccountsordisclosuresthatwillbeauditedusingalowerMaterialitybecauseofusers’expectationsneedsIFSAGAcGuidanceforGroupengagementteamLowerMaterialitybecauseofusers’expectationsneedsRThegroupengagementteamshalldeterminethefollowing:•if,inthespecificcircumstancesofthegroup,thereareparticularaccountsordisclosuresinthegroupfinancialstatementsforwhichmisstatementsoflesseramountsthanmaterialityforthegroupfinancialstatementsasawholecouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthegroupfinancialstatements,thematerialitylevelorlevelstobeappliedtothoseparticularaccountsordisclosuresInthecontextofagroupaudit,materialityisestablishedforboththegroupfinancialstatementsasawhole,andforthefinancialinformationofthecomponentsMaterialityforthegroupfinancialstatementsasawholeisusedwhenestablishingtheoverallgroupauditstrategyABCD©KPMGInternationalCooperative(“KPMGInternational”)KPMGInternationalprovidesnoclientservicesandisaSwissentitywithwhichtheindependentmemberfirmsoftheKPMGnetworkareaffiliated•PerformanceMateriality(roundedasappropriate)IFSAGAeGuidanceforGroupengagementteamGroupaggregationriskandrespondingtogroupaggregationriskGroupaggregationriskistheriskthattheaggregateofuncorrectedandundetectedmisstatementsinthegroupfinancialstatementsexceedsmaterialityforthegroupfinancialstatementsasawholeRThegroupengagementteamshalldeterminethefollowingtorespondtogroupaggregationrisk:•performancematerialityatthegroupfinancialstatementlevelToreducegroupaggregationrisktoanappropriatelylowlevel,componentmaterialityandperformancematerialityeachshallbelowerthanmaterialityforthegroupfinancialstatementsasawholePerformancematerialityatthegroupfinancialstatementlevelThegroupengagementteamdeterminesperformancematerialityatthegroupfinancialstatementlevelforthepurposeofdeterminingthenature,timingandextentofauditingprocedurestobeperformedbythegroupengagementteam(egovertheconsolidationprocess)Whensignificantaccounts,disclosuresandrelevantassertionsaredeterminedatthegrouplevel,performancematerialityalsomaybehelpfulwithdetermining:•therisksofmaterialmisstatement(basedonthegroupfinancialstatements)thatmeritaresponseinthecontextofthegroupaudit,•thesignificantaccountsanddisclosuresandrelevantassertionsandthematerialaccountsthatarenotsignificantaccountsanddisclosures(basedonthegroupfinancialstatements)thatexist,Note:Allaccountbalancesanddisclosuresthatexceedperformancematerialitymaynotbesignificantaccountsordisclosures•theresponsetotheassessedrisksofmaterialmisstatementassociatedwithsignificantaccountsanddisclosuresandrelevantassertions(identifiedbasedonthegroupfinancialstatements)Respondingtogroupaggregationrisk–additionalconsiderationsGroupaggregationriskisalsoconsideredwhendesigningspecifiedauditprocedurestobeperformedonthefinancialinformationofacomponentaspartofthegroupauditThegroupengagementmayeither:•explicitlydetermineacomponentmaterialityandaperformancematerialityatthecomponentlevelfortherespectivecomponentanddesignthespecifiedauditproceduresusingthosematerialitythresholdsorABCD©KPMGInternationalCooperative(“KPMGInternational”)KPMGInternationalprovidesnoclientservicesandisaSwissentitywithwhichtheindependentmemberfirmsoftheKPMGnetworkareaffiliated•implicitlyconsidergroupaggregationriskinthedesignofthespecifiedauditprocedures•AMPT(roundedasappropriate)IFSAGAgGuidanceforGroupengagementteamGroupauditmisstatementpostingthresholdRThegroupengagementteamshallalsodeterminethefollowing:•thethresholdabovewhichmisstatementscannotberegardedasclearlytrivialtothegroupfinancialstatementsThisamountisreferredtoasthegroupauditmisstatementpostingthresholdMateriality–ComponentAuditor•AuditMisstatementPostingthreshold(AMPT)IFSAGAaGuidanceforComponentauditorComponentauditmisstatementpostingthresholdRWhereaKPMGcomponentauditorperformsanauditofthefinancialinformationofacomponent,includinganauditofoneormoreaccountbalancesordisclosuresincludedinthefinancialinformationofacomponent,aspartofthegroupaudit,theKPMGcomponentauditorshalldetermineanauditmisstatementpostingthresholdThecomponentauditmisstatementpostingthresholdshallnotexceedAMRTThecomponentauditorusescomponentmaterialitywhendeterminingthecomponentauditmisstatementpostingthresholdInaccumulatingauditmisstatementsoverthecomponentauditmisstatementpostingthreshold,thecomponentauditormayidentifyauditmisstatementsthatareindividuallylessthanAMRTThecomponentauditormaydetermine,basedonjudgment,thatcommunicatingamountsbelowAMRTtothegroupengagementteamisappropriateInthissituation,individualauditmisstatementsbelowAMRTmaybeaggregatedpriortocommunicationtothegroupengagementteamABCD©KPMGInternationalCooperative(“KPMGInternational”)KPMGInternationalprovidesnoclientservicesandisaSwissentitywithwhichtheindependentmemberfirmsoftheKPMGnetworkareaffiliated•ComponentMaterialityIFSAGAcGuidanceforComponentauditorComponentmateriality–fromthecomponentauditor’sperspectiveComponentmaterialityisusedwhenestablishingtheoverallauditstrategyforacomponentComponentmaterialityalsoisusedbythecomponentauditortoevaluatewhetheruncorrecteddetectedmisstatementsarematerial,individuallyorintheaggregateMateriality–GroupAuditor•ComponentMaterialityIFSAGAaGuidanceforGroupengagementteamGroupaggregationriskandrespondingtoGroupaggregationriskGroupaggregationriskistheriskthattheaggregateofuncorrectedandundetectedmisstatementsinthegroupfinancialstatementsexceedsmaterialityforthegroupfinancialstatementsasawholeRThegroupengagementteamshalldeterminethefollowingtorespondtogroupaggregationrisk:•componentmaterialityforthosecomponentswherecomponentauditorswillperformanaudit,areview,oranauditofoneormoreaccountbalancesordisclosuresforpurposesofthegroupauditToreducegroupaggregationrisktoanappropriatelylowlevel,componentmaterialityandperformancematerialityeachshallbelowerthanmaterialityforthegroupfinancialstatementsasawholeComponentmaterialityInmeetingtheaboverequirement,differentcomponentmaterialitymaybeestablishedfordifferentcomponentsComponentmaterialityneednotbeanarithmeticalportionofthematerialityforthegroupfinancialstatementsasawholeand,consequently,theaggregateofcomponentmaterialityforthedifferentcomponentsmayexceedthematerialityforthegroupfinancialstatementsasawholeComponentmaterialityisusedwhenestablishingtheoverallauditstrategyforacomponentFactorsthatmayinfluencetheextenttowhichcomponentmaterialityisestablishedatalevellowerthangroupmaterialitymayinclude•numberofcomponentsNote:Groupaggregationriskincreasesasthenumberofindividualcomponentsthatcompriseagroupincreases•natureandextentofmisstatementsexpectedinthecurrentperiodABCD©KPMGInternationalCooperative(“KPMGInternational”)KPMGInternationalprovidesnoclientservicesandisaSwissentitywithwhichtheindependentmemberfirmsoftheKPMGnetworkareaffiliatedNote:TheexpectationofalargernumberofmisstatementsatseveralcomponentsmayleadthegroupengagementteamtoconcludethatthereisahigherlevelofaggregationriskatthegroupfinancialstatementlevelForexample,ifthereisagreaterlikelihoodofindividuallyimmaterialmisstatementsremaininguncorrectedandundetectedbythecomponentauditorsthat,intheaggregate,mayexceedgroupmateriality,thegroupengagementteamwouldestablishlowerlevelsofcomponentmaterialityAlso,forexample,ifcontroldeficienciesareidentifiedincertaingroupwidecontrolsorfraudriskindicatorsatgroupmanagementlevelareidentified,thegroupengagementteammayconcludethatthereishighergroupaggregationrisk•natureandextentofaccountingjudgmentsmadeatcomponentsNote:Groupaggregationriskincreasesasthecomplexityoftheaccountingjudgmentsmadeatthecomponentsincreases•proportionofthegroupnotsubjecttoanaudit,arevieworspecifiedauditproceduresNote:Groupaggregationriskincreasesastheproportionofthegroupnotsubjecttoanaudit,arevieworspecifiedauditproceduresincreases•proportionofthegroupnotsubjecttostatutoryauditsNote:Statutoryauditsofcomponents’financialstatementsoftenareconductedbyapplyingalocallydeterminedmaterialitythatordinarilyislowerthancomponentmaterialitydeterminedbythegroupengagementteamforgroupauditpurposesTheperformanceofstatutoryauditsandreportingofresultstothegroupengagementteam,priortocompletionofthegroupaudit,mayreducegroupaggregationriskRespondingtogroupaggregationrisk–additionalconsiderationsInaddition,theremaybeparticularaccountsordisclosuresinthegroupfinancialstatementsforwhichmisstatementsoflesseramountsthanmaterialityforthegroupfinancialstatementsasawholecouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthegroupfinancialstatementsWhenthegroupengagementteamdetermineslowermaterialitylevelorlevelstobeappliedtothoseparticularaccountsordisclosures,thegroupengagementteammayalsodeterminelowercomponentmaterialitylevelorlevelstobeappliedtothoseparticularaccountsordisclosuresbycomponentauditorsNevertheless,thegroupengagementteamisrequiredtocommunicatethelowermaterialitylevelorlevelstocomponentauditorsComponentssubjecttoauditbystatute,regulationorotherreasonRIfacomponentissubjecttoauditbystatute,regulationorotherreason,andthegroupengagementteamdecidestousethataudittoprovideauditevidenceforthegroupaudit,thegroupengagementteamshalldeterminewhether:ABCD

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