Kế toán, kiểm toán - Chapter 12: Reports on audited financial statements

Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinChapter 12 Reports on Audited Financial StatementsThe television industry doesn’t like to see the complexity of the world. It prefers simple reporting, with simple ideas: this is white, that’s black; this is good, that’s bad. Filmmaker Krisztof Kieslowski 12-2Reports Accompanying Financial StatementsPrepared by AuditorOpinion on financial statements and related disclosures: Are F/S presented per applicable financial reporting framework (GAAP)?Opinion on internal control over financial reporting: Is I/C effective?Prepared by ManagementOpinion on internal control over financial reporting: Is I/C effective?12-3Types of Auditors’ ReportsStandard report Expresses an unqualified opinionUnqualified opinion with modified wordingF/S are in conformity with GAAPAdditional matters are disclosed in reportQualified opinion“Except for” some matter, F/S are in conformity with GAAPAdverse opinionF/S are not in conformity with GAAPDisclaimer of opinionNo opinion is issued by auditors12-4The Standard Report (Paragraphs)IntroductoryF/S and years examinedResponsibility of auditors and managementScopeAudit conducted in accordance with PCAOB standardsDescription of an audit (specific references to “test basis,” “materiality,” and “significant estimates”)Audit provides reasonable assuranceOpinion Are F/S presented in conformity with applicable financial reporting framework (GAAP)?Internal ControlReferences examination, report, and opinion on internal control12-5Independent Auditors’ Report (AS 5)Report of Independent Registered Public Accounting Firm To the Board of Directors and Shareholders DUNDER-MIFFLIN, INC. We have audited the accompanying balance sheets of DUNDER-MIFFLIN, INC. as of December 31, 2012 and 2011, and the related statements of income, shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2012. These financial statements are the responsibility of DUNDER-MIFFLIN, INC.'s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of DUNDER-MIFFLIN, INC. as of December 31, 2012 and 2011, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2011, in conformity with accounting principles generally accepted in the United States of America. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), DUNDER-MIFFLIN, INC.’S internal control over financial reporting as of December 31, 2012, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated January 29, 2012 expressed an unqualified opinion thereon. Michael Scarn, LLP Scranton, PA January 29, 2013 Report TitleReport AddressIntroductory ParagraphScope Paragraph Opinion ParagraphSignatureReport DateInternal Control Paragraph12-6Departures from GAAPIssue either qualified opinion or adverse opinion, depending upon materiality and pervasivenessOpinion paragraph modificationsQualified (“In our opinion, except for the matter discussed in the preceding paragraph,.”)Adverse (“financial statements do not present fairly”)Add paragraph discussing departure and amounts12-7Scope LimitationsIssue either qualified opinion or disclaimer, depending upon materiality and pervasivenessType of scope limitationCircumstance-imposed: Beyond auditors’ and client’s controlClient-imposed: Client specifically limits auditors’ procedures (more serious, disclaimer issued)12-8Scope Limitation: Qualified OpinionIssued when scope limitations are material, but not pervasiveReport Modifications: Introductory paragraph remains the sameScope paragraph: “Except as discussed in the following paragraph [the scope limitation], we conducted our audit”Add paragraph preceding the opinion paragraph describing the scope limitationModify opinion paragraph (“In our opinion, except for”)12-9Scope Limitation: Disclaimer of Opinion Pervasive scope limitation, usually client-imposed Significance of the limitation is such that auditors cannot gather sufficient appropriate evidence to form an opinionReport Modifications: Introductory paragraph: (“We were engaged to audit .”; omit auditors’ responsibility)Omit scope paragraphAdd paragraph preceding the opinion paragraph describing the scope limitation Modify opinion paragraph (“we do not express an opinion.”)May still issue opinion on internal control if no scope limitation on the examination of internal control12-10General Approach for Other MattersIssue unqualified opinion but add paragraph to report to discuss the matterEmphasis-of-matter paragraphs provide information related to users’ understanding of F/SOther-matter paragraphs provide information related to users’ understanding of audit, auditors’ responsibility, or auditors’ reportSituationsConsistencyGoing-concernRule 203 departures from GAAPDivision of responsibilityEmphasis of a matter12-11Division of ResponsibilityGroup auditors shouldVerify component auditors’ reputation and independenceCommunicate and coordinate with component auditorsOptionsTake responsibility for work: Standard reportName component auditorsPresent report of component auditors, only with their permissionRefer to component auditorsModify introductory, scope, and opinion paragraphs of reportStill express unqualified opinion, if appropriate12-12Association with Unaudited F/S Auditors permit use of name in communication including F/SIssue disclaimer of opinion (one paragraph)Do not mention auditing procedures performedMust identify any known departures from GAAP in the reportShould cover all unaudited prior-years’ financial statements12-13Comparative F/SContinuing AuditorsUpdate opinion by considering if previously-issued opinions still appropriateIf previously-issued opinions not appropriate, revise opinion in current reportPredecessor auditorsWith permission, auditors may present reissued report from predecessor on prior-years’ F/S along with their report on current F/SIf predecessors’ report not presented, auditors’ report must reference predecessors’ report and opinion on prior-years’ F/S12-14Information Accompanying F/SSummary financial statementsExpand report on full F/S to provide conclusion on summary F/S (in relation to full F/S)Other information (includes President’s letter, MD&A, and other information)“Exception-based” reportingConsider whether any inconsistencies affect opinion on F/SRequired supplementary informationRequired to perform limited proceduresExpand report on F/S to discuss procedures and issues encountered with engagement or information (if any)Disclaim an opinion on supplementary information12-15Reporting SummaryOpinionParagraphs modified/addedMaterialPervasiveIntroScopeOpinionAdd’lDeparture from GAAPQualifiedAdverse XXScope LimitationQualifiedDisclaimerXXXOther matters (Consistency, Going-concern, Rule 203, Emphasis of a matter)UnqualifiedUnqualifiedXOther matters (Division of responsibility when referencing work of component auditors)UnqualifiedUnqualifiedXXXMay issue disclaimer if:Lack of independenceAssociated with financial statementsMaterial and pervasive going-concern uncertainty12-16