ACCA/CAT

ENTITY’S RISK ASSESSMENT PROCESS

Auditors should assess whether the entity has a process to identify the business risks relevant to financial reporting objectives, estimate the significance of them, assess the likelihood of the risks occurrence, and decide actions to address the risks. If auditors have identified such risks, then auditors should evaluate the reasons why the risk assessment process failed to identify the risks, determine whether there is significant deficiency in internal controls in identifying the risks, and discuss with the management.

THE INFORMATION SYSTEM, INCLUDING THE RELEVANT BUSINESS PROCESSES, RELEVANT TO FINANCIAL REPORTING AND COMMUNICATION

Auditors should also obtain an understanding of the information system, including the related business processes, relevant to financial reporting, including the following areas:

? The classes of transactions in the entity’s operations that are significant to the financial statements. The procedures that transactions are initiated, recorded, processed, corrected as necessary, transferred to the general ledger and reported in the financial statements.

? How the information system captures events and conditions that are significant to the financial statements.

? The financial reporting process used to prepare the entity’s financial statements.

? Controls surrounding journal entries.

? Understand how the entity communicates financial reporting roles, responsibilities and significant matters to those charged with governance and external – regulatory authorities.

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2015年ACCA考试《审计》辅导2

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