회계 세무 공부/AICPA 공부 요약75 [AUD] Estimates, Related Parties, Going concern, Employee benefit plan Estimates 1. Completeness, All estimates developed - LCA, new transaction 2. Valuation, estimates are reasonable Evaluate reasonableness Cautions 1) understand how mgt develop 2) Review & test mgt's process 3) Develop own expectation ex) Aging schedule 4) Review subsequent events 1) Sensitive to variation 2) Inconsistence with the prior period 3) Susceptible to bias 3. Presentation and disclosur.. 2024. 3. 16. [AUD] Paybles, Long-term Debt, Owners Equity Payables Confirmation, Completeness sometimes omitted(not GAAP) sent to major suppliers, disputed accounts sample from a list of vendors, confirm zero balance Unrecorded liabilities, Completeness vendor's invoices and statement(YE, after YE) subsequent cash disbursement subsequent unpaid bills test unopened mail for a reasonable period of time after YE Long-term Debt Average Loan Balance + Inter.. 2024. 3. 16. [AUD] Property, Plant and Equipment Initiation & Execution of Equipment transactions - Request for major repairs - request for purchase of equipment re Acquisition - approved by BOD - vendor's invoice, special requisition form(P.O x) - deeds, tax bill, legal title Disposal - mathematical accuracy, recalculate gain/loss * problem with AD, large loss when asset retirement - disposal agreement, lien on plant equipment * Unrecorded re.. 2024. 3. 16. [AUD] Investments Securities: tradable financial assets Equity Security Fixed income(Bond) Commedities 0~20%: stock FV 21~50%: Equity Method 불입 investment / cash 손익변동 investment/ invest income 배당 cash / investment * divi income>divi record book Trading FV NI AFS FV OCI HTM amort X Gold, Silver Derivatives Possible risk, Loss > Disclose Custody Independent-3rd Party (Trust) Safe-deposit box - no direct contact to .. 2024. 3. 16. [AUD] Accounting cycles Sales cycle Cash receipt cycle Cash disbursement cycle Cash handling vs Record keeping vs Bank reconciliation each prepared by an independent individual Lapping ( Record keeping + custody of cash) Prevention Detection - segregation of duties - Lockbox - Monthly statement - Bank deposit slip Sales returns sales return: received & examined by the receiving department(shipping) Credit memo: reduce .. 2024. 3. 16. [AUD] Qualified Adverse Disclaimer modified reports summary table Qualified_FS issue(wrong) Qualified_Audit issue(scope limitation) NP Issuers NP Issuers O audit FS X company O audit FS of X compnay O audit FS of X company O audit FS of X company in our opinion except for discribed in B in our opinion except for ~ following par in our opinion except for the possible effects in our opinion except for the effects of the adjustments +add describ +add describ B +a.. 2024. 3. 15. [AUD] Emphasis of matter Required 1) After Basis 2) heading "Emphasis of Matter" 3) refer in FS note, change in detail 4) opinion is not modified Circumstances for Emphasis of matter 1. GAAS required 1) inconsistency in application of GAAP GAAP to GAAP > UM +EM - new accounting principle is GAAP - change is proper - disclosueres adequate - justified * changes in estimate, reclassification > UM (EM x) Correction of Error.. 2024. 3. 15. [AUD] Integrate report and Separate report for non issuer / issuer Non Issuer NP-FR NP-ICFR NP-integrate NP-Adverse Independent Auditor's R Independent Auditor's R Independent Auditor's R O Audit FS of X co. O audit ICFS of X co. O Audit FS of X co. Audit ICFS of X co in our opinion in our opinion~maintained effective ICFR as of in our opinion in our op~because of described in the B, has not M effective ICFR also audited w GAAS, FS, report date same as ICFR Aud.. 2024. 3. 15. [AUD] Federal assistance programs, Compliance auditing Mgt resp 1) identify the entity's government programs and compliance requirements 2) establish related controls 3) evaluate and monitor the entity's compliance id laws and regulations(direct/material effect FS) + understand possible effects on FS 4) take corrective action on audit findings of the compliance audit Auditor's resp sufficient appropriate audit evidence whether the federal financial .. 2024. 3. 13. 이전 1 ··· 4 5 6 7 8 9 다음 반응형
