Читать книгу Wiley Practitioner's Guide to GAAS 2020 - Joanne M. Flood - Страница 110

The auditor will usually direct a response to identified risks of misstatements arising from misappropriation of assets to certain account balances. The scope of the work should be linked to the specific information about the identified misappropriation risk. (AU-C 240 Appendix B) The auditor may consider some of the procedures listed in the preceding section, “Examples of Responses to Identified Risks of Misstatements Arising from Fraudulent Financial Reporting.” However, in some cases, the auditor may:

 Obtain an understanding of the controls related to preventing or detecting the mis­appropriation and testing of such controls.

 Physically inspect assets near the end of the period.

 Apply substantive analytical procedures, such as the development by the auditor of an expected dollar amount at a high level of precision to be compared with a recorded amount.

NOTE: Audit procedures may involve both substantive tests and tests of controls. However, since management may be able to override controls, it is unlikely that audit risk can be reduced to an appropriate level by performing only tests of controls.