Control work|Audit

Control Relationship, general and difference between audit and audit

Option 1 SAFBD

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Year: 2012 | Pages: 29

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Task 1. Relationship, general and difference between audit and audit

Task 2. Choose an audit organization, a member of the SRO of auditors: Non-profit Partnership "Audit Chamber of Russia".

Specify the following information: name of the audit organization, organizational and legal form, ORNZ, OGRN, location (code, name of the subject of the Russian Federation).

Task 3. Prepare an inventory of documents required for joining the SRO of auditors of NP "Audit Chamber of Russia".

Task 4. Prepare documents if the audit organization plans to conduct the 1st stage of the mandatory audit of the accounting (financial) statements of a potential client for the 1st half of 2012. It is planned from 01.11.2012.:

- letter of audit;

- contract for the provision of audit services;

- audit plan.

Customer Information:

JSC "Nezabudka"; General Director Ivanov Pyotr Petrovich; the audit report is scheduled to be issued on 01.12.2012.

Task 5. Using the Rule (standard) of audit activity "Materiality and audit risk" (approved by the Commission on Audit Activity under the President of the Russian Federation on 22.01.1998, Protocol No. 2), calculate a single indicator of the level of materiality.

Task 6. Calculate the risk of non-detection if: - the risk of controls is 100%, the inherent risk is estimated at 70 %, and the level of audit risk is assumed to be 5 %?

Task 7. What is the sampling interval if: the volume of the general population is equal to 1,000 primary documents, and the volume of the selected population is 200 primary documents?

Task 8. To assess the situation arising in the course of the audit.

In January 2011, CJSC "Vimpel" carried out the reconstruction of the fixed asset. At the time of completion of the reconstruction, the residual value of the facility was 180,000 rubles, and the remaining useful life was 40 months. Monthly depreciation was accrued in the amount of 5000 rubles. By mistake, the accountant did not make a transaction to include the cost of reconstruction in the amount of 60,000 rubles.in the cost of fixed assets in accounting. Because of this, he continued to charge depreciation in the old way. The error was discovered in March 2012. How do I fix the detected error?

Task 9. Make a letter of submission on behalf of the management of the audited entity (see No. 4 of the control work), as an example, using the appendix to FPSAD No. 23.

Task 10. Prepare an audit report based on the results of the audit using the appendices to FSAD 1/2010, FSAD 2/2010 or FSAD 3/2010: opinion with a reservation in connection with a material misstatement of the financial statements.

List of sources used

Task 1
Relationship, general and difference between audit and audit
The answer:
Audit, audit examine the same subject-financial and economic activity, using the same methodological techniques and procedures of financial and economic control. They detect negative phenomena in economic management in order to eliminate them and prevent them in subsequent periods, i.e. they actively influence the identification of the causes of mismanagement, violations of legislation and regulations that are the norms of economic law, and contribute to the compensation of damage caused by specific persons. In addition, they use the same sources of information-legislation and regulations on financial and economic control, primary accounting documentation, accounting registers, balance sheets and reports of business entities. At the same time, there are significant differences between the audit, audit of financial and economic activities and forensic accounting expertise.
Audit is an independent form of financial and economic control, which the head of the enterprise chooses voluntarily and formulates the questions put to the study in order to obtain scientifically based conclusions for further improvement of its financial and economic activities, marketing, accounting, internal control . In addition, investors of capital in business activities (creditors, shareholders, holders of securities, etc.) are interested in ensuring that the share of profit (dividends) due to them is distributed correctly, i.e. it was confirmed by the auditor. At the same time, the entrepreneur, having confidence in the auditor, is sure that taxes are calculated correctly, timely and in full amount paid to the budget, so in case of conflict situations with state tax services, he has reliable protection from the subjectivity of the latter.
The auditor's report is valid evidence in the resolution of property disputes in the arbitration and People's court between the owner and his counterparties . Justification of the need for loans for business activities can only be provided by an independent external audit, the conclusion of which is submitted to the institutions of banks. Qualified conclusions of auditors on issues of economic activity are important for the owner to prevent losses even before the implementation of economic processes, i.e. at the stage of their design, engineering preparation of production. Permanent internal audit at the enterprise contributes to the improvement of the technological process, the introduction of know-how and other achievements of scientific and technological progress in production.
Strategic audit allows business entities to predict the development of marketing, expand commercial activities in the domestic and international markets, and helps to avoid bankruptcy in market conditions.
The audit of financial and economic activities examines the object of business activity in a static, retrospective way, i.e. after the implementation of economic processes (quarter, year). Although it has much in common with regulated and retrospective (post-operative) audits, its functions are narrowed by the interests of the owner on whose behalf the audits are conducted. What audit and audit have in common is that they base their conclusions on documented evidence. The identified shortcomings and violations of legislative acts regulating economic activity are targeted in terms of material and legal liability. In addition, the audit and audit are characterized by specificity and targeting in determining the amount of damage, losses, shortages of valuables and the validity of the system of evidence (primary documents, inventory statements, explanatory notes of materially responsible persons, etc.).
An important feature is that audits of financial and economic activities are carried out in accordance with the legislation on enterprises. At the same time, the owner (state, consolidated owner) aims to determine before the audit to what extent the head of the enterprise appointed by him fulfills his will in business activities. Such questions are not raised before the audit, although the auditor is obliged to report this to the owner if any abuse is detected. Audit is often carried out at the request of law enforcement agencies, in the practice of audit, this is rather an exception.
The audit contributes to improving the efficiency of management of the audited enterprise, but does not perform predictive functions, as does the audit . The results of the audit are reported to the labor collective for taking measures to eliminate shortcomings in economic activity. The audit does not perform these functions, although in cases of violation by the head of the enterprise of the interests of shareholders, partners, the auditor's conclusion is brought to their attention.
  1. Federal Law of the Russian Federation" On Auditing Activities " No. 307-FZ of 30.12.2008.
  2. PBU 22/2010 "Correction of errors in accounting and reporting" approved. By Order of the Ministry of Finance of the Russian Federation No. 63n dated 28.06.2010.
  3. Auditing standards. 5th ed., add. and reprint. – M:. 2009.
  4. Alborov R. A. Audit in organizations of industry, trade and agriculture. Second edition, revised and expanded. – M., Business and service. 2010
  5. Baryshnikov N. P. Organization and technique of carrying out of General Audit. Fifth edition, reprint. and add. – M., Filin Rylant. two thousand ten
  6. Kovaleva O. V., Konstantinov Yu. P. Audit. Ed. second, reprint and supplement. – M., 2009.
  7. Marenkov N. L. Audit and control in commercial organizations. 2nd edition. – Moscow: Phoenix, 2010.
  8. Podolsky V. I. Audit. ed. Doctor of Economics, Professor Podolsky V. I. Second edition, reprint. and augmented. – M., UNITY. two thousand ten
  9. Sheremet A.D., Suits V. P. Audit: textbook. – M., INFRA – M. 2011

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