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This has been, in part, a response to some of the corporate scandals of the early 2000s where there was a large amount of trust lost in the accounting profession and consequently some of their previous responsibilities have been taken over by the government. The regulation of accountants involved in the corporate reporting world is now mainly performed by ASIC. 1. One of the first major cases to address some of these emerging issues for the auditing profession was Kingston Cotton Mill Co. 279, where Lopes made the following comment on what is required of an auditor: It is the duty of an auditor to bring to bear on the work he has to perform that skill, care and caution that a reasonably competent, careful and cautious auditor would use. It meant that the concepts of risk, materiality and sampling could be developed in the knowledge that the auditor was not attempting to provide absolute assurance on a set of financial statements. This legal judgement also outlined that the audit role was not to detect fraud. This judgement lessened the auditors’ responsibility in this area and some have suggested since that it went too far. Forsyth (1970) 92 WN NSW (29). 3 Solution Manual to accompany Modern Auditing and Assurance Services 5e suspicious circumstances exist. Case law has provided important guidance on the auditor’s role and responsibility over the years. 1. What was the main Australian regulatory response to these problems? The main regulatory response was through the implementation of the Corporate Law Economic Reform Program (CLERP) 9 in 2004. No longer would the accounting profession in Australia be responsible for the setting of auditing standards. 17 How have corporate collapses influenced the role of auditing in recent years. The corporate collapses in the US and Australia have had a fundamental impact on the role of auditing in recent years. Significant changes have been made to emphasise the following.

A clear objective to enhance and maintain the integrity of the profession. Clearly address the auditor interest to the public is as important as to the client, such as safeguarding independence by eliminating complex relationship with audit clients (i.Reiterate ethical governance. A clear distinction of audit and non-audit engagements carried out by the auditor, this leads to legislation and self regulation being established to a ban on certain non-audit services for audit clients. Stronger regulation on auditors and audit firms as well as tougher enforcement on non-compliance. Increasing the forensic nature of audit and stronger awareness of corporate fraud. Relate audit risks to business risk 1. ASIC is the statutory administrative body for the enforcement of the Corporations Act 2001 (revised with the CLERP Act). 4 Chapter 1: An overview of auditing and some non-listed Australian public companies. Furthermore ASIC now works closely with the Financial Reporting Council and ASX in exercising governance regulations and assuring the integrity of business reporting. Overall, this certainly appears to be a very successful outcome for auditing. 04 per cent of auditees’ sales. This method of measuring also does not pick up if the audit has been deficiently performed but no problems have been externally observed — which is obviously very difficult to do. 20 What are the current implications of the audit expectation gap. Can it be reduced? The current implications of the audit expectation gap are the same as it has always been. 5 Solution Manual to accompany Modern Auditing and Assurance Services 5e auditing that is difficult to observe. Reporting internal control. In fact, the most recent iteration of the audit report actually includes a specific disclaimer on the issue of reporting on internal controls. Detection of fraud. However, it is still not seen as the core objective of an audit and the only responsibility that still exists in relation to fraud is material fraud.

Simply put, the market expects auditors to pick up instances of fraud. Evaluation of going concern. However, they make no positive assurance about what they do in this regard. Required If an audit is none of the above, what is an audit designed to achieve. The primary objective of an audit is to express an opinion as to whether the financial report is prepared, in all material respects, in accordance with an identified financial reporting framework. A definition from the Committee on Basic Auditing is as follows: A systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users. The auditor (unlike the directors) makes no positive assertion about the going concern of the company. 22 Level of assurance Required (a) Why is it impossible for an auditor to provide absolute assurance regarding subject matter on which they express their opinion? (b) Explain what type of assurance an auditor should provide in a financial statement audit. The auditor makes a judgement about the risks of material misstatement and then designs procedures accordingly. CPA Australia and ICAA 2. Auditing and Assurance Standards Board (AUASB) 4. CPA Australia and ICAA 6. AUASB 8. Public Sector Accounting Standards Board 10. ASIC 12. 1. There are two assertions in the audit partner’s view that should be challenged: Auditor provides assurance on the assets of the firm This is part of what is provided by the auditor but the auditor provides an opinion on the whole set of financial statements. Explain the reasons for your decision. Agency theory This is the main theory that underpins auditing. In looking at these facts, there are only a few wealthy businesspeople who have primarily financed the company. Therefore there may not be sufficient information asymmetry to warrant an audit.

Information hypothesis This relates to where there is a larger group of investors in a company and is not the case for this company at the moment. Insurance hypothesis There is only a limited amount that can potentially be recovered from auditors if the company were to fail. The partner is not correct in suggesting that the expectation gap only relates to unreasonable expectations of users. The performance gap is further comprised of deficient performance and deficient standards. This has been the main component that the profession has focused on in responding to the expectation gap issue. The problem is the expectation gap has not been resolved which suggests that measures taken thus far have not worked and perhaps more consideration should be given to the second component of the expectation gap. 28 Independence and reliability Required Based on the series of accounting crises and corporate collapses in the early 2000s, discuss the importance of maintaining independence (and reliability) by an auditor. The regulatory changes in Australia clearly focused on the second part of this definition (independence). There is no question that independence is important but the quality of the audit process to pick up errors is also important. Outline what you think their interests, motivations and concerns would be. It appears now that she wishes to do other things and divest herself of her shares. Customers - Their primary interest would be in the ongoing supply of high quality, fair trade, organic coffee. Northpac Banking Corporation - The primary interest of the bank would be to ensure that the capital value of their loan is secure. Wendy the CFO - Her interest would presumably be on her ongoing employment. Another motivation would be maintenance of the value of the company before selling her shares. Dozen Potential Investors - They would be interested in ensuring the ongoing profitability of the business and the truth in the previously reported financial statements.

They would have a number of concerns: (1) the departure of Carla; (2) accuracy of previously reported financial statements; (3) the ability of the company to maintain recent high growth; (4) the number of senior people in the company wanting to sell their shares; and (5) recent bad publicity. The dozen potential investors would certainly want an audit. An audit provides an independent evaluation of the financial statements on behalf of the investors. Although the bank has first claim on the assets of the company, they would also be interested in an audit of the company in this changing environment. 2nd Set (a) Assume you have been appointed as an auditor for Carla’s Coffee. Strong growth over five years is impressive but this also creates significant pressure to maintain this growth. The auditor should therefore ensure that only appropriate revenue has been recorded in the current period and also that all expenses have been properly recorded. They will be making their investment decision based on the audit. The audit does not provide a guarantee on the future viability of a company but enhances the credibility of information disclosed to increase the reliability for the users of the financial statements. In this case there are two major risks to the company that the auditor should be aware of and give due consideration to in their planning. This is a big risk because often for these types of businesses there is significant reliance on the founder. McEnroe, J. Martens. Auditors’ and investors’ perceptions of the “expectation gap”. Research examining the changes to the audit report found the changes to better clarify auditors and managers responsibilities were picked up by users. Further evidence to suggest the expectation gap still existed was due to the fact that another proposed audit report was put forward by the IAASB in 2003 and adopted internationally in 2006. 13 Solution Manual to accompany Modern Auditing and Assurance Services 5e Chong, K. President.

A definition from the Committee on Basic Auditing is as follows: A systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users. 1.12 What does an audit do. Accounting is a representation of the economic situation of an entity for a period which managers are required to represent to users. These representations managers are known as assertions about the economic actions and events of the entity. The task is to obtain evidence to validate these assertions and ensure economic events are appropriately communicated to users. This is also communicated in part of the audit report as follows: 1.13 An audit should be described. This includes stating that the auditor has performed procedures to obtain evidence about the amounts and disclosures in the financial report. The procedures will vary dependent on the assessment of the risks of material misstatement. The report shall state that the auditor believes that sufficient and appropriate audit evidence has been obtained to form an opinion. The is expected to diverge from the interest, giving rise to agency costs. A consequence of this agency problem is that investors will themselves on the assumption that managers are acting for themselves. It is therefore a rational response that there is a demand for a financial statement audit to verify the assertions made management. John Wiley Sons Australia, Ltd 2011 1.2 Solution Manual to accompany Modern Auditing and Assurance Services 5e suspicious circumstances exist. Moffit J also addressed the concept of skill and and that it calls for changed standards to meet changed business conditions or changed understanding of the dangers. Case law has provided important guidance on the role and responsibility over the years.

The courts are still the ultimate adjudicator on these issues although the number of decided cases relating to auditors in recent years is few. 1.16 There were a number of major corporate collapses in the early What was the main Australian regulatory response to these problems? The main regulatory response was through the implementation of the Corporate Law Economic Reform Program (CLERP) 9 in 2004. Some main changes of CLERP 9 were to expand the requirements on independence for auditors and also the creation of the Financial Reporting Council, which had a significant effect on the role of the accounting profession in the regulatory landscape. No longer would the accounting profession in Australia be responsible for the setting of auditing standards. 1.17 How have corporate collapses influenced the role of auditing in recent years. Recent events have led to closer public scrutiny on the role of the auditor, audit independence, and the methodology on how an audit is carried out. Significant changes have been made to emphasise the following: A clear objective to enhance and maintain the integrity of the Clearly address the auditor interest to the public is as important as to the client, such as safeguarding independence eliminating complex relationship with audit clients (i.e. limit to audit Reiterate ethical A clear distinction of audit and engagements carried out the auditor, this leads to legislation and self regulation being established to a ban on certain services for audit Stronger regulation on auditors and audit firms as well as tougher enforcement on Increasing the forensic nature of audit and stronger awareness of corporate Relate audit risks to business risk 1.18 What role does ASIC have in the regulation of auditors. ASIC has a significant role in the regulation of auditors. ASIC is the statutory administrative body for the enforcement of the Corporations Act 2001 (revised with the CLERP Act).

Government regulation is exercised through surveillance program which involves the scrutiny of all aspects of the financial statements of listed John Wiley Sons Australia, Ltd 2011 1.4 Chapter 1: An overview of auditing and some Australian public companies. The objective of this surveillance program is supplemented an review program and a review program. ASIC has the following powers and influence over the regulation of auditors: Registration individuals, firms and companies as The audit inspection program enforced the ASIC which covers the auditor rotation program, the policies and work practices of and Audit independence issues. The Companies Auditors and Liquidators Disciplinary Board is a statutory body established under the ASIC Act and has the power to impose a penalty on a registered auditor or liquidator if is found to be guilty of failing to discharge duties properly. If the auditor is deemed to be not a fit and proper person, registration can be cancelled or suspended. 1.19 Does the current financial report audit provide good value. Assessing the value of an audit is a difficult issue. It can be examined in a number of ways, for example: how often audits are associated with company whether they get the audit report how much they or whether they provide economic value in the market. Research that has examined failure in terms of the number of lawsuits against auditors, business failure rates, and earnings restatements to find that there is a very low of less than one per cent annually. Overall, this certainly appears to be a very successful outcome for auditing. Research on audit fees has found that overall they represents 0.04 per cent of sales. The conclusion from all of this is that auditing is a relative Indeed, in looking at this cost and with consideration of the number of it would seem reasonable to describe auditing as successful.

The difficulty with an analysis of this type is that it is associating company success with auditor success and because most companies do continue without failing or being the subject of litigation, examining this association will make the audit function look good. This method of measuring also does not pick up if the audit has been deficiently performed but no problems have been externally observed which is obviously very difficult to do. 1.20 What are the current implications of the audit expectation gap. Can it be reduced? The current implications of the audit expectation gap are the same as it has always been. A difference in expectations about what users think they are getting and what they are actually getting is going to be a problem particularly for a service like John Wiley Sons Australia, Ltd 2011 1.5 Chapter 1: An overview of auditing Professional application questions 1.21 What is an audit? Required If an audit is none of the above, what is an audit designed to achieve. An auditor is setting out to achieve enhanced credibility of information disclosed to increase reliability for the users of the financial statements. The auditor only considers going concern to the extent that it is met so that the accounts can be prepared on a going concern basis. The auditor (unlike the directors) makes no positive assertion about the going concern of the company. 1.22 Level of assurance Required (a) Why is it impossible for an auditor to provide absolute assurance regarding subject matter on which they express their opinion? (b) Explain what type of assurance an auditor should provide in a financial statement audit. (a) It is impossible for the auditor to provide absolute assurance because there are so many judgements in the audit process. These procedures use sampling (discussed later in the text) which will always provide some sort of error rate.

Even if there was no constraint on cost or time the auditor could not provide absolute assurance because he or she may misinterpret evidence and because there are so many account balances that are the product of significant professional judgement. (b) The auditor is required to and should provide a high level of assurance in a financial statement audit (ASA 200). John Wiley Sons Australia, Ltd 2011 1.7 Solution Manual to accompany Modern Auditing and Assurance Services 5e 1.23 Organisations associated with the profession Required Indicate the organisation or organisations associated with each activity. 1. CPA Australia and ICAA 2. Financial Reporting Council and the Australian Accounting Standards Board (AASB) 3. Auditing and Assurance Standards Board (AUASB) 4. ASX (Australian Stock Exchange) 5. CPA Australia and ICAA 6. CPA Australia and ICAA 7. AUASB 8. Auditors and Liquidators Disciplinary Board 9. Public Sector Accounting Standards Board 10. AUASB 11. ASIC 12. AASB The IFAC also issues relevant international auditing, education and ethics standards which are used as an overriding guide for CPA Australia and ICAA. 1.24 Audit objectives Required Comment on the audit view of auditing. There are two assertions in the audit view that should be challenged: Auditor provides assurance on the assets of the firm This is part of what is provided the auditor but the auditor provides an opinion on the whole set of financial statements. Therefore assurance is also provided on the income statement as well, which requires an examination of revenue and expenses of an entity. The auditor also obviously examines the liabilities and owners equity. Support management While there are many possible users of the audit report and the management are the ones that auditors are dealing with mostly on a day to day basis, there is no question that the audit is primarily designed for the current shareholders of a company as a group. John Wiley Sons Australia, Ltd 2011 1.

8 Solution Manual to accompany Modern Auditing and Assurance Services 5e 1.27 Expectation gap Required Discuss the views of the audit partner. A good definition of the expectation gap was provided Porter in 1993. She described it as audit This indicates that the gap has two major components: 1. a gap between what society expects auditors to achieve and what they can be reasonably be expected to accomplish 2. a gap between what society can reasonably expect auditors to accomplish and what they are perceived to achieve The performance gap is further comprised of deficient performance and deficient standards. The partner is focusing on the first part of the gap. The main measures have been directed at education of the public to dispel their unreasonable expectations. The problem is the expectation gap has not been resolved which suggests that measures taken thus far have not worked and perhaps more consideration should be given to the second component of the expectation gap. 1.28 Independence and reliability Required Based on the series of accounting crises and corporate collapses in the early discuss the importance of maintaining independence (and reliability) an auditor. What do you think of the above comment. The corporate collapses of the early highlighted for many users that there were problems with audit quality. De Angelo (1981) provided an important definition of audit quality that states it is the joint probability that a given auditor will both (a) discover the breach in the accounting system, and (b) report the It requires that auditors have the ability to pick up errors or irregularities and then they have the independence to do something about it. One particular issue that was highlighted related to the very large fees that were being earned the auditing firms at that time.