5. Audit Reports ４

UNCERTAINTY

Uncertaintyでも問題がなければ、無傷の適正意見でOK。強調したいことがあればEmphasis-of-Matter Paragraphをつけます。

As discussed in Note X to the financial statements, the Company is a defendant in a lawsuit alleging infringement of certain patent rights and claiming royalties and punitive damages. The Company has filed a counteraction, and preliminary hearings and discovery proceedings on both actions are in progress. The ultimate outcome of the litigation cannot presently be determined. Accordingly, no provision for any liability that may result upon adjudication has been made in the accompanying financial statements.

Uncertaintyで、しかもGAAP Problem会計上の問題（Disclosureが不十分等）があれば、Qualified opinionか、ひどければAdverse opinionにします。

Uncertaintyで、しかもScope Limitation十分な証拠が得られない場合、Qualified opinionか、ひどければDisclaimerです。

International Audit Standardの場合、たとえ十分な証拠が得られたとしても、いくつかのUncertaintyのコンビネーションがあることによって、意見が出せないのであれば、Disclaimerにしていいよ、と言っています。

USの場合は、Scope Limitationの超ヤバいやつがあった場合のみ、Disclaimerにしていいです。

上記のとおり、Uncertaintyは、無傷の適正意見からDisclaimerまで、色々な意見になり得るので、よく状況を問題で読まなければいけません。

GOING CONCERN DOUBT

監査で見る倒産可能性の期間は、最大で１年間です。

どうやって倒産可能性のEvidenceを集めるのか。

・    議事録を見て何が話し合われたのか見ます。人員削減、本社ビル売却など。

・    Legal Letterを出して、顧問弁護士に質問します。

・    Subsequent events増資や追加の融資など。

Negative Trends

Going Concern DoubtをIncreaseさせるもの。

・    赤字が続いている。

・    Cash Flow Statementを見ると、Negative。

・    Analytical ProcedureをするとRatioが悪化している。

・    ローンのDefaultが起こっている。

・    仕入れは現金払いのみと仕入れ先に言われている。

・    DividendがArrearagesしている。

・    訴訟をバンバン起こされている。

・    持っていた重要な特許を失った。

Mitigating Factors

・    unproductive assets不必要な資産（社員寮、箱根の温泉施設）の売却に走っている。

・    debtのRestructuringについて金融機関と話し合った。

・    設備投資を先送りにした。

・    増資してOwner’s Equityを強化した。

・    配当を減らした。

Going Concern Doubtが重大な場合は、適正意見にして、Emphasis-of-Matter Paragraphをつけます。

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note X to the financial statements, the Company has suffered recurring losses from operations and has a net capital deficiency, raising substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters also are described in Note X. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

超ヤバい時は、Qualified Opinionを飛び越して、Disclaimさじを投げます。

AUDIT OPINION RECAP

1.　問題がなければ適正意見。

2.　 GAAP会計上の問題は、Qualified opinion（Material）かAdverse opinion（Pervasive）

3.　 GAAS監査上の問題があった場合は、Qualified opinion（Material）かDisclaimer（Pervasive）。ただし、Uncertaintyは注意が必要。Going Concern Doubtも適正意見かDisclaimerです。

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5. Audit Reports ３

GAAS PROBLEM

監査上の問題が発覚した場合。

・    Scope Limitation ：監査に必要な十分な証拠が得られなかった。Eg. 売掛金の確認状が送付できなかった場合。ただし、VouchingやTracingなど、Alternative ProcedureをしてSatisfyしていれば大丈夫。

・　Uncertainty ：訴訟を起こされているが、いくらで負けるのか分からない。

・    Going Concern Doubt：倒産の可能性がある。

SCOPE LIMITATION

重大なScope Limitationがあった場合、Qualified opinionにします。

・    Introductory Paragraph：適正意見のIntroductory Paragraphと、一言一句同じです。

・    Management’s Responsibility Paragraph：一言一句同じです。

・    Auditor’s Responsibility Paragraph：少し変えます。“…a basis for our qualified opinion.”というフレーズを入れます。

・    Basis-for-Qualified-Opinion Paragraph：Opinion Paragraphの前に入れて理由を述べます。

・    Opinion Paragraph：“In our opinion, except for…”という殺し文句を入れます。

Independent Auditor’s Report

Address

(Same first and second paragraphs as report with unmodified opinion)

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design the audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.  Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.

Basis for Qualified Opinion

We were not engaged as auditors of the Company until after December 31, year 1, and, therefore, were unable to observe the counting of the physical inventory at the beginning or ending of the year. As a result, we were unable to determine whether any adjustment might have been necessary in respect to recorded inventories and the elements making up the statements of income, changes in stockholders’ equity, and cash flows.

Opinion

In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements referred to above present fairly, in all material respects, the financial position of XYZ Company as of December 31, year 1, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Auditor’s Signature, Auditor’s City & State, Date

クライアントが故意にやっていて超ヤバい時は、Disclaimerにします。

・    Introductory Paragraph：少し変えます。ひな型参照。

・    Management’s Responsibility Paragraph：一言一句同じです。

・    Auditor’s Responsibility Paragraph：少し変えます。“…a basis for our disclaimer opinion.”というフレーズを入れます。

・    Basis-for-Disclaimer-Opinion Paragraph：Disclaimer Paragraphの前に入れて理由を述べます。

Opinion Paragraph：意見を出しません。

Independent Auditor’s Report

Address

We were engaged to audit the accompanying balance sheet of XYZ Company, as of December 31, year 1, and the related statements of income, retained earnings, and cash flows for the year then ended.

(Same second paragraphs as the report with unmodified opinion)

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on conducting the audit in accordance with auditing standards generally accepted in the United States of America. Because of the matters described in the Basis for Disclaimer of Opinion paragraph, however, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion.

Basis for Disclaimer of Opinion

Due to the introduction of a new computerized accounts receivable system, there were a number of misstatements in accounts receivable. We were unable to confirm by alternate means accounts receivable which total $X in the balance sheet at December 31, year 1. As a result of these matters, we were unable to determine whether any adjustments might have been found necessary in respect of recorded or unrecorded accounts receivable, and the elements making up the statements of income, changes in stockholders’ equity, and cash flows.

Disclaimer of Opinion

Because of the significance of the matters described in the Basis for Disclaimer of Opinion paragraph, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. Accordingly, we do not express an opinion on these financial statements.

Auditor’s Signature, Auditor’s City & State, Date

Client-Imposed Limitation

クライアントが故意に出さない、テストさせない場合、USの監査基準ではDisclaim か withdrawか選べますが、International Audit Standardの場合は、withdraw監査契約打ち切りです。

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5. Audit Reports ２

OTHER REPORTING SITUATIONS

次で詳しく説明します。

GAAP PROBLEM

監査をやっていた時、会計上の問題が発覚したらGAAP Problemです。

会計上の重大な問題を見つけたら、Qualified opinionにします。超重大だと、Adverse opinion（不適正）にします。

GAAP（会計上）の問題になるのは…

・    Inadequate Disclosure（Disclosureが不十分）

・    Unjustified Accounting Change（Justifyしていたら適正意見でEmphasis-Of-Matter Paragraph）

Qualified Opinion

・    Introductory Paragraph：適正意見のIntroductory Paragraphと、一言一句同じです。

・    Management’s Responsibility Paragraph：一言一句同じです。

・    Auditor’s Responsibility Paragraph：少し変えます。“…a basis for our qualified opinion.”というフレーズを入れます。

・    Basis-for-Qualified-Opinion Paragraph：Opinion Paragraphの前に入れて理由を述べます。

・    Opinion Paragraph：“In our opinion, except for…”という殺し文句を入れます。

Independent Auditor’s Report

Address

(Same first and second paragraph as report with unmodified opinion)

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design the audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.

Basis for Qualified Opinion

The company’s financial statements do not disclose significant related party transactions. In our opinion, disclosure of the information is required by accounting principles generally accepted in the United State of America.

Opinion

In our opinion, except for the omission of the information described in the Basis for Qualified Opinion paragraph, the financial statements referred to above present fairly, in all material respects, the financial position of XYZ Company as of December 31, year 1, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Auditor’s Signature, Auditor’s City & State, Date

Adverse opinion

・    Introductory Paragraph：一言一句同じです。

・    Management’s Responsibility Paragraph：一言一句同じです。

・    Auditor’s Responsibility Paragraph：“…a basis for our adverse opinion.”

・    Basis-for-Adverse-Opinion Paragraph：Opinion Paragraphの前に入れて理由を述べます。

・    Opinion Paragraph：“…do not present fairly…”　適正ではありません。この財務諸表はウソです。

Independent Auditor’s Report

Address

(Same first and second paragraphs as report with unmodified opinion)

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design the audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.  Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our adverse audit opinion.

Basis for Adverse Opinion

As described in Note X to the financial statements, the Company carries its property, plant, and equipment accounts at appraised values, and provides depreciation on the basis of such values. In our opinion, property, plant, and equipment stated at an amount not in excess of cost, reduced by depreciation based on such amount, is required by accounting principles generally accepted in the United States of America.

Opinion

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion paragraph, the financial statements referred to above do not present fairly, in all material respects, the financial position of XYZ Company as of December 31, year 1, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Auditor’s Signature, Auditor’s City & State, Date

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5. Audit Reports １

AUDIT PROCESS OVERVIEW

AuditのプロセスのStep by Step。

1.　クライアントを理解します。お互い（Management、監査人）のResponsibilityも分からせておきます。Engagement Letterを取り交わしたらPlanningに入っていきます。

2.　Planningで内部統制を理解し、Risk Assessmentをし、テストをしていきます。

3.　Test of Controlは必要があれば。Substantive tests of details実証テストは必ずやります。

4.　集めたEvidenceをEvaluateして、監査報告書を作成します。

UNMODIFIED OPINION

適正意見を出すためのRequirementsは６つ。

1.　 U.S. GAAPやIFRSなどのfinancial reporting frameworkからNo Departure逸脱していません。

2.　 Financial reporting frameworkは一貫してApplyされています。

3.　Disclosureはadequate & complete十分です。

4.　 uncertaintiesも重大なのはありません。

5.　 scope limitations監査の証拠を集める過程で何らかの重大な制限もありませんでした。

6.　 倒産の可能性もありません。

＊Unmodified Opinionのひな型は暗記しましょう！

Report

・    監査報告書は、会社や、株主、Board of Directorに出すのであって、Managementに出すのではありません。

・    監査人がサインします。

・    日付：意見を出すために十分な証拠を得られた日です。

Independent Auditor’s Report

Address

We have audited the accompanying balance sheet of XYZ Company as of December 31, year 1, and the related statements of income, changes in stockholders’ equity, and cash flows for the year then ended, and the related notes to the financial statements. （International Audit Standardの場合は、summary of significant accounting policies & other explanatory informationという文言が入ります。）

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America [and other financial reporting framework standards, if applicable]; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America [and other standards]. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves is performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design the audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. （International Audit Standardの場合は、Auditor’s Responsibility Paragraphのどこかに、State that the auditor is required to comply with ethical requirementsという言葉を入れておかなければいけません。）

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of XYZ Company as of December 31, year 1, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. （International Audit Standardの場合は、“fair presentation of financial statements” または “financial statements that give a true and fair view”と言い方を変えます。）

Auditor’s Signature, Auditor’s City & State, Date（日付はRep Letterと同じ日付）

EMPHASIS-OF-MATTER PARAGRAPH

もし、適正意見なんだけど監査人が強調したいことがあれば、Opinion Paragraphの後に追加のParagraphを入れてReaderに読ませます。

以下はMustです。

・    倒産の懸念がある場合

・    InventoryのMethodなどの会計方針を変更していて、監査人がJustify合意している場合。

・    単体から連結になったなど、Entityに変更があった場合。

・    大きな金額のError Correctionをした場合。

・    Depreciation methodの変更など、会計方針の変更にかかわるChange in estimateがあった場合（通常のChange in estimateだけならつけません）。

・    財務諸表が、GAAPではなく、特別なframeworkで作られている場合。

・    後で見つかった事柄により、適正意見が出せなくなった（または出来るようになった）など、Opinionの変更につながったSubsequently discoveryがあった場合。

Optional---Auditor's judgment　以下の事柄は、つけてもつけなくてもいいです。

・    Uncertainty　特許侵害で訴えられたなど。

・    Catastrophe　地震、津波など。

・    Significant重大な related-party transactionがあった場合。

・    Significant 重大なsubsequent eventがあった場合。

OTHER-MATTER PARAGRAPH

AuditorのResponsibilityや監査報告書に関する事柄について各場合、Opinion Paragraphの後（Emphasis-Of-Matter Paragraphがある場合は、その後）につけます。

以下はMustです。

・    Restrict useこの監査報告書は誰にでも見せられるものではない、Distributionに規制がかかっている場合。

・    Subsequently discovered Factは、Emphasis-Of-Matter Paragraphに書いてもOK。

・    去年の財務報告書は別の監査人が監査していて、何らかの理由でその監査人がReissueしてくれなかった場合。

・    今年は監査だったけど、去年は監査ではなかった場合（Review、Compilation、または何もなし）。

・    Material inconsistencyがOther Informationにある場合。財務諸表とは違う数字でOther Informationが出ていてMaterialな違いがありますという場合。

・    separate reportにはしないsupplemental informationについて、監査人が付け加えたいことがあった場合、required supplementary information (RSI)にReferenceしたいことがある場合。

・    Restrict use

・    separate report法令順守のレポートを出さないAuditor reports のcomplianceについて。

以下はOption。

・    十分な証拠が得られないけど、何らかの理由で監査契約が打ち切れない場合。

・    監査人がAuditorのResponsibilityについて、さらに深く説明したい場合。

・    いくつかある財務諸表は、別々の会計基準で作られている場合。

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4. Evidence ３

VOUCHING & TRACING

実証テストの２大手法です。

・Vouching 突合

財務諸表に載っている金額を伝票まで見に行きます。Asset勘定。

1. Start with the financial statements（down the house, from the attic)

2. Testing for existence or occurrence

3. Generally looking for overstatements

・Tracing

伝票の金額が（オリジナルのSource Documentから）ちゃんと財務諸表まで行っているか。Liability勘定。

1. Start with the original authorization (up the house, from the basement)

2. Testing for completeness

3. Generally looking for understatements

TRANSACTION CYCLES

Sales and accounts receivable cycle

1. Sales department: receives customer sales order

2. Credit department: approves customer’s credit

3. Shipping department: ships merchandise and fills out bill of lading

4. Billing department

a. Sends out customer invoice

b. Records transaction in sales journal

5. A/R department: records receivable in A/R subsidiary ledger

6. Treasurer: approves write-offs of receivables

a. This is a custody function

b. Proper segregation of duties dictates separation of

(1) Authorization

(2) Recording

(3) Custody

7. General accounting department: records transaction in general ledger

Sales Invoiceから１～３に見に行けばVouching、５や７に見に行けばTracingです。

Purchases and accounts payable cycle

1. User department: fills out purchase requisition

2. Purchasing department: fills out purchase order

3. Receiving department: receives the merchandise and fills out receiving report

4. A/P department: gets copies of all these documents plus vendor’s invoice

a. Matches all these documents and prepares a voucher package:

(1) Purchase requisition

(2) Purchase order

(3) Receiving report

(4) Vendor invoice

b. Records payable in A/P subsidiary ledger

5. Treasurer

a. Pays vendor

b. Perforates or stamps voucher package as “paid” so it doesn’t get paid twice

6. Accounting department: records transaction in general ledger

２から１に見に行ったらVouching、２から６に見に行ったらTracingです。

WRITING AN AUDIT PROGRAM

・実証テスト

Confirmation：確認状の送付（AR、銀行残高証明書）、期首のBeginning Balanceと前期末のEnding Balanceが一致しているか

Observation：固定資産や在庫を実際に見に行きます。

Analytics：Analytical Procedureです。

Inquiries：質問します。

Recompute：再計算します。横に検算するのをCross Foot、縦に検算するのがFootです。

・Subsequent Event

決算の日付を超えて、監査報告書の日付までの期間をSubsequent Periodといいます。この期間に起こった出来事（BondをIssueした、増資した、あるSegmentを売却した、A社を買収した、揉めていた訴訟で和解して和解金を支払った）がSubsequent Eventです。

Management Rep Letter：この件について一筆書いてサインしてもらいます。

Inquiry：リスクについて質問攻めにします。

Read Minutes & FS：議事録を読みます。

KITING & LAPPING

Kiting

１億円の小切手をA銀行からB銀行に移すと、Aで引き落とされる前にBに入金されることがあります。それを利用して、期末の流動性を一時的に多く見せるためにやるのがKitingです。これはBank Transfer Scheduleを作ればすぐに分かります。

Lapping

従業員がお金を盗みます。Aさんからの入金をCashierはポケットに入れます。Cさんの入金をAさんに入れます。こうやってうまくずらして行きます。これが発覚するのは、Cashierが行方不明になったり、強制的にVacationを取らせて他の人にTake Overした時に分かります。

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