Chapter01 -AuditingandAssurance Services
c c c c c
Solution Manual For Auditing & Assurance Services 9th
h h h h h h h
hEdition by Timothy Louwers, Penelope Bagley
h h h h h
,Chapter01 -AuditingandAssurance Services
c c c c c
CHAPTER01 c
AuditingandAssuranceServices c c c
LEARNINGOBJECTIVES
Review Multiple Exercises,Problems, c
Checkpoints
c
Choice
c
and Simulations
c c
1. Define information risk and explain how the
c c c c c c c 1,2,3c c 29,31,38
c c 65*
financial statement auditing process helps to
c c c c c c
reduce this risk, thereby reducing the cost of
c c c c c c c c
capital for a company.
c c c c
2. Defineandcontrastassurance,attestation, c c c 4,5,6,7,8
c c c c 23,25,28,44,
c c c 60,65* c
andfinancialstatementauditingservices.
c c c c 50
3. Describe and define the assertions that c c c c c 9,10,11
c c 36,39,40,41,45,
c c c c 62,63,67,68,69
c c c c
management makes about the recognition,
c c c c c 46,47,48,49,52,
c c c c
measurement,presentation,anddisclosureof
c c c c c 53,54,55,57,58,
c c c c
the financial statements and explain why
c c c c c c 59
auditorsusethemasafocal pointoftheaudit.
c c c c c c c c c
4. Defineprofessionalskepticismandexplainits c c c c c 12 24,37
c 61
keycharacteristics.
c
5. Describetheorganization ofpublicaccounting c c 13,14 c 30,42,56
c c 72
firms and identify the various services that
c c c c c c c
theyoffer.
c
6. Describe the audits and auditors in c c c c c 15,16,17,18
c c c 26,27,32,34,35
c c c c 64,66 c
governmental,internal,andoperational
c c c
auditing.
c
7. List and explain the requirements for
c c c c c 19,20,21,22
c c c 33,43,51
c c 70,71 c
becoming acertified public accountant(CPA)
c h c c h
and other certifications available to an
c c c c c c
accounting professional.
c c
(*)Item relatestomultiplelearningobjectives
c h c c c c
,Chapter01 -AuditingandAssurance Services
c c c c c
SOLUTIONSFORREVIEWCHECKPOINTS c c c
1.1 Business risk is the risk that an entity will fail to meetitsbusinessobjectives.When assessing business
c c c c c c c c c c c c c c c c c
risk,aprofessional mustconsider allpossiblethreatstoanentity‗sgoalsandobjectives.Some
c c c c c c c c c c c c c c c
illustrativeexamplesincludetheriskthat:1)itsexistingcustomerswillstartbuyingproductsorservices fromits
c c c c c c c c c c c c c c c c c c
primarycompetitors; 2) itsproductlines willbecome obsolete;3)itstaxes will increase;4) key
c c c c c c c c c c c c c c c c
governmentcontractswillbelost;5)keyemployees will leavetheentity;andmanyother examplesexist.
c c c c c c c c c c c c c c c c
1.2 Tohelpminimizebusinessriskandtakeadvantageofotheropportunitiespresentedintoday‗scompetitive
c c c c c c c c c c c c c c
business environment, decision makers such as chief executive officers (CEOs) demand timely, relevant,
c c c c c c c c c c c c c
andreliableinformation.Thereareatleastfourenvironmentalconditionsthatincreasedemand forreliable
c c c c c c c c c c c c c c c
information. First, complexity which implies that events and transactions in today‗s global business
c c c c c c c c c c c c c
environment can be complicated. Most investors do not have the level of expertise needed to properly account
c c c c c c c c c c c c c c c c c
for complex transactions. Second is remoteness which implies that decision makers are often
c c c c c c c c c c c c c
separatedfrom currentandpotentialbusinessrelationshipsduetodistanceandtime.Forexample,investors may
c c h c c c c c c c c c c c c c
not be able to visit distant locations to check up ontheir investments. Third istime-sensitivity which implies that
c c c c c c c c c c c c c c c c c c c
in today‗s economic environment, investors and other users of financial statements need to make decisions
c c c c c c c c c c c c c c c
more rapidly than ever before. As a result, the ability to promptly obtain high-quality information is essential.
c c c c c c c c c c c c c c c c c
Fourth is a consequence which implies that decisions may very well involve significant investments. As a
c c c c c c c c c c c c c c c c
result, the consequences can be severe if information cannot be obtained
c c c c c c c c c c c
1.3 Of all the different risks discussed in the chapter up to this point, information risk is the one that is most likely to
c c c c c c c c c c c c c c c c c c c c c c
create the demand for independent and objective assurance services is information risk or the probability that
c c c c c c c c c c c c c c c c
the information circulated byan entity will be false or misleading. Because the primary source of information
c c c c c c c c c c c c c c c c c
for investors and creditors is the company itself, an incentive exists for that company‗s
c c c c c c c c c c c c c c
managementtomaketheir businessorserviceappeartobebetterthanitactuallymaybe, toput their best foot
c c c c c c c c c c c c c c c c c c c c
forward. As a result, preparers and issuers of financial information (directors, managers,
c c c c c c c c c c c c
accountants,andotherpeopleemployedinabusiness) mightbenefitbygivingfalse,misleading,oroverly
c c c c c c c c c c c c c c c c
optimistic information. This potential conflict of interest between information providers and users which
c c c c c c c c c c c c c
provides the underlying basis for the demand for reliable information.
c c c c c c c c c c
1.4 Thefour major elementsofthebroaddefinition ofassuranceservicesare c c c c c
Independence. CPAswanttopreservetheirreputationandcompetitiveadvantagebyalwayspreserving c c c c c c c c c c c
cintegrity and objectivity when performing assurance services. c c c c c c
Professionalservices.VirtuallyallworkperformedbyCPAsisdefinedas―professionalservices‖aslongas it c c c c c c c c c c c c c c c c
involves some element of judgment based on education and experience.
c c c c c c c c c c
Improvingthequalityofinformationoritscontext.The emphasisison―information,‖CPAs‗traditional area of c c c c c c c c c c c c c c c c
cexpertise. CPAs can enhance quality by assuring users about the reliability and relevance of information, and c c c c c c c c c c c c c c c
cthese two features are closely related to the familiar credibility-lending products of
c c c c c c c c c c c
cattestation andauditservices. ―Context‖isrelevanceina differentlight.Forassuranceservices, improving h c c c c h c c c c
cthecontextofinformationreferstoimprovingitsusefulnesswhentargetedtoparticulardecision makersin the
c c c c c c c c c c c c c c c
csurroundings of particular decision problems. c c c c
Fordecision makers. As the ―consumers‖ ofassurance services, decision makersarethebeneficiariesofthe c c c c c c c h
assurance services. Decisionmakers mayor maynotbethe ―client‖ thatpays the fee and mayor maynotbe one
c c c c c c c c c c c c c
of the parties to an assertion or other information, but they personify the consumer focus of new and different
c c c c c c c c c c c c c c c c c c c
professional work.
c c
1.5 An assurance services engagement is any assignment that improves the quality of information, or its
c c c c c c c c c c c c c c
context,fordecisionmakers.Becauseinformation(e.g.,financialstatements)arepreparedbymanagersof an
c c c c c c c c c c c c c c c
entitywhohaveauthorityandresponsibilityfor financial successor failure, an outsider maybe skeptical that the
c c c c c c c c c c c c c c c
information truly is objective, free from bias, fully informative, and free from material error, intentional or
c c c c c c c c c c c c c c c c
inadvertent. The servicesof anindependent auditor helpsresolve those doubtsbecause the
c c c c c c c c c c c c c
, Chapter01 -AuditingandAssurance Services
c c c c c
auditor‗s success depends upon his or her independent, objective, and competent assessment of the
c c c c c c c c c c c c c
information(e.g., theconformityofthefinancialstatementswiththeappropriatereportingframework).
c c c c c c c c c c c c c
Theindependent auditor‗srole istolendcredibilityto theinformation;hence, theoutsider willlikelyseek his or her
c c c c c c c c c c c c c c c c c c c c
independent opinion about the financial statements.
c c c c c c
1.6 Anattestation engagementis ―anengagement in which a practitioner isengaged to issue or doesissue a written
c c c c c c c c c c c c c c c c c c
communication that expresses a conclusion about the reliability of a written assertion that is the
c c c c c c c c c c c c c c c
responsibilityof another party‖ (SSAE 10, AT 101.01). To attest means to lend credibility or to vouch for
c c c c c c c c c c c c c c c c c
thetruth oraccuracyof the statements that one partymakes to another. Theattest function isa term often applied
c c c c c c c c c c c c c c c c c c c c
to the activities of independent CPAs when acting as auditors of financial statements.
c c c c c c c c c c c c c
1.7 Anassuranceserviceengagementisonethatimprovesthequalityofinformation,oritscontext,fordecision makers.
c c c c c c c c c c c c c c c c c
cThus, an attestation service engagement is one type of an assurance service. Another wayof thinkingabout
c c c c c c c c c c c c c c c c
theissue istoremember that the financial statement auditengagement is one type of an attestation service. Please
c c c c c c c c c c c c c c c c c c c
see exhibit 1.3 in the text which depicts the relationship among assurance, attestation, and auditing engagements.
c c c c c c c c c c c c c c c c
1.8 Accordingtothe AmericanAccounting Association, ―Auditingisasystematicprocessofobjectively c c c c c c c c c c c c
obtainingandevaluatingevidenceregardingassertionsabouteconomicactionsandeventstoascertainthe
c c c c c c c c c c c c c c
degreeofcorrespondencebetweentheassertionsandestablishedcriteriaandcommunicatingtheresultsto
c c c c c c c c c c c c c c
interested users.‖ Ineffect, auditors add reliabilityto the information that isprovided to interested users. Of
c c c c c c c c c c c c c c c c c
course, this definition is focused on an external reporting context. Students may also discuss how
c c c c c c c c c c c c c c c
governmental and internal auditors operate as well.
c c c c c c c
In responseto―Whatdo auditorsdo?‖studentscanrespondbystatingthatauditors(1)obtainandevaluate
h c c c h c c c c c c c c c c c c
cevidence about assertions made by management about economic actions and events, (2) ascertain the
c c c c c c c c c c c c c
cdegreeofcorrespondencebetweentheassertionsandtheappropriatereportingframework,and(3)issuean audit
c c c c c c c c c c c c c c
creport(opinion). Students can also respond more generallybystating that auditors essentially lend credibility to
c c c c c c c c c c c c c c c
cthe financial statements presented by management.
c c c c c
1.9 Financial accounting refers to the process of recording, classifying, summarizing, and reporting about a
c c c c c c c c c c c c c
company‗sassets,liabilities, capital,revenues, andexpensesin thefinancialstatementsinaccordance with the
c c c c c c c c c c c c c c c
applicablefinancialreportingframework(e.g.,GAAP). Insodoing,the managementteamis making
c c c c c c c c c c c c c c
severalassertionsaboutthefinancialstatements.Thefinancialaccountingprocessistheresponsibilityof the
c c c c c c c c c c c c c c c
management team.
c c
Financial statement auditing refers to the process whereby professional auditors gather evidence related to
c c c c c c c c c c c c c
the assertions that management makes in the financial statements, evaluates the evidence and concludes on the
c c c c c c c c c c c c c c c c
fairness of the financial statements in a report.
c c c c c c c c
They differ because accountants produce the financial statements in accordance with the applicable
c c c c c c c c c c c c
financialreportingframework.Afterthisiscomplete,financialstatementauditorsthenperformprocedures
c c c c c c c c c c c c c
toascertain whether thefinancialstatementshavebeenpreparedinaccordancewiththeapplicablefinancial
c c c c c c c c c c c c c c
reporting framework.
c c
1.10 ThetwomajorclassificationsofASBassertionswithseveralassertionsineachclassificationare:
c c c c c c c c c c c c c
c Assertions About Classes of Transactions and Events, and Related Disclosures c c c c c c c c c
Occurrence assertion: The objective is to establish with evidence that transactions giving rise to assets, c c c c c c c c c c c c c c
liabilities,sales,andexpensesoccurred. Keyquestionsinclude―Didtherecordedsalestransactionsreally
c c c c c c c c c c c c c c
occur?‖
c
Completeness assertion: The objective is to establish with evidence that all transactions of the period that should c c c c c c c c c c c c c c c c
be are included in the financial statements (including footnotes). Completeness also refers to proper
c c c c c c c c c c c c c c
inclusioninfinancialstatementsofallrevenue,expense,andrelateddisclosures.Keyquestionsrelatedto
c c c c c c c c c c c c c c c
c c c c c
Solution Manual For Auditing & Assurance Services 9th
h h h h h h h
hEdition by Timothy Louwers, Penelope Bagley
h h h h h
,Chapter01 -AuditingandAssurance Services
c c c c c
CHAPTER01 c
AuditingandAssuranceServices c c c
LEARNINGOBJECTIVES
Review Multiple Exercises,Problems, c
Checkpoints
c
Choice
c
and Simulations
c c
1. Define information risk and explain how the
c c c c c c c 1,2,3c c 29,31,38
c c 65*
financial statement auditing process helps to
c c c c c c
reduce this risk, thereby reducing the cost of
c c c c c c c c
capital for a company.
c c c c
2. Defineandcontrastassurance,attestation, c c c 4,5,6,7,8
c c c c 23,25,28,44,
c c c 60,65* c
andfinancialstatementauditingservices.
c c c c 50
3. Describe and define the assertions that c c c c c 9,10,11
c c 36,39,40,41,45,
c c c c 62,63,67,68,69
c c c c
management makes about the recognition,
c c c c c 46,47,48,49,52,
c c c c
measurement,presentation,anddisclosureof
c c c c c 53,54,55,57,58,
c c c c
the financial statements and explain why
c c c c c c 59
auditorsusethemasafocal pointoftheaudit.
c c c c c c c c c
4. Defineprofessionalskepticismandexplainits c c c c c 12 24,37
c 61
keycharacteristics.
c
5. Describetheorganization ofpublicaccounting c c 13,14 c 30,42,56
c c 72
firms and identify the various services that
c c c c c c c
theyoffer.
c
6. Describe the audits and auditors in c c c c c 15,16,17,18
c c c 26,27,32,34,35
c c c c 64,66 c
governmental,internal,andoperational
c c c
auditing.
c
7. List and explain the requirements for
c c c c c 19,20,21,22
c c c 33,43,51
c c 70,71 c
becoming acertified public accountant(CPA)
c h c c h
and other certifications available to an
c c c c c c
accounting professional.
c c
(*)Item relatestomultiplelearningobjectives
c h c c c c
,Chapter01 -AuditingandAssurance Services
c c c c c
SOLUTIONSFORREVIEWCHECKPOINTS c c c
1.1 Business risk is the risk that an entity will fail to meetitsbusinessobjectives.When assessing business
c c c c c c c c c c c c c c c c c
risk,aprofessional mustconsider allpossiblethreatstoanentity‗sgoalsandobjectives.Some
c c c c c c c c c c c c c c c
illustrativeexamplesincludetheriskthat:1)itsexistingcustomerswillstartbuyingproductsorservices fromits
c c c c c c c c c c c c c c c c c c
primarycompetitors; 2) itsproductlines willbecome obsolete;3)itstaxes will increase;4) key
c c c c c c c c c c c c c c c c
governmentcontractswillbelost;5)keyemployees will leavetheentity;andmanyother examplesexist.
c c c c c c c c c c c c c c c c
1.2 Tohelpminimizebusinessriskandtakeadvantageofotheropportunitiespresentedintoday‗scompetitive
c c c c c c c c c c c c c c
business environment, decision makers such as chief executive officers (CEOs) demand timely, relevant,
c c c c c c c c c c c c c
andreliableinformation.Thereareatleastfourenvironmentalconditionsthatincreasedemand forreliable
c c c c c c c c c c c c c c c
information. First, complexity which implies that events and transactions in today‗s global business
c c c c c c c c c c c c c
environment can be complicated. Most investors do not have the level of expertise needed to properly account
c c c c c c c c c c c c c c c c c
for complex transactions. Second is remoteness which implies that decision makers are often
c c c c c c c c c c c c c
separatedfrom currentandpotentialbusinessrelationshipsduetodistanceandtime.Forexample,investors may
c c h c c c c c c c c c c c c c
not be able to visit distant locations to check up ontheir investments. Third istime-sensitivity which implies that
c c c c c c c c c c c c c c c c c c c
in today‗s economic environment, investors and other users of financial statements need to make decisions
c c c c c c c c c c c c c c c
more rapidly than ever before. As a result, the ability to promptly obtain high-quality information is essential.
c c c c c c c c c c c c c c c c c
Fourth is a consequence which implies that decisions may very well involve significant investments. As a
c c c c c c c c c c c c c c c c
result, the consequences can be severe if information cannot be obtained
c c c c c c c c c c c
1.3 Of all the different risks discussed in the chapter up to this point, information risk is the one that is most likely to
c c c c c c c c c c c c c c c c c c c c c c
create the demand for independent and objective assurance services is information risk or the probability that
c c c c c c c c c c c c c c c c
the information circulated byan entity will be false or misleading. Because the primary source of information
c c c c c c c c c c c c c c c c c
for investors and creditors is the company itself, an incentive exists for that company‗s
c c c c c c c c c c c c c c
managementtomaketheir businessorserviceappeartobebetterthanitactuallymaybe, toput their best foot
c c c c c c c c c c c c c c c c c c c c
forward. As a result, preparers and issuers of financial information (directors, managers,
c c c c c c c c c c c c
accountants,andotherpeopleemployedinabusiness) mightbenefitbygivingfalse,misleading,oroverly
c c c c c c c c c c c c c c c c
optimistic information. This potential conflict of interest between information providers and users which
c c c c c c c c c c c c c
provides the underlying basis for the demand for reliable information.
c c c c c c c c c c
1.4 Thefour major elementsofthebroaddefinition ofassuranceservicesare c c c c c
Independence. CPAswanttopreservetheirreputationandcompetitiveadvantagebyalwayspreserving c c c c c c c c c c c
cintegrity and objectivity when performing assurance services. c c c c c c
Professionalservices.VirtuallyallworkperformedbyCPAsisdefinedas―professionalservices‖aslongas it c c c c c c c c c c c c c c c c
involves some element of judgment based on education and experience.
c c c c c c c c c c
Improvingthequalityofinformationoritscontext.The emphasisison―information,‖CPAs‗traditional area of c c c c c c c c c c c c c c c c
cexpertise. CPAs can enhance quality by assuring users about the reliability and relevance of information, and c c c c c c c c c c c c c c c
cthese two features are closely related to the familiar credibility-lending products of
c c c c c c c c c c c
cattestation andauditservices. ―Context‖isrelevanceina differentlight.Forassuranceservices, improving h c c c c h c c c c
cthecontextofinformationreferstoimprovingitsusefulnesswhentargetedtoparticulardecision makersin the
c c c c c c c c c c c c c c c
csurroundings of particular decision problems. c c c c
Fordecision makers. As the ―consumers‖ ofassurance services, decision makersarethebeneficiariesofthe c c c c c c c h
assurance services. Decisionmakers mayor maynotbethe ―client‖ thatpays the fee and mayor maynotbe one
c c c c c c c c c c c c c
of the parties to an assertion or other information, but they personify the consumer focus of new and different
c c c c c c c c c c c c c c c c c c c
professional work.
c c
1.5 An assurance services engagement is any assignment that improves the quality of information, or its
c c c c c c c c c c c c c c
context,fordecisionmakers.Becauseinformation(e.g.,financialstatements)arepreparedbymanagersof an
c c c c c c c c c c c c c c c
entitywhohaveauthorityandresponsibilityfor financial successor failure, an outsider maybe skeptical that the
c c c c c c c c c c c c c c c
information truly is objective, free from bias, fully informative, and free from material error, intentional or
c c c c c c c c c c c c c c c c
inadvertent. The servicesof anindependent auditor helpsresolve those doubtsbecause the
c c c c c c c c c c c c c
, Chapter01 -AuditingandAssurance Services
c c c c c
auditor‗s success depends upon his or her independent, objective, and competent assessment of the
c c c c c c c c c c c c c
information(e.g., theconformityofthefinancialstatementswiththeappropriatereportingframework).
c c c c c c c c c c c c c
Theindependent auditor‗srole istolendcredibilityto theinformation;hence, theoutsider willlikelyseek his or her
c c c c c c c c c c c c c c c c c c c c
independent opinion about the financial statements.
c c c c c c
1.6 Anattestation engagementis ―anengagement in which a practitioner isengaged to issue or doesissue a written
c c c c c c c c c c c c c c c c c c
communication that expresses a conclusion about the reliability of a written assertion that is the
c c c c c c c c c c c c c c c
responsibilityof another party‖ (SSAE 10, AT 101.01). To attest means to lend credibility or to vouch for
c c c c c c c c c c c c c c c c c
thetruth oraccuracyof the statements that one partymakes to another. Theattest function isa term often applied
c c c c c c c c c c c c c c c c c c c c
to the activities of independent CPAs when acting as auditors of financial statements.
c c c c c c c c c c c c c
1.7 Anassuranceserviceengagementisonethatimprovesthequalityofinformation,oritscontext,fordecision makers.
c c c c c c c c c c c c c c c c c
cThus, an attestation service engagement is one type of an assurance service. Another wayof thinkingabout
c c c c c c c c c c c c c c c c
theissue istoremember that the financial statement auditengagement is one type of an attestation service. Please
c c c c c c c c c c c c c c c c c c c
see exhibit 1.3 in the text which depicts the relationship among assurance, attestation, and auditing engagements.
c c c c c c c c c c c c c c c c
1.8 Accordingtothe AmericanAccounting Association, ―Auditingisasystematicprocessofobjectively c c c c c c c c c c c c
obtainingandevaluatingevidenceregardingassertionsabouteconomicactionsandeventstoascertainthe
c c c c c c c c c c c c c c
degreeofcorrespondencebetweentheassertionsandestablishedcriteriaandcommunicatingtheresultsto
c c c c c c c c c c c c c c
interested users.‖ Ineffect, auditors add reliabilityto the information that isprovided to interested users. Of
c c c c c c c c c c c c c c c c c
course, this definition is focused on an external reporting context. Students may also discuss how
c c c c c c c c c c c c c c c
governmental and internal auditors operate as well.
c c c c c c c
In responseto―Whatdo auditorsdo?‖studentscanrespondbystatingthatauditors(1)obtainandevaluate
h c c c h c c c c c c c c c c c c
cevidence about assertions made by management about economic actions and events, (2) ascertain the
c c c c c c c c c c c c c
cdegreeofcorrespondencebetweentheassertionsandtheappropriatereportingframework,and(3)issuean audit
c c c c c c c c c c c c c c
creport(opinion). Students can also respond more generallybystating that auditors essentially lend credibility to
c c c c c c c c c c c c c c c
cthe financial statements presented by management.
c c c c c
1.9 Financial accounting refers to the process of recording, classifying, summarizing, and reporting about a
c c c c c c c c c c c c c
company‗sassets,liabilities, capital,revenues, andexpensesin thefinancialstatementsinaccordance with the
c c c c c c c c c c c c c c c
applicablefinancialreportingframework(e.g.,GAAP). Insodoing,the managementteamis making
c c c c c c c c c c c c c c
severalassertionsaboutthefinancialstatements.Thefinancialaccountingprocessistheresponsibilityof the
c c c c c c c c c c c c c c c
management team.
c c
Financial statement auditing refers to the process whereby professional auditors gather evidence related to
c c c c c c c c c c c c c
the assertions that management makes in the financial statements, evaluates the evidence and concludes on the
c c c c c c c c c c c c c c c c
fairness of the financial statements in a report.
c c c c c c c c
They differ because accountants produce the financial statements in accordance with the applicable
c c c c c c c c c c c c
financialreportingframework.Afterthisiscomplete,financialstatementauditorsthenperformprocedures
c c c c c c c c c c c c c
toascertain whether thefinancialstatementshavebeenpreparedinaccordancewiththeapplicablefinancial
c c c c c c c c c c c c c c
reporting framework.
c c
1.10 ThetwomajorclassificationsofASBassertionswithseveralassertionsineachclassificationare:
c c c c c c c c c c c c c
c Assertions About Classes of Transactions and Events, and Related Disclosures c c c c c c c c c
Occurrence assertion: The objective is to establish with evidence that transactions giving rise to assets, c c c c c c c c c c c c c c
liabilities,sales,andexpensesoccurred. Keyquestionsinclude―Didtherecordedsalestransactionsreally
c c c c c c c c c c c c c c
occur?‖
c
Completeness assertion: The objective is to establish with evidence that all transactions of the period that should c c c c c c c c c c c c c c c c
be are included in the financial statements (including footnotes). Completeness also refers to proper
c c c c c c c c c c c c c c
inclusioninfinancialstatementsofallrevenue,expense,andrelateddisclosures.Keyquestionsrelatedto
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