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1、1外文文獻翻外文文獻翻譯譯譯譯文原文：Top10AuditDeficienciesHowcanCPAslearntomeeffectivelydetectfinancialstatementfraudOneofthebestwaysisto“profit“fromthemistakesofothers.TheinfmationpresentedhereisbasedoncasesinwhichtheSECsanctionedaudits
2、ftheirassociationwithfraudulentfinancialstatements.Enfcementactionsagainstauditsarerarebuttheconsequencesofindividualcasescanbegreatthecasesoffertheprofessionanopptunitytolearngrow.Whilethelessonspresentedherewillbemostv
3、aluabletopractitionerswhoperfmauditsCPAsemployedbyclientcompaniesmayalsobenefitfromunderstingtheprocesssotheycandeveloprealisticauditexpectations.Ouranalysisisbasedonareptwecompletedin2000ftheAICPAASBtitledFraudRelatedSE
4、CEnfcementActionsAgainstAudits:19871997.Ourresearchinitiallyinvolved56cases.However11ofthose56casesinvolvedabogusauditauditwhereeithertheauditnevertookplaceanonCAPposedasanauditissuedaphonyopinion.Intheremaining45casesth
5、eSECallegeddeficienciesinperfmingoneme“attempted“auditengagements.Thesecasesfmthebasisfouranalysis.Allofthecasesinvolvedpubliccompaniesmostofwhichengagedinfraudulentfinancialrepting(“cookingthebooks“).Onlyafewengagedinmi
6、sappropriationofassetsdefalcation(stealing).WhiletheauditdeficienciesdescribedheremayhelpCPAsdetectpreventeithertypeoffraudwithprivatecompanies—wherestealingisthemepervasiverisk—auditsfaceanentirelydifferentsetofmonaudit
7、problemsTheexhibitonpage65highlightsthetop10auditdeficienciestheSECclaimed.Themostcommonproblem—allegedin80%ofthecases—wastheauditsfailuretogathersufficientevidence.Insomeinstancesthisfailurewaspervasivethroughout3audits
8、ffailingtocrobatemanagementsexplanationstochallengeexplanationsthatwereinconsistentrefutedbyotherevidencetheaudithadalreadygathered.Failuretoobtainadequateevidencerelatingtotheevaluationofsignificantmanagementestimateswa
9、spresentin36%ofthecases.TheSECclaimedauditsfailedtogathercrobatingevidencetochallengemanagementsassumptionsmethodsunderlyingthedevelopmentofthoseestimates.Accountsreceivable.TheSECcitednumerousdeficienciesinconfirmingacc
10、ountsreceivable(presentin29%ofthecases).Thesedeficienciesincluded?Failuretoconfirmenoughreceivables.?Failuretoperfmalternativeprocedureswhenconfirmationswerenotreturnedwerereturnedwithmaterialexceptions.?Problemswithsend
11、ingreceivingconfirmationrequests(fexamplefailingtocrobateconfirmationsreceivedviafaxallowingtheclienttomailconfirmationrequests).Relatedparties.Anothercommonproblem(in27%ofcases)wastheaudit’sfailuretorecognizedisclosetra
12、nsactionswithrelatedparties.Theauditwaseitherunawareoftherelatedpartyappearedtocooperateintheclientsdecisiontoconcealatransactionwiththisparty.Suchtransactionsoftenresultedininflatedassetvalues.Internalcontrols.In24%ofth
13、ecasestheSECallegedtheauditsoverreliedoninternalcontrols.Itsaidthattheytypicallyhadfailedtoexptestinginlightofidentifiedweaknessesintheclient’sinternalcontrols.Inothercasestheauditsseemedtoimplicitlyassumethepresenceofnb
14、aselinelevelofinternalcontrolseventhoughtheauditdocumentedthattheclientessentiallyhadnocontrolsinplace.ExecutivesummaryCPAscanlearnhowtobetterdetectfinancialstatementfraudbyunderstingthemistakesothersmadeincaseswheretheS
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