US-CN Companies & Securities Law Assignment

  Materiality 重要性 ISA 320 Materiality in planning and performing an audit notes that while it may be discussed in different terms by different financial reporting frameworks the following are generally the case: 重要性概念可以从以下方面理解： (a) Misstatements, including omissions, are considered to be material if they, individually or in aggregate, could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. （a）如果合理预期错报（包括漏报）单独或汇总起来可能影响财务报表使用者依据财务报表作出的经济决策，则通常认为错报是重大的。 (b) Judgements about materiality are made in the light of surrounding circumstances, and are affected by the size and nature of a misstatement or a combination of both. （b）对重要性的判断是根据具体环境作出的，并受错报的金额或性质的影响，或受两者共同作用的影响。 (c) Judgements about matters that are material to users of financial statements are based on a consideration of the common financial information needs of users as a group. （c）判断某事项对财务报表使用者是否重大，是在考虑财务报表使用者整体共同的财务信息需求的基础上作出的。 The concept of materiality is appl...

  Audit sampling 审计抽样 Audit sampling is the application of audit procedures to less than 100% of items within a population of audit relevance such that all sampling units have a chance of selection in order to provide the auditor with a reasonable basis on which to draw conclusions about the entire population. 审计抽样是指注册会计师对具有审计相关性的总体中低于百分之百的项目实施的审计程序，使得所有抽样单元都有被选取的机会，为注册会计师针对整个总体得出结论提供合理基础。 The population is the entire set of data from which a sample is selected and about which the auditor wishes to draw conclusions. Sampling risk is the risk that the auditor's conclusion based on a sample may be different from the conclusion that would be reached if the entire population were subjected to the same audit procedure. Sampling risk can lead to two types of erroneous conclusions: (i) In the case of a test of controls, that controls are more effective than they actually are, or in the case of a test of details, that a material misstatement does not exist when in fact it does. The auditor...

  The overall objectives of the auditor 审计的总体目标 The overall objectives are: 注册会计师的总体目标是： (1) to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, thereby enabling the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework; （1）对财务报表整体是否不存在由于舞弊或错误导致的重大错报获取合理保证，使得注册会计师能够对财务报表是否在所有重大方面按照适用的财务报告编制基础编制发表审计意见； (2) to report on the financial statements, and communicate as required by the ISAs, in accordance with the auditor's findings. （2）按照审计准则的规定，根据审计结果对财务报表出具审计报告，并与管理层和治理层沟通。 Professional scepticism is an attitude that includes a questioning mind, being alert to conditions which may includes possible misstatement due to error or fraud, and a critical assessment of audit evidence.  职业怀疑，是指注册会计师执行审计业务的一种态度，包括采取质疑的思维方式，对可能表明由于错误或舞弊导致错报的迹象保持警觉，以及对审计证据进行审慎评价。 Audit evidence that c...

  Going Concern     持续经营 Events or conditions that may cast doubt about the going concern assumption Financial Net liability or net current liability position Fixed-term borrowings approaching maturity without realistic prospects of renewal or repayment Indications of withdrawal of financial support by creditors Negative operating cash flows Adverse key financial ratios Substantial operating losses and significant deterioration in the value of assets used to generate cash flows Arrears or discontinuance of dividends Inability to pay creditors on due dates  inability to comply with terms of loan agreements Change from credit to cash-on-delivery transactions with suppliers Inability to obtain financing for essential new product development or other essential investments operating Audit reporting  Scenario 1, going concern assumption appropriate but material uncertainty which is adequately disclosed In this situation, the opinion of the financial statements wi...

  Accounting Estimates   会计估计 An accounting estimate is an approximation of a monetary amount in the absence of a precise means of measurement. 会计估计是指在缺乏精确计量手段的情况下，采用的某项金额的近似值。会计估计一般包括公允价值会计估计和其他会计估计。 Estimation uncertainty is the susceptibility of an accounting estimate and related disclosures to an inherent lack of precision of its measurement. Risk assessment procedures 风险评估程序 The requirements of the applicable financial reporting framework 了解使用的财务报告编制基础的要求 How management identifies those transactions, events and conditions that may give rise to the need for accounting estimates. 了解管理层如何识别需要作出会计估计的交易，事件和情况 How management makes the accounting estimates. 了解管理层如何作出会计估计 Review of the outcome of accounting estimates included in the prior period. 复核上期会计估计 Responding to the assessed risks 应对会计估计重大错报风险的程序 Determine whether events occurring up to the date of the auditor's report provide audit evidence regarding the accounting estimate. 确定截至审计报告日发生的事项是否提供有关会计估计的审计证据 Test how man...