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[書摘]英文審計案例(含評論)-3  

2010-02-27 17:04:13|  分类: 转帖:我是搬运工 |  标签: |举报 |字号 订阅

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Chapter 3: Audit Reports

The Audit Report Was Timely, But At What Cost?

Halvorson & Co., CPAs was hired as the auditor for Machinetron, Inc., a company that manufactured high-precision, computer-operated lathes. The owner, Al Trent, thought that Machinetron was ready to become a public company, and he hired Halvorson to conduct the upcoming audit and assist in the preparation of the registration statement for a securities offering.

Because Machinetron’s machines were large and complex, they were expensive. Each sales was negotiated individually by Trent, and the sales often transpired over several months. As a result, improper recording of one or two machines could represent a material misstatement of the financial statements.

The engagement partner in charge of the Machinetron audit was Bob Lehman, who had significant experience auditing manufacturing companies. He recognized the risk of improper recording of sales, and he insisted that his staff confirm all receivables at year-end directly with customers. Lehman conducted his review of the Machinetron working papers the same day that Trent wanted to make the company’s  registration statement for the initial public stock offering effective. Lehman saw that a receivable for a major sale at year-end was supported by a telegram, rather than the usual written confirmation reply. Apparently, relations with this customer were “touchy”, and Trent had discouraged the audit staff from communicating with the customer.

At the end of the day, there was a meeting in Machinetron’s office. It was attended by Lehman, Trent, the underwriter of the stock offering, and the company’s attorney. Lehman indicated that a better form of confirmation would be required to support the receivable. After hearing this, Trent blew his stack. Machinetron’s attorney stepped in and calmed Trent down. He offered to write a letter to Halvorson & Co. stating that in his opinion, a telegram had legal substance as a valid confirmation reply. Lehman, feeling tremendous pressure, accepted this proposal and signed off on an unqualified audit opinion.

Six months after the stock offering, Machinetron issued a statement indicating that its revenues for the prior year had been overstated as a result of improperly recorded sales, including the sale supported by the telegram confirmation. The subsequent SEC investigation uncovered that the telegram had been sent by Trent, not the customer. Halvorson & Co. recalled their unqualified audit report, but this was too late to prevent the harm done to investors. Halvorson & Co. was forced to pay substantial damages, and Bob Lehman was forbidden to practice before the SEC. He subsequently left public accounting.

 

Lead-in:

Reports are essential to audit and assurance engagements because they communicate the auditor’s findings. Users of financial statements rely on the auditor’s report to provide assurance on the company’s financial statements. As the vignette at the beginning of the chapter illustrates, the auditor is likely to be held responsible if an incorrect audit report is issued.

The audit report is the final step in the entire audit process. The reason for studying it now is to permit reference to different audit reports as evidence accumulation is studied throughout this text. These evidence concepts are more meaningful after you understand the form and content of the final product of the audit. We begin by describing the content of the standard auditor’s report.

 =====================================有話要說的分割線=====================================

爲了照顧E文不好的同道,本人特將這個長長地案例濃縮。它其實講的是這麼個故事:一家主營重裝備機械製造的米國公司爲了IPO,由老闆親自出面偽造了銷售憑證,虛構了不存在的年末銷售交易、虛增銷售收入,並與律師聯手向事務所及項目合夥人施壓,迫其簽發標準無保留報告,從而得以首發上市。上市後即發佈公告,稱其以前年度報表高估了收入。當然,如此拙劣的把戲米有逃過亞美利堅國“資本市場的守護神”、“正義的化身”SEC大人的追捕。事務所無奈做了回水魚,報告召回不說,合夥人還遭SEC市場禁入處罰,最後不知所終。這個故事告訴我們:

1、簽,還是不簽,這不是個問題,從來都不是;

2、“似是而非”的選擇題,無論外界壓力如何大,米有實質性的支持,都不能點頭;

3、可憐的CPA,在IPO這桌滿漢全席上只能看著投行和律所大塊吃肉大碗喝酒,自己撈碗湯喝還要擔心日後被追殺;

4、銷售收入確認是事務所審計永遠的重點/熱點/難點;

5、人們可以忍受造假,但是不能忍受過於簡單粗暴的造假。

[書摘]英文審計案例(含評論)-3 - maxpayne0594 - Call of Duty

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