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[書摘]英文審計案例(含評論)-7  

2010-03-06 01:41:01|  分类: 默认分类 |  标签: |举报 |字号 订阅

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Chapter 7: Audit Evidence

Sometimes the Most Important Evidence Is Not Found in the Accounting Records

Crenshaw Properties was a real estate developer that specialized in self-storage facilities that it sold to limited partner investors. Crenshaw’s role was to identify projects, serve as general partner with a small investment, and raise capital from pension funds. Crenshaw had an extensive network of people who marketed these investments on a commission basis. As general partner, Crenshaw earned significant fees for related activities, including promotional fees, investment management fees, and real estate commission.

As long as the investment were successful, Crenshaw prospered. Because the investments were reasonably long-term, the underlying investors did not pay careful attention to them. However, in the mid-1980s, the market for self-storage units in many parts of the country became oversaturated. Occupancy rates, rental rates, and market values declined.

Ralph Smalley, of Hambusch, Robinson & Co., did the annual audit of Crenshaw. As part of the audit, Smalley obtained financial statements for all of the partnerships in which Crenshaw was the general partner. He traced amounts back to the original partnership documents and determined that amounts agreed with partnership records. Smalley also determined that they were mathematically accurate. The purpose of doing these tests was to determine that the partnership assets, at original cost, exceeded liabilities, including the mortgage on the property and loans from investors. Under the law, Crenshaw, as the general partner, was liable for any deficiency.

Every year, Smalley concluded that there were no significant deficiencies in partnership net assets for which Crenshaw would be liable. What Smalley failed to recognize in the late 1980s, however, was that current market prices had declined significantly because cash flows were lower than those projected in the original partnership offering documents. In fact, Crenshaw went bankrupt in 1989, and Hambusch, Robinson & Co., was named in a suit to recover damages filed by the bankruptcy trustee.

 

Lead-in:

The foundation of any audit is the evidence gathered and evaluated by the auditor. The auditor must have the knowledge and skill to accumulate sufficient competent evidence on every audit to meet the standards of the profession. As described in the opening vignette, Ralph Smalley learned the effect of not accumulating the appropriate evidence after being sued over his audit of Crenshaw Properties. This chapter deals with the types of evidence decisions auditors make, the evidence available to auditors, and the use of that evidence in performing audits.

 

這個案例我看了始終不得其意:

a. 這個Crenshaw到底主業為何?首句說是地產發展商,但後面的解釋又說它向市面上的退休基金推廣“自助式”的地產項目、替它們找錢(ms自己也投了一份進去),然後靠著從中抽到的傭金和手續費過活,這種商業模式

跟我們理解的“發展商”有很大的差別;

b. 審計這個客戶的就祗有Smalley一個人麼?其他人都干了甚麼工作?這麼多的地產項目,至少也該實地考察一下,看看實際的空置率,然後再比對一下財務記錄的吧。況且接這個客戶的時候不用做行業/市場調研、識別一下客戶外在的經營風險的麼?僅僅是紙上算了、核查了就完事?

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