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John, CPA, is auditing the financial s
John, CPA, is auditing the financial s
tikufree
2019-12-17
18
问题
<P>John, CPA, is auditing the financial statements of ABC Bank Co.for the year ended December 31,20×8. The following information is available:</P><P>(a)John assessed the risk of material misstatements in short-term loan account at 80% and plans to limit to 10% the risk of failing to detect misstatements in the account equal to the tolerable error assigned to the account.</P><P>(b) John is testing the operating effectiveness of the loan approval procedure(a control activ- ity) related to granting loans. In 20×8,ABC Bank granted to 10 000 loans in total. John deter- mined that the acceptable risk of assessing control risk too low is 10%. He selected a sample made up of 60 sampling units and tested without any deviation found. Some Poisson Risk Factors(Relia- bility Factors) are reprinted as follows:</P><P>
</P><P>(c) John is using the Ratio Estimation Variable Sampling method to test the long-term loan balance at December 31, 20×8. The total recorded balance is RMB¥300 billion , made up of 4 000 items. John designed a sample made up of 200 items . The book value of the sample is RMB¥16. 5 billion. However, the audited value is RMB¥15. 6 billion.</P><P>(d) John is performing substantive procedures on interest income from short-term loan. The average annual market interest rate for short-term loan is 5 percent. The audited short-term loan balances of ABC Bank Co. at the end of each month in 20×8 are as follows:</P><P>
</P><P>Required :</P><P>(1) Based on (a) , calculate the acceptable detection risk.</P><P>(2) Based on (b) , calculate the upper limit of population deviation rate.</P><P>(3) Based on (c), make a point estimate of the misstatement in the population. Sampling error need not to be considered.</P><P>(4) Based on (d) , develop the expected result of interest income from short-term loan.</P><P>(5) Assume that after the tests mentioned in (d) , John found that the interest income from short-term loan was understated by RMB¥0. 05billion. Prepare the adjusting entry.</P>
选项
答案
解析
<P>(1) acceptable detection risk = audit risk/the risk of material misstatement s = 10%/80% = 12. 5%</P><P>(2) The upper limit of population deviation rate = Poisson risk factor/sample size = 2. 3/60 = 3. 83 %</P><P>(3) ratio = 156/165 = 94. 54%</P><P>estimate the actual value of the population = 3 000*94. 54% = 283. 62 billion a point estimate of the misstatement in of the population =3 000 -283. 62 *10 = 16. 38 billion</P><P>(4) the expected result of interest income from short-term loan = (300 +320 +310 +300 + 330 +320 +320 +290 +310 +330 +300 +290)*5% =18. 6 billion</P><P>(5) the adjusting accounting entry:</P><P>Dr: Interest suspense 156</P><P>Cr: Interest income 156</P>
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