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  3. John, CPA, is auditing the financial s

John, CPA, is auditing the financial s

tikufree2019-12-17  44
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>
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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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