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CPA Policies and Regulations: Answers to Questions on Five Auditing Standards Revised by CICPA

点击量: Release time: January 9, 2020 13:32:13 Source: China Institute of Certified Public Accountants Clicks:

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    [Abstract] The editors of the Global Online School released the "Accountants' Policies and Regulations: CPA Amendments to the Five Auditing Standards Questions and Answers" issued by the Chinese Institute of Certified Public Accountants. The following are the five answers to the revised auditing standards questions specifically including five items:

    Answers to China Audit Association's revised five auditing standards

    In recent years, with the increasingly complex financial reporting environment and continuous innovation of corporate management's fraudulent practices, CPA audits are facing increasingly severe challenges. Vigorously improving audit quality, effectively preventing and mitigating audit risks, and serving the healthy development of the economy and society have become important tasks for the reform and development of the CPA industry at present and in the future.

    In order to strengthen the guidance to the practice of certified public accountants, help them to identify, evaluate and respond to the risk of major misstatement of financial statements due to fraud and improve the quality of audit, CICPA has selected five auditing standards such as professional doubt to answer questions Revised and released for implementation on December 31, 2019.

    Questions and answers are formulated in accordance with auditing standards, and provide detailed guidance and tips for certified public accountants on how to properly understand auditing standards and application guidelines and solve practical problems. The certified public accountant should master and implement the auditing standards, application guidelines, and answers to questions when performing auditing business.

    The answers to the five auditing standards in this revision include:

    1. "Chinese Certified Public Accountant Auditing Standards Questions and Answers No. 1-Professional Doubt".

    It clarified the relationship between the certified public accountants following the basic principles of professional ethics and maintaining professional skepticism, strengthened the requirement that the certified public accountants maintain professional skepticism throughout the audit process, overcome cognitive biases, and remain vigilant against fraud risks and signs.

    2. "Chinese Certified Public Accountant Auditing Standards Questions and Answers No. 2-Letter of Confirmation".

    Aiming at the problems of the reliability of correspondence in recent years, it provides further guidance for the CPA to control the process of letter verification and evaluate the reliability of the results of letter verification, and reminds the limitations of alternative procedures; , Prompting the CPA to properly investigate and handle the differences in the reply letters; providing further guidance to the CPA's innovative method of implementing the letter verification procedure in the information technology environment.

    3. "Chinese Certified Public Accountant Auditing Standards Questions and Answers No. 4-Revenue Recognition".

    In light of the recent cases of capital market revenue fraud, the new methods of revenue fraud implemented by the audited units are summarized and supplemented; methodological guidance is provided for CPAs to effectively identify the signs of revenue fraud risks; the meaning of the extended inspection process and the need to implement extensions The circumstances of the inspection procedure, the specific implementation of the extended inspection procedure, and the treatment when the extended inspection procedure cannot be implemented are explained in detail, which provides detailed guidance for the certified public accountant to cope with the risk of income fraud.

    4. "Chinese Certified Public Accountant Auditing Standards Questions No. 6-Related Parties".

    Added guidance on the existence of dominating related parties; reminded auditees of fraudulent practices through related parties and concealed signs of related party relationships or transactions; identified and responded to CPA relationships with related parties and their transactions Relevant fraud risks provide detailed guidance.

    5. "Chinese Certified Public Accountant Auditing Standards Questions and Answers No. 12-Monetary Fund Audit".

    Enriched the matters or situations that the CPA needs to pay attention to and keep alert in the audit of monetary funds; provide further guidance for the CPA to deal with fraud of monetary funds; provide matters that the CPA needs to pay attention to and consider in the context of online banking and third-party payment business Guidance; Provides detailed guidance on how CPAs can audit bank account fund pool arrangements.

    。 The online registration period for CPAs in 2020 is April 1-3 and 7-30 . In order to prevent everyone from forgetting the CPA exam registration time, Global School provides a free SMS reminder for appointments Service, at that time we will remind you of important node information such as registration time and examination time of CPA exam in 2020, please make an appointment in time.

    ”按钮后即可领取! The above contents are the CPA policies and regulations: CPA revised five audit standards questions and answers, Xiaobian uploaded the CPA knowledge points for 2020 for the majority of candidates, please click the " Free Download " button to get it!

    share to: Edit: Li Mengyue

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