In the planning stage of CPA A's audit of Z company, the initial importance level of accounting statements is 500,000, and the final importance level is 600,000 at the end of the audit. After that, A summarized the misstatements and omissions found in the audit process:

What should be the ultimate importance of requirement (1)A? At this time, is it necessary to re-evaluate the adequacy of the audit procedures implemented? (2) Consider what action A should take when the total number of errors and omissions is 530,000 and 665,438+0,000 respectively.

Answer:

(1) According to the importance determined by A in the planning stage and the declaration stage respectively, she should finally determine the importance of 600,000 yuan. Because what I learned in the reporting stage is that

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The situation of the unit is more known than that in the planning stage, and the degree of importance is determined more accurately. At this point, Y doesn't need to re-evaluate the adequacy of the audit procedures she knows, because A sets the audit procedures according to the importance level of 500,000 yuan, and raising the importance level to 600,000 yuan indicates that the audit procedures she actually implemented are more adequate than the required audit procedures.

(2) A can't determine the type of audit opinion only according to the summary number. Because the audit opinion is expressed in the whole accounting statement, and the summary here only refers to the misstatement and omission that have been found in the audited part but have not been adjusted, excluding the possible misstatement and omission in the unaudited part, the misstatement and omission carried over from the previous period but still affecting the current statement, and the possible impact of subsequent events on the current statement. A. The above misstatements and omissions should be summarized, and the overall estimation of misstatements and omissions in accounting statements should be obtained, so as to compare with the importance and determine the types of audit opinions.

If the total amount is 530,000 yuan, A should add an audit procedure, because in the reason that the total amount does not exceed the importance level, the possibility that more false positives and false negatives can not be found due to improper original procedures cannot be ruled out. However, if the total amount reaches 6 1000 yuan, A should expand the scope of substantive testing, because facts show that the false positives and false negatives found by implementing the original procedures have exceeded the importance level, that is, the original procedures are effective in finding false positives and false negatives.