Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
2-2
Practice Standards
Client
Public
Entities
Private
Entities
Rulemaking
body
Public
Company
Accounting
Oversight
Board
(PCAOB)
AICPA
Auditing
Standards
Board (ASB)
Standard
s
Auditing
Standards
(ASs)
Statements
on Auditing
Standards
(SASs)
Governmental
Entities
U.S.
Governmen
t
Accountabil
ity Office
(GAO)
Governme
nt Auditing
Standards
(The
Yellow
Book)
Foreign
Entities
IFAC
International
Auditing and
Assurance
Standards
Board (IAASB)
International
Standards on
Auditing
(ISAs)
2-3
Primary impact of
pronouncements
Effect on audit
examination
GAAP
Financial Accounting
Standards Board
GAAS
Responsibilities Principle
Auditors are responsible for:
competence and capabilities
ethical requirements (independence and due care)
professional skepticism and professional judgment
Performance Principle
To obtain reasonable assurance:
Plan work and supervise assistants
Determine and apply appropriate materiality levels
Identify and assess risks of material misstatement
Obtain sufficient appropriate evidence
2-5
Reporting Principle
2-6
Responsibilities:
Competence and
capabilities,
Independence
ENGAGEMENT
PLANNING
RISK
ASSESSMENT
AUDIT
EVIDENCE
REPORTING
Performance
Reporting
2-7
Responsibilities Principle
1.
2.
3.
4.
Performance Principle
Goal is to provide reasonable assurance that financial statements do not contain material
misstatements
1.Planning and supervision
2-8
Sufficient evidence
Effectiveinternal
control
Lowerlevelof
controlrisk
Ineffectiveinternal
control
Higherlevelof
controlrisk
Evaluatelessevidence
Evaluatemoreevidence
Appropriate Evidence
High
Low
2-9
Examples of Evidence
Auditors direct personal knowledge
Observe PPE, inventories
External-internal evidence
Verbal evidence
Reporting Principle
Addressee
Introductory
Paragraph
WehaveauditedtheaccompanyingconsolidatedbalancesheetsofWalMartStores,Inc.asofJanuary31,2009and
2008,andtherelatedconsolidatedstatementsofincome,shareholdersequity,andcashflowsforeachofthethreeyears
intheperiodendedJanuary31,2009.ThesefinancialstatementsaretheresponsibilityoftheCompanysmanagement.
Ourresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudits.
WeconductedourauditsinaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard
(UnitedStates).Thosestandardsrequirethatweplanandperformtheaudittoobtainreasonableassuranceabout
whetherthefinancialstatementsarefreeofmaterialmisstatement.Anauditincludesexamining,onatestbasis,
evidencesupportingtheamountsanddisclosuresinthefinancialstatements.Anauditalsoincludesassessingthe
accountingprinciplesusedandsignificantestimatesmadebymanagement,aswellasevaluatingtheoverallfinancial
statementpresentation.Webelievethatourauditsprovideareasonablebasisforouropinion.
Inouropinion,thefinancialstatementsreferredtoabovepresentfairly,inallmaterialrespects,theconsolidated
financialpositionofWalMartStores,Inc.atJanuary31,2009and2008,andtheconsolidatedresultsofitsoperations
anditscashflowsforeachofthethreeyearsintheperiodendedJanuary31,2009,inconformitywithU.S.generally
acceptedaccountingprinciples.
As discussed in Notes 5 and 13 to the consolidated financial statements, respectively, effective February 1, 2007 the
Company changed its method of accounting for income taxes in accordance with Financial Accounting Standards Board
Interpretation No. 48, Accounting for Uncertainty in Income Taxes , and effective January 31, 2009, the Company
adopted the measurement elements of Statement of Financial Accounting Standards No. 158, Employers Accounting for
Defined Benefit Pension and Other Postretirement Plans .
Scope
Paragraph
Opinion
Paragraph
Explanatory
Paragraph
Internal Control
Paragraph
Wealsohaveaudited,inaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(United
States),WalMartStores,Inc.sinternalcontroloverfinancialreportingasofJanuary31,2009,basedoncriteria
establishedinInternalControlIntegratedFrameworkissuedbytheCommitteeofSponsoringOrganizationsofthe
TreadwayCommissionandourreportdatedMarch27,2009expressedanunqualifiedopinionthereon.
/s/Ernst&YoungLLP
Rogers,Arkansas
March27,2009
2-12
Unqualified
F/S are in conformity with GAAP
Qualified
Except for one (limited) item, F/S are in conformity with GAAP
Can issue for GAAP departure and scope limitation
Adverse
F/S are not in conformity with GAAP
Can issue for GAAP departure (more serious)
Disclaimer
Auditors do not express an opinion
Can issue for scope limitation (more serious)
2-13
Attestation Standards
Cover a broader range of engagements than
GAAS
Areas of standards
General
Field Work
Reporting
Categories
2-15