Auditing and Assurance Services, Global Edition, 17th Edition
- Length: 880 pages
- Edition: 17
- Language: English
- Publisher: Pearson
- Publication Date: 2019-09-12
- ISBN-10: 1292311983
- ISBN-13: 9781292311982
- Sales Rank: #1336103 (See Top 100 Books)
This title is a Pearson Global Edition. The Editorial team at Pearson has worked closely with educators around the world to include content, which is especially relevant to students outside the United States. For core courses in auditing. An integrated, up-to-date approach to auditing and assurance servicesComprehensive and up-to-date, including discussion of new standards, codes, and concepts, Auditing and Assurance Services: An Integrated Approach, 17th Edition presents an integrated approach to auditing that details the process from start to finish. Based on the authors’ belief that the fundamental concepts of auditing center on the nature and amount of evidence that auditors should gather in specific engagements, the text’s primary objective is to illustrate auditing concepts using practical examples and real-world settings. Using key real audit decisions as their foundation, students can successfully conduct an audit according to a financial reporting framework. Pearson MyLab Accounting is not included. Students, if Pearson MyLab Accounting is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN. Pearson MyLab Accounting should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information. Reach every student by pairing this text with Pearson MyLab AccountingMyLab™ is the teaching and learning platform that empowers you to reach every student. By combining trusted author content with digital tools and a flexible platform, MyLab personalizes the learning experience and improves results for each student.
Front Cover Ttile Page Copyright Page About the Authors Contents Preface Part 1 The Auditing Profession Chapter 1 The demand for audit and other assurance services Learning Objectives Nature of Auditing Distinction Between Auditing and Accounting Economic Demand for Auditing Assurance Services Types of Audits Types of Auditors Certified Public Accountant Summary Essential Terms Review Questions Discussion Questions and Problems Chapter 2 The CPA Profession Learning Objectives Certified Public Accounting Firms Structure of CPA Firms Sarbanes–Oxley Act and Public Company Accounting Oversight Board Securities and Exchange Commission American Institute of Certified Public Accountants (AICPA) International and U.S. Auditing Standards Organization of U.S. Auditing Standards Quality Control Summary Essential Terms Review Questions Discussion Questions and Problems Chapter 3 Other Assurance Services Learning Objectives Review, Compilation, and Preparation Services Review of Interim Financial Information for Public Companies Attestation Engagements Reports on Controls at Service Organizations (SOC Reports) Prospective Financial Statements Agreed-upon Procedures Engagements Other Audits or Limited Assurance Engagements Summary Essential Terms Review Questions Discussion Questions and Problems Chapter 4 Internal and governmental financial Auditing and operational auditing Learning Objectives Internal Financial Auditing Governmental Financial Auditing Operational Auditing Summary Essential Terms Review Questions Discussion Questions and Problems Part 2 The Audit Process Chapter 5 Audit Responsibilities and Objectives Learning Objectives Objective of Conducting an Audit of Financial Statements Management’s Responsibilities Auditor’s Responsibilities Professional Skepticism Professional Judgment Financial Statement Cycles Setting Audit Objectives Management Assertions Transaction-Related Audit Objectives Balance-Related Audit Objectives How Audit Objectives Are Met Summary Essential Terms Review Questions Discussion Questions and Problems Chapyer 6 Audit Evidence Learning Objectives Nature of Evidence Audit Evidence Decisions Persuasiveness of Evidence Types of Audit Evidence Analytical Procedures Use of Data Analytics and Other Advanced Technologies Common Financial Ratios Audit Documentation Contents and Organization Summary Essential Terms Review Questions Discussion Questions and Problems Chapter 7 Audit Planning and Mateiarlity Learning Objectives Planning Accept Client and Perform Initial Audit Planning Understand the Client’s Business and Industry Perform Preliminary Analytical Procedures Materiality Materiality for Financial Statements as a Whole Determine Performance Materiality Estimate Misstatement and Compare with Preliminary Judgment Summary Essential Terms Review Questions Discussion Questions and Problems Case Integrated Case Application — Pinnacle Manufacturing: Part I Chapter 8 Assessing the Risk of Material Misstatement Learning Objectives Audit Risk Risk Assessment Procedures Considering Fraud Risk Identification of Significant Risks Audit Risk Model Assessing Acceptable Audit Risk Assessing Inherent Risk Relationship of Risks to Evidence and Factors Influencing Risks Relationship of Risk and Materiality to Audit Evidence Summary Essential Terms Review Questions Discussion Questions and Problems Case Integrated Case Application—pinnacle Manufacturing: Part II Chapter 9 Assessing and responding to fraud risks Learning Objectives Types of Fraud Conditions for Fraud Assessing the Risk of Fraud Corporate Governance Oversight to Reduce Fraud Risks Responding to the Risk of Fraud Specific Fraud Risk Areas Responsibilities When Fraud Is Suspected Documenting the Fraud Assessment Summary Essential Terms Review Questions Discussion Questions and Problems Integrated Case Application—pinnacle Manufacturing: Part III Chapter 10 Internal Control and Coso Framework Learning Objectives Internal Control Objectives Management and Auditor Responsibilities for Internal Control Coso Components of Internal Control Internal Controls Specific to Information Technology Impact of It Infrastructure on Internal Control Summary Essential Terms Review Questions Discussion Questions and Problems Case Chapter 11 Assessing control risk and reporting on internal controls Learning Objectives Obtain and Document Understanding of Internal Control Assess Control Risk Tests of Controls Decide Planned Detection Risk and Design Substantive Tests Auditor Reporting on Internal Control Evaluating, Reporting, and Testing Internal Control for Nonpublic and Smaller Public Companies Impact of It Environment on Control Risk Assessment and Testing Summary Essential Terms Review Questions Discussion Questions and Problems Case Integrated Case Application—pinnacle Manufacturing: Part IV Chapter 12 Overall audit strategy and audit program Learning Objectives Types of Tests Selecting Which Types of Tests to Perform Evidence Mix Design of the Audit Program Summary of Key Evidence-related Terms Summary of the Audit Process Summary Essential Terms Review Questions Discussion Questions and Problems Cases Part 3 Application of the audit Process to the Sales and Collection Cycle Chapter 13 Audit of the sales and collection Cycle: tests of Controls and Substantive tests of Transactions Learning Objectives Accounts and Classes of Transactions in the Sales and Collection Cycle Business Functions in the Cycle and Related Documents and Records Methodology for Designing Tests of Controls and Substantive Tests of Transactions for Sales Sales Returns and Allowances Methodology for Designing Tests of Controls and Substantive Tests of Transactions for Cash Receipts Audit Tests for Uncollectible Accounts Effect of Results of Tests of Controls and Substantive Tests of Transactions Summary Essential Terms Review Questions Discussion Questions and Problems Case Integrated Case Application— Pinnacle Manufacturing: Part V Chapter 14 Audit Sampling for tests of controls and substantive tests of transactions Learning Objectives Representative Samples Statistical Versus Nonstatistical Sampling and Probabilistic Versus Nonprobabilistic Sample Selection Sample Selection Methods Sampling for Exception Rates Application of Nonstatistical Audit Sampling Statistical Audit Sampling Application of Statistical Attributes Sampling Summary Essential Terms Review Questions Discussion Questions and Problems Case Integrated Case Application— Pinnacle Manufacturing: Part VI Chapter 15 Completing the tests in the Sales and Collection Cycle: Accounts Receivable Learning Objectives Methodology for Designing Tests of Details of Balances Designing Tests of Details of Balances Confirmation of Accounts Receivable Developing Tests of Details Audit Program Summary Essential Terms Review Questions Discussion Questions and Problems Case Integrated Case Application— Pinnacle Manufacturing: Part VII Chapter 16 Audit Sampling for tests of Details of Balances Learning Objectives Comparisons of Audit Sampling for Tests of Details of Balances and for Tests of Controls and Substantive Tests of Transactions Nonstatistical Sampling Monetary Unit Sampling Variables Sampling Illustration Using Difference Estimation Summary Essential Terms Review Questions Discussion Questions and Problems Cases Part 4 Application of the Audit Process to Other Cycles Chapter 17 Audit of the acquisition and Payment Cycle: tests of Controls, Substantive tests of Transactions, and Accounts Payable Learning Objectives Accounts and Classes of Transactions in the Acquisition and Payment Cycle Business Functions in the Cycle and Related Documents and Records Methodology for Designing Tests of Controls and Substantive Tests of Transactions Methodology for Designing Tests of Details of Balances for Accounts Payable Summary Essential Terms Review Questions Discussion Questions and Problems Case Chapter 18 Completing the tests in the Acquisition And Payment Cycle: Verification of Selected Accounts Learning Objectives Types of Other Accounts in the Acquisition and Payment Cycle Audit of Property, Plant, and Equipment Audit of Prepaid Expenses Audit of Accrued Liabilities Audit of Income and Expense Accounts Summary Essential Terms Review Questions Discussion Questions and Problems Cases Chapter 19 Audit of the Payroll and Personnel Cycle Learning Objectives Accounts and Transactions in the Payroll and Personnel Cycle Business Functions in the Cycle and Related Documents and Records Methodology for Designing Tests of Controls and Substantive Tests of Transactions Methodology for Designing Substantive Analytical Procedures and Tests of Details of Balances Summary Essential Terms Review Questions Discussion Questions and Problems Case Chapter 20 Audit of the inventory and Warehousing Cycle Learning Objectives Business Functions in the Cycle and Related Documents and Records Parts of the Audit of Inventory Audit of Cost Accounting Substantive Analytical Procedures Physical Observation of Inventory Audit of Pricing and Compilation Integration of the Tests Summary Essential Terms Review Questions Discussion Questions and Problems Case Chapter 21 Audit of the capital acquisition and repayment Cycle Learning Objectives Accounts in the Cycle Notes Payable Owners’ Equity Summary Essential Terms Review Questions Discussion Questions and Problems Chapter 22 Audit of cash and financial Instruments Learning Objectives Types of Cash and Financial Instruments Accounts Cash in the Bank and Transaction Cycles Audit of the General Cash Account Fraud-oriented Procedures Audit of Financial Instruments Accounts Summary Essential Terms Review Questions Discussion Questions and Problems Part 5 Completing the Audit Chapter 23 Completing the Audit Learning Objectives Perform Additional Tests for Presentation and Disclosure Review for Contingent Liabilities and Commitments Review for Subsequent Events Final Evidence Accumulation Evaluate Results Issue the Audit Report Communicate with the Audit Committee and Management Subsequent Discovery of Facts Summary Essential Terms Review Questions Discussion Questions and Problems Case Chapter 24 Audit Reports Learning Objectives Standard Unmodified Opinion Audit Report for Nonpublic Entities Conditions for Standard Unmodified Opinion Audit Report Standard Audit Report and Report on Internal Control over Financial Reporting Under Pcaob Auditing Standards Unmodified Opinion Audit Report with Emphasis-of-matter Explanatory Paragraph or Nonstandard Report Wording Modifications to the Opinion in the Audit Report Materiality Discussion of Conditions Requiring a Modification of Opinion Auditor’s Decision Process for Audit Reports International Accounting and Auditing Standards Summary Review Questions Essential Terms Discussion Questions and Problems Chapter 25 Professional Ethics Learning Objectives What are Ethics? Ethical Dilemmas Special Need for Ethical Conduct in Professions Code of Professional Conduct Independence Rule Sarbanes–oxley and Related Independence Requirements Other Rules of Conduct Enforcement Summary Essential Terms Review Questions Discussion Questions and Problems Cases Index Credits
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